'Everything on the table' when responding to coronavirus fallout: IMF managing director

Kristalina Georgieva, managing director of the International Monetary Fund, joins "Squawk Alley" to discuss the state of the global economy and monetary policy to combat the coronavirus pandemic. Consumer and manufacturing reports for March showed the hit to the economy from the coronavirus was even swifter and deeper in the early weeks of the shutdown than expected. March retail sales fell 8.7%, the most ever in government data, and New York regional manufacturing activity hit an all-time low, declining a shocking 78.2%. Industrial production slipped 5.4%, the largest decline since 1946, and manufacturing was down 6.3%, a record reflecting in part the 28% decline in auto production as plants shut down. The economic reports showed the double whammy of state shutdowns in mid-March on two pillars of the economy — the consumer and business. The reports were even more dire than expected, and foreshadow even worse declines in April’s activity, with state shutdowns affecting areas responsible for more than 90% of the economy. March retail sales fell 8.7%, a record drop, with the only sign of activity at grocery and beverage stores, which saw sales grow by 25.6%. Economists expected an 8% decline in monthly sales. The consumer accounts for 70% of the economy. “The economy is clearly in ruins here,” said Chris Rupkey, chief financial economist at MUFG Union Bank. “Nobody is buying cars, down 25.6%, nobody is buying furniture, down 26.8%, and eating and drinking places were down 26.5%.” For more coronavirus live updates: https://www.cnbc.com/2020/04/15/coron... For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2JdMwO7 » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. Connect with CNBC News Online Get the latest news: http://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC #CNBC #CNBC TV