|LANSING, Mich. (WLNS)— A new report from the Michigan Retailers Association (MRA) says October retail sales were more than September. |
MRA conducts a retail index survey in which the report results were displayed.
October’s retail index survey reported nearly a 71% sales increase compared to September.
The report is predicting that 75% of retailers predict sales will continue to increase until January.
The National Retail Federation (NRF) is predicting this year in retail sales will set off a record high. NRF is predicting each person will spend nearly $998 on holiday items this year.
“It’s promising to see consumers spending their money locally, especially this early before the holidays. We look forward to the November and December reports, but the optimism among retailers is a tell-tale sign that retail sales have some holiday season momentum,” said William J. Hallan, President, and CEO of Michigan Retailers Association.
This October the national unemployment rate dropped nearly 4.6% compared to September’s 4.8%. Therefore, many groups expect more spending.