There’s so much bad economic news that it is impossible to keep track of it all. The unemployment numbers are staggering but so are the collapse in retail sales.
It was reported earlier in the week that American retail sales plunged 8.7 percent in March.
U.S. retail sales plunge by a record 8.7% in March https://t.co/k0tKrjCyxF pic.twitter.com/SIENpkGebf
— Bloomberg Markets (@markets) April 15, 2020
Neiman Marcus a major department store chain is reportedly going to file for bankruptcy.
Exclusive: Neiman Marcus to file for bankruptcy as soon as this week – sources https://t.co/ePnZM8l0LC pic.twitter.com/qES81ikC26
— Reuters (@Reuters) April 19, 2020
JC Penney another major department store chain may also follow suit.
Report: JC Penney considers filing for bankruptcy https://t.co/To2nIWuuY0
— FOX 4 NEWS (@FOX4) April 16, 2020
There will be many more of these stories the longer this lockdown continues.
But even if these lockdowns were lifted tomorrow, the economic damage has already been done. We are sleepwalking into a major depression.
