The continued high unemployment rate is making Michigan retailers nervous about sales this summer. Rising commodity prices for things like cotton and petroleum products are costing retailers more. Tom Scott is with the Michigan Retailers Association. He says some retailers are slashing prices for their shoppers, but generally retailers are optimistic despite the uncertainties.
Our unemployment rate seems to be stuck. We’re not seeing much improvement there, so that’s certainly a big concern. One thing that is helping is the recent drop in gas prices.
Scott recognizes gas prices could spike at any time. He says if shopping continues to move in a positive momentum, retailers should be fine.
-Traci Currie - Michigan Radio Newsroom