U.S. retail sales likely to have fallen further in April

U.S. retail sales data for the month of April is set to release tomorrow. According to a TD Economics research report, retail sales are likely to have come in even weaker than the March data, as the collapse in activity stemming from shutdowns and social distancing did not begin until around the middle of March.

Meanwhile, online consumer spending was possibly stimulated slightly at the end of April by “recovery rebates”, and food and beverage store sales possibly stayed fairly solid.

“Overall, though, the report is likely to show another plunge in spending: We forecast down 12.5 percent m/m after -8.4 percent in March”, added TD Economics.