Michigan Retail Index
Michigan Retailers Forecast Spring Sales Growth
More than three of every four Michigan retailers (76 percent) expect to increase their spring sales over last year, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“These upbeat forecasts and results are no surprise, given the fact that consumer confidence is high and the number of people working in Michigan continues to grow,” said Michigan Retail Association President and Chief Executive Officer James P. Hallan.
The Michigan Retail Index survey for February found 45 percent of the state’s retailers increased sales over the same month last year, while 43 percent recorded declines and 12 percent reported no change. The results create a seasonally adjusted performance index of 52.8, up from 40.5 in January. A year ago February the performance index stood at 58.7.
Looking forward, 76 percent of retailers expect sales during March – May to increase over the same period last year, while 3 percent project a decrease and 21 percent no change. That puts the seasonally adjusted outlook index at 79.0, nearly level with 79.4 in January. A year ago February, the outlook index stood at 75.2.