Michigan Retail Index
Michigan Retail Sales Jump in May
Michigan retailers posted their strongest performance of the year in May, pushing up sales by 12 points on the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“Our index has been in positive territory for four consecutive months and jumped in May to its highest level in two years,” said Michigan Retail Association President and Chief Executive Officer James P. Hallan.
The Michigan Retail Index survey for May found 64 percent of the state’s retailers increased sales over the same month last year, while 26 percent recorded declines and 10 percent reported no change. The results create a seasonally adjusted performance index of 66.5, up from 54.5 in April.
Looking forward, 63 percent of Michigan retailers expect sales during June–August to increase over the same period last year, while 11 percent project a decrease and 26 percent no change. That puts the seasonally adjusted outlook index at 71.6, down from 74.3 in April but well above the 50 level.