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FBDEBAL RESERVE BOAR D August 8, 19,34 R&S r t p - 116 l o r r e l e a s e in morning papers Saturday, August 11 DEPARTMENT STORE SALES IK -JULY, 1934 Preliminary r e p o r t Preliminary f i g u r e s on the value of department s t o r e s a l e s show a decrease from June to July of somewhat more than the estimated seasonal amount. The Federal Reserve Board's index, which makes allowance f o r d i f f e r e n c e s in the number of "business days and f o r usual seasonal changes, was 72 in J u l y on the h a s i s of the 1923-1925 average as 100, compared with 74 in June and 77 in May. In comparison with a year ago, the value of s a l e s f o r J u l y according to p r e liminary f i g u r e s was 3 per cent l a r g e r . Increases compared with l a s t year a r e shown f o r most Federal Reserve d i s t r i c t s , the l a r g e s t increases "being in the A t l a n t a , Richmond, and Dallas d i s t r i c t s , while decreases from a year ago a r e reported f o r the San Francisco and Boston d i s t r i c t s . The aggregate f o r the f i r s t seven months of the year was 16 per cent l a r g e r than l a s t y e a r . PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO January 1 to July 31 * Number of reporting stores Number of cities + 3 + 16 505 250 + + + + 11 + 9 + 13 + 26 52 51 36 27 30 27 16 16 July* Total Federal Reserve d i s t r i c t s : Boston New York Philadelphia Cleveland 2 1 5 4 Richmond Atlanta Chicago S t . Louis + 16 + 21 + 10 + 4 + + + + 20 34 23 21 " 51 35 54 39 23 22 28 21 Minneapolis Kansas City Dallas San Francisco + 1 + 7 + 14 - 9 + 11 + 10 + 28 + 9 40 18 20 82 16 14 9 28 * July f i g u r e s p r e l i m i n a r y ; in most c i t i e s the month had the same number of "business days t h i s year and l a s t year, "but t h i s July t h e r e were f o u r Saturdays, as compared with f i v e a year ago.
@FedFRASER