In its semi-annual monetary policy report, the central bank pointed to "tremendous" hardship
The spending decline was far worse than the 6.9% drop in March
Economists expect that the effects of the pandemic will take a while to overcome
The outcome may be worse for the April-June quarter, economists predict
Even before the pandemic erupted, oil prices had been sinking
The Institute for Supply Management said Tuesday that its service-sector index fell to 41.8 in April
Personal incomes also fell sharply last month
Some economists hold out hope for a quick and robust recovery once the health crisis is solved
The March decline is the second-biggest decline on record
The organization predicts worldwide trade will plummet 11% this year and then grow 8.4% in 2021