Michigan retail sales get late summer boostby Michigan Retailers Association
LANSING, MI–(Marketwired – September 27, 2017) – Michigan retailers reported a slight uptick in sales activity for August over a month ago, and they’re optimistic that the next three months will be better, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.
Just over half — 54 percent — of retailers posted sales increases in August, and 66 percent expect the sales activity to increase for the next three months.
“Back-to-school sales are likely responsible for the increase,” said MRA President and CEO James P. Hallan. The National Retail Federation had predicted a banner year for sales of student clothing and supplies.
The Michigan economy remains steady. Unemployment increased by two-tenths of a percentage point to 3.9 percent, heading up for the first time since February. But it remains below the national average of 4.4 percent and a full percentage point lower than August 2016. The rate also reflects fewer people in the state’s labor market actively seeking employment.