State retail sales drop
Retail sales tax revenue in Washington state were down 14 percent compared to the same period last year. The period covered was April 11 to May 10.
The greatest monthly drop in in revenue by category were: motor vehicle sales and parts down 27.2 percent; building materials and garden equipment down 23.4 percent; gas stations and convenience stores down 18.6 percent and furniture and home furnishings down 18.6 percent.
The monthly figures mirror declines set last year when retail sales in the state dropped 6.1 percent to $48.3 billion.
But the Washington State Department of Revenue found the silver lining in the retail sales decline. “The longer the declining trend continues, the more likely it is that the turning point is near.” (My personal note: WHAT!)
The above information was obtained from the Washington Retail Association’s on-line newsletter.