Retail Sales Take a Hit Due to Weather

Cautious consumers and lingering bitter cold and snow are being blamed for a significant decline in retail sales in Michigan last month, and seriously dampening expectations for the entire year ahead, based on new survey results from the Michigan Retailers Association. According to the M-R-A’s January “Michigan Retail Index,” 46% of retailers polled last month experienced lower sales, compared to 30% with increases over the same month last year. The January numbers follow a poor holiday shopping season, and created a seasonally adjusted performance index of 42.5, down from 50.5 in December. A year ago in January the index was at 57.9.