Michigan Retail Index
Michigan Retailers: Retail Sales Rise Leading into Holiday Season Forecast Improved holiday sales
More Michigan retailers increased sales during October, setting the stage for an improved holiday shopping season that "officially" begins Thursday and Friday.
October's Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago, registered the best retail industry sales since July. "The retail industry's better performance during October points to increased sales during the holiday shopping period," said James P. Hallan, MRA president and chief executive officer.
The October Michigan Retail Index found that 45 percent of retailers increased sales over the same month last year, while 39 percent recorded declines and 16 percent saw no change. The results create a seasonally adjusted performance index of 54.8 up from 52.8 in September.
Looking forward, 48 percent of retailers expect sales during November–January to increase over the same period last year, while 21 percent project a decrease and 31 percent no change. That puts the seasonally adjusted outlook index at 64.3, down from 76.3 in September.