With many consumers sheltering in place last month and only leaving their homes only to purchase essential goods and services, retail sales declined 16.4% in April. Well above the 12.3% the economists surveyed by Dow Jones had predicted. Apart from groceries, which posted a modest gain, the remaining members of the sector which includes clothing stores, electronics and appliances, furniture, sporting goods, and restaurants and bars all posted double-digit declines. It is important to keep in mind that 68% of the U.S. national $21.5 trillion economy comes from personal spending. The good news is that some economic data is starting to point to a potential turn around. This as various states begin lifting restrictions and allow businesses beyond ‘essential’ to open while following social distancing protocols.
FEA compiles the Wood Markets News from various 3rd party sources to provide readers with the latest news impacting forest product markets. Opinions or views expressed in these articles do not necessarily represent those of FEA.