For Immediate Release
June 26, 2002

LANSING — Most Michigan retailers anticipate a better summer than last year.

Sixty-four percent project an increase in June-August sales over the same period last year, according to the Michigan Retail Index, a joint project of the Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.

When combined with the 23 percent who project level sales and the 13 percent who predict a falloff, the results create a seasonally adjusted outlook index of 72.1. It was the highest level of May optimism in two years, even though the three-month outlook fell from 78.4 in April.

Actual sales performance in May also improved slightly, in contrast to national trends.

Forty-six percent of Michigan retailers said they increased sales over the same month last year, while 42 percent said sales declined and 12 percent reported no change. The results create a seasonally adjusted performance index of 51.3, up from 46.0 in both April and March. Nationally, the U.S. Commerce Department reported a 0.9 percent decline in retail sales during May.

Larry Meyer, MRA chairman and CEO, said Michigan’s retail industry continues to show improvement from last year.

"A year ago, the retail industry was in the doldrums," said Meyer. "While still not spectacular, this year’s performance continues to show marked improvement."

The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation’s largest state trade association of general merchandise retailers. MRA’s more than 5,500 retail business members operate more than 12,000 stores across the state.

Note: William Strauss, Senior Economist and Economic Advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151.