Newly released economic data showed the US economy is in a terrible state and may not rebound quickly even when the devastating lockdowns imposed to stop the coronavirus pandemic are lifted.
Oil and gas production posted its largest-ever decline in the Federal Reserve’s April industrial production survey
The consumer pullback was “truly staggering,” Oxford Economics said in an analysis of the retail sales data. The hardest-hit businesses were those that relied on shoppers at brick-and-mortar stores, like clothing, which collapsed 78.8 percent, electronics and appliances, which plunged 60.6 percent, and furniture, down 58.7 percent.
“Retail’s recovery will be slow and, in our view, it won’t be until 2021 before trade starts to return to more normal patterns,” he said.
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