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U.S. Retail Sales and Employment: Pandemicession

This is a syndicated repost courtesy of True Economics. To view original, click here. Reposted with permission.

Data through April 2020 on U.S. Retail Sales is in, so here are two charts:

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Retail Sales are down 15.08% m/m in April, and down 18.25% on 1Q 2020 average. Year on year, sales are down 17.83%. Losses in retail sales in April amounted to USD 65.97 billion m/m and USD80.635 billion y/y. March-April cumulated losses amounted to USD 93 billion y/y.

Meanwhile, jobs losses in the Retail Sales sector have been dramatic as well:

Employment in Retail Sales sector fell 2,127,000 in the first two months of the COVID19 pandemic compared to year prior, with April employment declining 2,111,000 or 13.5%. Overall sector employment numbers at the end of April stood around the levels last seen in 1994, effectively erasing any employment gains made over 26 years.

Good thing all the workers in the sector are at least seeing recovery in their stocks portfolios. Otherwise, there could have been social unrest, you know…

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