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Michigan retail industry slips slightly in JuneMichigan retailers’ sales and forecasts both slipped slightly in June after several months of slow, steady improvement. The Michigan Retail Index, a joint project of the Michigan Retailers Association (MRA) and Federal Reserve Bank of Chicago, showed that projections for 3rd Quarter sales leveled off after two months of rising forecasts. Similarly, overall sales performance dipped after three months of improvement. According to the Index, 61 percent of retailers project increased 3rd Quarter sales over the same period a year ago, while 17 percent expect declines and 22 percent predict flat sales. The results create a seasonally adjusted outlook index of 68.1, down from 69.0 in May. Thirty-seven percent of retailers increased sales in June from the same month a year ago, while 50 percent experienced declines and 13 percent reported no change. The results create a seasonally adjusted performance index of 42.6, down from 45.8 in May. “Compared to the rest of the nation, Michigan’s sales appeared stronger in May and somewhat weaker in June. But the overall trend this year is upward, so we don’t view June’s figures as a step backward,” said Larry Meyer, MRA chairman and CEO. Northern Michigan retailers posted the best results, with 47 percent recording increases. They were followed closely by Central Michigan retailers, at 45 percent. Jewelry retailers led the industry, with 54 percent reporting increased sales. Sales performance in May was somewhat better than in June. The monthly sales performance index for May rose to its highest level in 10 months. Forty-three percent of retailers increased sales from the same month a year ago, while 45 percent experienced declines and 12 percent reported no change. The results create a seasonally adjusted performance index of 45.8, up from 43.0 in March and the best since July 2002. Complete results of this month’s Michigan Retail Index—including data on sales, inventory, prices, promotions and hiring—are available at www.retailers.com/news/news.html. The website includes figures dating back to July 1994.
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