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Michigan retailers project better spring salesMichigan retailers’ spring sales forecasts improved slightly after a tough February, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. Retailers’ three-month outlook rose by nearly a point on the Index, while the industry’s February sales performance fell by 3.5 points. “Unseasonably cold weather hurt sales by keeping some shoppers at home and discouraging others from buying spring apparel. It was the same story in Michigan as it was across the nation,” said Larry Meyer, MRA chairman and CEO. Nationwide retail sales, excluding autos, fell by 0.1 percent in February, the U.S. Commerce Department reported. It was the worst performance since last October. The Michigan Retail Index showed that 36 percent of retailers increased sales in February over the same month last year, while 40 percent recorded declines and 18 percent saw no change. The results create a seasonally adjusted performance index of 46.9, down from 50.4 in January. In addition, 47 percent believe their sales will increase for March–May, while 19 percent forecast declines and 28 percent project no change. The results create a seasonally adjusted outlook index of 57.7, up from 56.8 in January. North Michigan retailers fared the best in February, with 49 percent ringing up better sales. Of the 10 MRA members from Gaylord who responded to the online survey, 72 percent reported higher sales. Sales tax receipts totaled $469.4 million in February. This represented a decrease of 3.3 percent from the year-ago level and was down from the level expected for February. Sales tax collections from motor vehicle transactions were up 0.4 percent, which marked the fifth consecutive monthly increase. This gain was more than offset, however, by a 3.7-percent decline in the sales tax collected from all other taxable retail sales. 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/retailindex.html. The website includes figures dating back to July 1994.
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