Coronavirus Economy: Gun Sales Hit Record High Despite Wall Street Downturn, Job Losses

The ongoing coronavirus pandemic continues to have a massive impact on the economy, tanking some industries and sending some to new heights. The gun market is one that continues to see a particularly strong boom, with March sales numbers reaching all-time highs.

According to an NBC News report, the FBI performed about 3.7 million background checks for firearm sales in March, the highest figure since the instant check system was instituted in 1998. The all-time record for single-day sales was also broken, with 210,000 sales on March 21.

Sales last month topped the figures for March 2019 by around 1.1 million. They also surpassed the most recent sales record of 3.3 million in December 2015, when the specter of an assault rifle ban entered the national conversation following the San Bernardino mass shooting.

“We have seen an absolutely enormous spurt in handgun sales,” said Jurgen Brauer, chief economist for Small Arms Analytics and Forecasting. “You have state-by-state variations, but for the nation as a whole, an absolutely unprecedented boost in handgun acquisition.”

Brauer’s firm also found that from those record-breaking background checks came around 2.6 million actual sales. The particularly strong sales for handguns were found to have topped the sales of rifles and shotguns by double.

Speaking anonymously, an industry official told NBC News that most of the sales from March were made to first-time buyers. Additionally, a store owner from New York reported a greater-than-usual number of sales to women.

A 2018 report from GQ found that the cost of owning even basic firearms in the current market makes gun ownership “a luxury.” Entry-level 9mm handguns range from $500 to $650 after taxes, with a further $40 to start for self-defense-ready ammunition or $25 for 100 rounds of practice rounds.

This historic spike in sales came during a month that saw around 701,000 jobs lost in the U.S., according to the Bureau of Labor Statistics. The unemployment rate jumped from 3.5% to 4.4%, and the rate is expected to reach double digits in the coming months.

Wall Street has also been hit hard due to the coronavirus. The Dow Jones Industrial Average has plummeted nearly 29% since its all-time high in mid-February.