The Commerce Department announced on Wednesday the sales at U.S. retailers plummeted 8.7 percent m-o-m in March, following a revised 0.4 percent m-o-m decline in February (originally a 0.5 percent m-o-m drop). That was the biggest monthly plunge on record.

Economists had expected total sales would tumble 8.0 percent m-o-m in March.

According to the report, online retailers and grocery stores and pharmacies saw a surge of demand last month as consumers stocked up on household essentials, but it was outweighed by a sharp decline in most other retail categories as businesses shuttered and shoppers restricted their spending.

Excluding auto, retail sales also dropped 4.5 percent m-o-m in March after an unrevised 0.4 percent m-o-m decline in the previous month, better than economists' forecast of a 4.8 percent m-o-m fall.

In y-o-y terms, the U.S. retail sales declined 6.2 percent in March, following a revised 4.6 jump in the previous month (originally a 4.3 percent increase).