Michigan Retail Index
Michigan Retail Sales Climb Again in July
Michigan’s retail industry posted strong sales numbers in July for the second month in a row, and forecasts for the end of summer and beginning of fall also rose, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“It has been an unusually good summer. Shoppers were open to summer’s sidewalk and other clearance sales as well as discounts on back-to-school merchandise, which may tell us two things about today’s consumers,” said James P. Hallan, MRA president and chief executive officer. “First, they were confident enough to go shopping and spend money. Second, summer’s sales appealed to their continued caution and desire to stretch their dollars.”
The July survey of MRA members showed 63 percent of retailers increased sales over the same month last year, while 18 percent recorded declines and 19 percent reported no change. The results create a seasonally adjusted performance index of 74.9, up from 66.7 in June. A year ago July the Index stood at 63.9.
Looking forward, 58 percent of retailers expect sales during August–October to increase over the same period last year, while 13 percent project a decrease and 29 percent no change. That puts the seasonally adjusted outlook index at 76.7, up from 69.5 in June. A year ago July the Index stood at 82.0.