Michigan retail sales remain strong

 More Michigan retailers expect sales to improve for the next three months, following a jump in their July sales, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago.

The Index’s future-outlook component rose to its highest level in 10 years during July, while the improvement in current sales was the best in nearly three years.
“The retail industry’s overall performance increased significantly in July and retailers’ optimism grew even stronger,” said James P. Hallan, MRA president and CEO. “Consumers were flexing their spending muscles after holding back in June,” he said.
“The question now is whether sales can stay at this higher level or they will return to the roller-coaster pattern we’ve seen all year,” he added.
The July Michigan Retail Index found that 53 percent of retailers increased sales over the same month last year, while 31 percent recorded declines and 16 percent saw no change. 

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