Michigan Retail Index
Michigan Retail Sales Up, Bucking National Trend in June
Michigan retailers are on a roll, with June marking the fourth straight month of positive year-over-year sales, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
“Our index has been an upbeat story this year,” said MRA President and CEO James P. Hallan. “With Michigan boasting unemployment below the national rate and leading the Great Lakes states in job creation, we’re hoping the positive trend continues.”
The Michigan Retail Index survey for June found 58 percent of the state’s retailers increased sales over the same month last year, while 24 percent recorded declines and 18 percent reported no change. The results create a seasonally adjusted performance index of 60.1, down from 66.5 in May.
Michigan is bucking the national trend. U.S. retail sales unexpectedly decreased for the second consecutive month in June, according to a report released by the Commerce Department on July 14.
Looking forward, 60 percent of Michigan retailers expect sales during July-September to increase over the same period last year, while 18 percent project a decrease and 22 percent no change. That puts the seasonally adjusted outlook index at 67.0, down from 71.8 in May but well above the 50 level.