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B O A ™ OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
Lease in mora^ig papers
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April 8, 1938
R&S rtp - 160

DEPARTMENT STORE SALES IN MARCH 1938
Preliminary report
Department store sales showed less than the usual seasonal increase from
February to March, and the Board's adjusted index was 86 percent of the 1923-1925
average in March as compared with 88 in the preceding month. The index is shown below for the last three months and for March 1937,
Mar,

1938
Feb.

Jan.

1937
Mar.

86
77

Index of department store sales
1923-1925 average = 100
Adjusted for seasonal variation
Without seasonal adjustment

88
70

90
70

93
90

Total sales in March were 14 percent less than in March last year, reflecting
in part the fact that Easter is three weeks later this year than it was in 1937, It
is estimated that an allowance for a reduction of about 7 percent from a year ago
should be made on this account.
REPORT BY FEDERAL RESERVE DISTRICTS
Percentage change
from a year
March*

Three
months

Number
of
stores
reporting

Number
of
cities
included

-14

-9

535

252

Boston
New York
Philadelphia
Cleveland

-10
-12
-23
—20

-7
-7
-12
—12

51
57
27

32
30
12

26

11

Richmond
Atlanta
Chicago
St, Louis

-14
-9
-14
-12

-6
-2
-13
-5

55
27
85
35

26
17
30
18

-7
-9
-3

-5
-5
+3

-18

-11

42
25
20
85

21
20
8
27

Total
Federal Reserve districts:

Minneapolis
Kansas City
Dallas
San Francisco

* March figures preliminary; in most cities the month had the
same number of business days this year and last year.