"U.S. retail sales and factory output registered the steepest declines on record in April, illustrating a recession so deep that it will likely take years to fully recover.
Revenue at retailers and restaurants fell 16.4% from the prior month, almost double the 8.3% drop in March which was previously the worst in data back to 1992, according to a Commerce Department report released Friday. That compared with the median projection for a 12% decline.
A separate report from the Federal Reserve showed industrial production decreased 11.2% last month, the steepest monthly drop in the 101-year history of the series. Manufacturing output plummeted by a record 13.7% amid declines in all major industries, the Fed said."
Retail sales just took an historic month-to-month nosedive. Considering the parlous shape that many malls and big-box outfits were in, this may well be a mortal blow to a big chunk of national retail chains.
Also, those aren't the only brick and mortar institutions poised for an historic reckoning...
After a few million of them spent a semester doing classes online, I'm guessing a few college students will start wondering if it's worth taking on another $20k-$40k debt for the whole Harry Potter Cosplay Experience— David Burge (@iowahawkblog) May 14, 2020
