Sales and optimism rebounding for state's retailers

Michigan's retail industry continues to rebound from last year's weak performance, with April sales and short-term forecasts posting some of the strongest year-to-year gains in several years. That's according to the latest Michigan Retail Index survey, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. The sales component of the Index topped 50 (on a scale of 0-100) for the third month in a row -- indicating positive activity throughout the retail industry -- and reached its highest level (57.9) since March 2004. Similarly, the short-term outlook component of the index reached its highest level (74.3) since October 2005. "We continue to see positive momentum as consumers increase their spending across a broad range of merchandise," said MRA President and CEO James P. Hallan. "While the weakness of last year's numbers exaggerates the effect of this year's gains, there is little doubt the retail industry is rebounding from its prolonged slump." The Michigan Retail Index survey for April found that 52 percent of retailers increased sales over the same month last year, while 32 percent recorded declines and 16 percent saw no change. The results create a seasonally adjusted performance index of 57.9, up from 55.4 in March. A year ago, the index was 32.8 in April. Index values above 50 generally indicate an increase in positive activity. Looking ahead, 60 percent of retailers expect sales during May-July to improve over the same period last year, while 12 percent project a decrease and 28 percent no change. That puts the seasonally adjusted outlook index at 74.3, up from 62.4 in March. A year ago, the index was 52.2 in April. Published: Mon, May 31, 2010

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