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BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM For r^*ea^ L m v mb^fii^K^apers Fr June 10 Y> ^ ,.. \ , " June 8, 1938 R&S rtp - 162 ^ W D E P A R T M E N T STORE SALES IN M Y 1938 e^vJ/ Preliminary report r ''r Determent' store sales decreased considerably from April to May and the Board's seasonally adjusted index showed a further decline to 79 percent of the 1923-1925 average. The index is shown below for the last three months and for May 1937• Index of department store sales 1923-1925 average = 100 Adjusted for seasonal variation Without seasonal adjustment May 79 80 1938 Apt". Mar. 1937 May 83 86 r86 77 93 95 r—Revised. Total sales in May were 17 percent less than in May 1937, reflecting large declines in industrial areas and smaller decreases in other regions. In the first ?ive months of this year sales were 10 percent less than in the corresponding period last year. Part of the decline from a year ago in the dollar volume of sales represents the effect of lower prices for commodities sold by department stores• REPORT BY FEDERAL RESERVE DISTRICTS Percentage change from a year ago May* Total Five months Number of stores reporting Number of cities included -17 -10 549 261 Boston New York Philadelphia Cleveland -12 -15 -27 -24 -6 -7 -14 -14 52 57 27 30 32 30 12 10 Richmond Atlanta Chicago St. Louis -13 -7 -22 -13 -4 -3 -15 -7 54 25 92 34 28 17 36 17 -10 -14 -5 -9 -4 -6 +1 -8 40 26 19 93 20 18 9 32 Federal Reserve districts: - Minneapolis Kansas City Dallas San Francisco * May figures preliminary; in most cities the month had the same number of business days this year and last year, but in May this year there were four Saturdays as compared with five a year ago.
@FedFRASER