There was a big drop in retail sales in Michigan in February.
Vic Veda with the Michigan Retailers Association says many cited tariffs on aluminum and steel impacting their prices. However, she says the association’s three-month outlook remains strong.
“A lot of retailers cited tariffs as a reason for their sales declining,” Veda said. “They said that the inconsistency with tariffs are causing consumers to be a little more cautious with their spending, and it’s absolutely impacting the prices for some of those goods and services that are coming across the border from Canada and Mexico.”
Veda the retail index in February came in at 41.5, compared to 62.2 in January. That’s on a 100 point retail index.
This marks the first month since last September with an index rating below 50.
