U.S. March retail sales plummeted -8.7%,....>

US DATA: U.S. March retail sales plummeted -8.7%, surpassing the expected -8.0%

drop and marking the largest m/m decline ever recorded. February's retail sales

were revised to -0.4% previously -0.5%). Retail sales excluding motor vehicles

fell -4.5%, slightly better than the -5.0% expected by markets. Retail excluding

motor vehicles & parts and gasoline stations dropped by -3.1%, again better than

the -5.2% expected by markets but still a major loss. Food services and drinking

places, motor vehicle & parts dealers, and furniture stores all showed losses of

around -25.0% or greater. Clothing and accessories stores saw sales decline by

-50.5%. Food and grocery stores, however, saw a 25.6% spike in sales while

nonstore retailers also saw a 3.1% uptick. The Census Bureau report released

this morning said the covid-19 pandemic did not undermine data quality for the

March sales report.