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US Retail Sales Crash By Most Ever In March, Despite Hoarding

Courtesy of ZeroHedge View original post here.

While it is not entirely surprising given that practically all of America is under lockdown and the consumption-focused services sector is particularly distressed, US retail sales crashed 8.7% MoM in March (against expectations of a 8.0% drop)

Source: Bloomberg

Year-over-year, headline retail sales crashed 6.2% – the biggest drop since Sept 2009…

Source: Bloomberg

Ex-Autos dropped 4.5% MoM (slightly better than expected) and Ex-Autos-and-Gas dropped 3.1% MoM (again slightly better than expected, and the Control Group (that is used for GDP calculation purposes), somehow managed a 1.7% MoM rise (against expectations of 2.0% drop). The driver appears to be ‘hoarding’ as food and beverage and health stores saw huge rises in sales…

This was the biggest MoM surge in Food & Beverage store sales ever…

Source: Bloomberg

But the scale of hoarding in Food & Beverage is offset by the utter devastation across so many other sectors…

Source: Bloomberg

How long can that lift last? We would be worried about April’s data.


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