Michigan Retail Index
Michigan Retail Sales Rebound in April
Michigan’s retail industry bounced back in April after two months of subpar performance, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
"Two months of job gains, lower gasoline prices and consumers itching for spring offset the effects of April's poor weather and the drag of higher payroll taxes,"said MRA president and chief executive officer James P. Hallan.
The April index found that 46 percent of retailers increased sales over the same month last year, while 34 percent recorded declines and 20 percent saw no change. The results create a seasonally adjusted performance index of 54.0, up from 47.8 in March. A year ago April it was 52.6.
Looking forward, 59 percent of retailers expect sales during May–July to increase over the same period last year, while 10 percent project a decrease and 31 percent no change. That puts the seasonally adjusted outlook index at 68.1, up from 66.8 in March. A year ago April it stood at 69.2.