Michigan Retail Index
Michigan Retailers Expect Summer Sales Gains
Michigan retailers’ summer sales forecasts remain strong despite a dip in sales in May, according to the latest Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“The outlook component of the index has been strong all year, and most retailers expect a good summer,” said James P. Hallan, MRA president and chief executive officer.The May survey of MRA members showed 40 percent of retailers increased sales over the same month last year, while 36 percent recorded declines and 24 percent reported no change. The results create a seasonally adjusted performance index of 47.4, down from 57.6 in April. A year ago May the performance index stood at 47.7.
Looking forward, 64 percent of retailers expect sales during June–August to increase over the same period last year, while 10 percent project a decrease and 26 percent no change. That puts the seasonally adjusted outlook index at 73, down from 74.7 in April. A year ago May the outlook index stood at 79.3.