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Wed April 27, 2011
Michigan retailers feeling pain from soaring gasoline prices
Michigan retailers say 4 dollar a gallon gasoline is taking a bite out of their business. The latest survey by the Michigan Retailers Association says state businesses saw a marked decline in sales in March, as gasoline prices started to soar. Michigan retail sales slumped to their lowest level since last July.
Tom Scott is with the association.
“Definitely disappointing. No doubt about that, because we were on a real nice upswing and getting some momentum going in positive territory. And then for March to come along…that is a little bit of a setback.”
Rising gasoline prices may affect summer hiring. Tom Scott says Michigan retailers will be very cautious about hiring decisions as long as gasoline stays above 4 dollars a gallon.