New data out this morning showed the hit to the economy from the coronavirus was even swifter and deeper in the early weeks of the shutdown than expected. Consumer and manufacturing data for the month of March showed record declines in some areas.
March retail sales fell 8.7 percent, a record drop, with the only sign of activity at grocery and beverage stores, which saw sales grow by 25.6 percent. The consumer accounts for 70 percent of the economy. Meanwhile, New York regional manufacturing activity hit an all-time low, declining 78.2 percent.
If there's a bright spot, it's that some sales categories actually improved in March. They include building materials, up 1.3 percent, and health and personal care, which climbed 4.3 percent.
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