Markets Dragged Down By Abysmal Retail Sales And Factory Output
U.S. major stock indexes fell in Wednesday trading as new data from the Commerce Department and Federal Reserve indicated a collapse in manufacturing output and retail sales. However, the declines did not completely erase yesterday’s gains in another sign that U.S. investors and corporations may be better positioned to withstand the economic shocks caused by the COVID-19 epidemic than most of the employees of the same businesses. The numbers coming from the Commerce Department were especially grim. The value of U.S. retail sales have fallen 8.7% over the last month. That’s the biggest decline on record, dating back to 1992. Factory production had its worst month since the end of World War II. Output from factories fell a stunning 6.3% in March. Read more at TechCrunch.
