LANSING – Retailers in Michigan experienced increased sales in May, according to a report released Thursday by the Michigan Retailers Association.
The statement also said May was the second consecutive month of good sale performance. The Michigan Retail Index is a joint project of Michigan Retailers Association and the Federal Reserve Bank of Chicago.
Based on monthly surveys from both the MRA and the Federal Reserve, the retail index rates the performance of the state’s retail industry. Values above 50 are considered positive activity and the higher the number, the stronger the activity.
The May index found that 50 percent of retailers increased sales over the same month last year, while 31 percent recorded declines and 19 percent saw no change. The Performance index is 54.9, up from 54.0 in April, and a year ago May it was 61.9.
Between June and August, 64 percent of retailers expect sales to increase like they did during the same period last year. Nine percent expect a decrease and 27 percent no change. That puts the seasonally adjusted outlook index at 76.6, up from 68.1 in April. A year ago May it stood at 77.5.
Northern Michigan retailers showed the greatest improvement in sales with 75 percent of respondents reporting gains.
Nationally, May retail sales excluding autos, gasoline and building materials increased also, rising 0.3 percent, according to the U.S. Department of Commerce.
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