Michigan Retail Index
Michigan Retailers Forecast 2017 Sales Gains
More than four of five Michigan retailers (82 percent) expect to increase 2017 sales over last year despite a slow start, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“Retailers look at 2017 and see an economy growing more rapidly with more people working and spending money,” said Michigan Retail Association President and Chief Executive Officer James P. Hallan.
National Retail Federation economists predict U.S. retail sales will rise between 3.7 and 4.2 percent this year, excluding autos, gasoline and restaurants. Online and other non-store sales, which are included in the economists’ forecast, are expected to climb 8–12 percent.
The Michigan Retail Index survey for January found 29 percent of retailers increased sales over the same month last year, while 55 percent recorded declines and 16 percent reported no change. The results create a seasonally adjusted performance index of 40.5, down from 52.0 in December. A year ago January the performance index stood at 47.1.
Looking forward, 69 percent of retailers expect sales during February – April to increase over the same period last year, while 3 percent project a decrease and 28 percent no change. That puts the seasonally adjusted outlook index at 79.4, up from 65.3 in December. A year ago January, the outlook index stood at 70.5.