Evidence of the coronavirus’ devastating

impact on the U.S. economy has been steadily

emerging, and the signs have grown ominous.

Sales at stores and restaurants plunged in

March by the largest amount on records dating

back to 1992. The nation’s industrial output fell

by the largest amount since the end of World

War II. And the outbreak keeps ravaging the

global oil market.

That was just Wednesday’s news.

“I’ve never seen anything like this,” said Jennifer

Lee, senior economist at BMO Capital Markets.

“You don’t want to look, but you know you

have to.”

The picture will likely worsen in the coming

weeks and months. Retail sales — a primary

driver of the U.S. economy — are almost surely

suffering further during April because business

shutdowns will have been in effect for the entire

month, compared with just half of March.

Image: Steven Senne

EVIDENCE OF

VIRUS’ EFFECT

ON US ECONOMY

GROWS MORE

OMINOUS