Retail

U.S. retail sales drop weighs on stocks — what to watch now

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What’s the read on retail?

U.S. retail sales dropped 16.4% in April as the coronavirus pandemic weighed heavily on consumer spending, the government said Friday. Economists were expecting closer to a 12% decline.

The figure put into focus the virus’ ongoing impact on U.S. economic data, market analysts said following the report.

Here’s what three of them, including CNBC’s Jim Cramer, are watching now:

Jan Kniffen, CEO of J Rogers Kniffen WWE, said the pandemic has simply accelerated trends that were already changing the face of retail:

“The point is it was really bad, we knew it would be bad, and we know what wasn’t selling. What wasn’t selling was all of those stores that were closed because…



Source cnbc.com

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