U.S. retail sales log largest ever decline

WASHINGTON — Retail sales in March fell 8.7 percent in the U.S., the largest decline since the U.S. Commerce Department began to track the data in 1992. March’s drop followed on a 0.5 percent decrease in February. Higher demand at essential retailers like grocery stores and pharmacies was outweighed in March by steep declines in other sectors. Because most states did not shutter non-essential businesses until late March or early April, this month’s data could be even more dire. Previously, the largest downturn in sales was in 2008, during the Great Recession, when spending dropped by almost four percent for two consecutive months.