LANSING – While 53 percent of retailers across the state saw a decline in sales for the month of August, overall attitudes about the upcoming months are improving, according to the Michigan Retail Index.
The index, which is a joint venture between the Federal Reserve Bank of Chicago and the Michigan Retailers Association, found that 35 percent of retailers saw sales rise from July to August while another 12 percent saw no difference.
Those numbers led the index to 46.6, which was up slightly from 45 in July. The index has risen for the past four months, which suggests that retail sales hit bottom in the early spring, said association President and CEO James Hallan.
General merchandise sales and stores located in northern Michigan performed the best during the month.
“While we cheer this long-awaited improvement, we must also caution that a majority of retailers in this state are still hurting. We have a long way to go, but it’s heartening that the arrows continue to point in the right direction,” Hallan said given that index scores above 50 show the increase in positive activity.
The index score for retailers’ outlook in the coming months was above that mark at 53.5, with 43 percent of retailers expecting higher sales in the fall months. Another 35 percent expected a decrease, while 22 percent predicted there would be no change in their sales.
The outlook barometer also has risen for the past four months.
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