We have to view this release in the context of a slowing economy. Trade volumes have been declining for over a year. Wholesale hours to decline well before the true horror of COVID hit. Retail has been roughly flat for some months. We also had permanent auto shutdowns in December, a rail strike, as well as oil problems. The list goes on.
COVID shutdowns were the key factor in service declines for sectors like health-care offices, retail and accommodation and food. For obvious reasons, the latter was added to my charts. Note the second chart (p4)particularly showing its contribution to aggregate change.
In March, the sector contributed -1.8 percentage points to the -6.7 hit on GDP. Retail' share was -.5 points and accomodation contributed -.8. Services contributed 4 times as much to the decline but goods still dropped.
We have a flash estimate for an April decline of -11% Lots more negatives to come as sectors are shut down..