LANSING — Michigan Retailers Association reports that July 2023 sales dropped below expectations – landing at 45.3 on the 100-point Retail Index, a hefty dip from June’s 56.0. Forty-three percent (43%) of Michigan retailers surveyed reported a sales increase over June. Thirty-eight percent (38%) noted a decrease, and 19% reported no change.

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.

The last year has been challenging for retail sales, with each month drastically changing compared to the last.

“The year of rollercoaster sales continues for Michigan’s retailers,” said William J. Hallan, President and CEO of the Michigan Retailers Association. “A dip in the Retail Index below the 50-point threshold ought to serve as a cautionary signal, suggesting potential economic imbalance. The legislature and governor would be wise to acknowledge these unfavorable trends within the retail economy and consider ways to ease the burdens on small businesses.