Retail sales fall a record 16.4 percent in April, far worse than predicted

Retail sales fall a record 16.4 percent in April, far worse than predicted

Consumer spending tumbled a record 16.4% in April as the backbone of the U.S. economy retrenched amid the coronavirus pandemic, according to a government report Friday.

Economists surveyed by Dow Jones expected the advanced retail sales number to fall 12.3% after March’s reported 8.3% dive already had set a record for data going back to 1992. The March numbers were revised to be not as bad as…

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