Michigan Retail Index
Michigan Retailers Predict Positive Holiday Season
Michigan retailers are forecasting a positive holiday season, with their sales rising by an average of 2.1 percent over last year, according to the latest Michigan Retail Index survey, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“Nearly two-thirds of Michigan retailers expect to increase their holiday sales over last year,” said MRA President and CEO James P. Hallan. “They’re looking at a stronger consumer amid positive economic conditions such as reduced unemployment and lower gasoline prices.”
The September Michigan Retail Index survey found 45 percent of Michigan retailers increased sales over the same month last year, while 32 percent recorded declines and 23 percent reported no change. The results create a seasonally adjusted performance index of 56.9, up from 50.8 in August. A year ago September the performance index stood at 51.1.
The 100-point index gauges the performance of the state’s overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago’s Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity.
Looking forward, 54 percent of retailers expect sales during October–December to increase over the same period last year, while 17 percent project a decrease and 29 percent no change.