Michigan's retail industry posted strong sales numbers in July for the second month in a row, based on a new survey released by the Michigan Retailers Association.
The MRA's "Michigan Retail Index" found 63-percent of retailers polled in July reported increased sales over the same month last year, creating a seasonally-adjusted performance index of 74.9, up from 66.7 in June. A year ago the July the Index stood at 63.9. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity.
Meantime, 58 percent of retailers expect sales during August-October to increase over the same period last year, with a seasonally-adjusted outlook index at 74.9, up from 66.7 in June. A year ago the Index stood at 63.9.
MRA president and CEO James Hallan says it's been an unusually good summer for retailers. He says shoppers were open to summer’s sidewalk and other clearance sales as well as discounts on back-to-school merchandise. Hallan says the latest numbers show consumers were confident enough to go shopping and spend money and the summer’s sales appealed to their continued caution and desire to stretch their dollars.