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B O A ™ OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Lease in mora^ig papers l5 > ' 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.
