100-point Index marker reaches highest point since February 2024
LANSING, Mich. – Michigan Retailers Association today reports that July 2024 sales rose over June, landing at 47.5 on the 100-point Retail Index. The June 2024 Retail Index came in at 43.3.
The 100-point Index provides a snapshot of the state’s overall retail industry. Index values above 50 generally indicate positive activity, the higher the number, the stronger the activity. The seasonally adjusted performance Index is conducted by Michigan Retailers Association (MRA) in cooperation with the Federal Reserve Bank of Chicago’s Detroit branch.
Forty-seven percent noted an increase over June sales, 40% of Michigan retailers surveyed reported a sales decrease and 13% reported no change.
“July’s rise in sales shows that Michigan’s retail industry continues to adapt, despite ongoing economic challenges. While we haven’t yet reached the strong growth levels we’ve aimed for in the last year, this positive momentum is encouraging, and we remain optimistic as retailers head toward the holidays,” said William J. Hallan, President and CEO of the Michigan Retailers Association.
Three-Month Optimism Rises For Second Consecutive Month
When asked to predict their sales outlook for the next three months, 59% of retailers predicted their sales will continue to rise through October and 26% said they expect their sales to decline. Fifteen percent anticipate no change. That results in an Index rating of 67.4, an increase over June’s 66.0.
“As we look forward to celebrating Buy Nearby Weekend on October 4-6, we encourage everyone to shop local and keep dollars circulating within our communities. Our recent economic survey shows that if Michiganders redirected 10% of their estimated $36.5 billion in out-of-state e-commerce, Michigan would gain $2.6 billion in gross economic output,” said Hallan.
Retail Industry Volume vs. 2023
According to Michigan Retailers Association volume reports, hardware and home repair retailers saw the biggest year-over-year increase in volume (34.18%) while clothing and shoes reported the biggest decrease, down 36.38%.
Unemployment Rates
The national unemployment rate in July rose to 4.3%, over June’s 4.1%. Last year, the national unemployment rate was 3.5%. The unemployment rate for Michigan has preliminarily been announced at 4.4% for July. Last year, the rate came in at 3.8%.
