| Michigan Retailers Raise Sales Expectations |
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| Monday, 30 June 2008 | |
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"There is some positive news in the May numbers, but it's still extremely tough out there for all retailers," said James P. Hallan, MRA president and CEO. "The disappointing finding is that most retailers say the economic stimulus checks aren't boosting sales. It appears that most of those checks are being spent on higher priced gasoline and food and, perhaps, paying down debt." For May, the Index showed 38 percent of retailers increased sales over the same month last year, while 45 percent recorded declines and 17 percent saw no change. The results create a seasonally adjusted performance index of 43.4, up from 43.3 in April and the highest since January. Looking forward, 40 percent believe their sales will increase for June-August, while 30 percent forecast declines and 30 percent project no change. The results create a seasonally adjusted outlook index of 53.0, up from 49.0 in April. The Michigan Retailers Association is the unified voice of retailing in Michigan and the nation's largest state trade association of general merchandise retailers. Note: William Strauss, Senior Economist and Economic Advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Michigan Retail Index
May 2008 results
May Performance
% Increased % Decreased % No Change Index* Responses
Outlook for Next 3 Months
% Increased % Decreased % No Change Index* Responses
May Sales Performance & Outlook for Next 3 Months, by Region
% Increased % Decreased % No Change
Question of the Month
Yes, a lot Yes, a little No Don't know *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease. |
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