Spendings and retail sales started to improve

With countries starting to ease lockdown restrictions, many countries are beginning to show spending improvements. The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. The following are developments related to the national and global response, the workplace, and the spread of the coronavirus.

Total U.S. payments volume dropped 5% in May from a year earlier. That’s a 13 percentage point improvement from April. Debit grew 12% and credit declined 21% year-over-year in the period. That’s a 17 percentage point and 9 percentage point improvement over the last two months.

Sales at Lands’ End fell 17.3% in the first quarter due to weakening demand caused by the virus outbreak. The retailer has taken several steps to cut costs and improve its financial flexibility, including implementing furloughs and temporarily reducing salaries for executives and corporate staff. Lands’ End said it is cutting about 10% of its corporate staff in the second quarter.