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.<%S<';iOR$™8f^AED OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
For release.., inrevabiing p a p e r s
Monday, \Jaj£wjar^ l ¥

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January 8 , 1938
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DEPARTMENT STORE SALES IN DECEMBER 1937
Preliminary report

"
Department s t o r e s a l e s i n c r e a s e d i n December by a p p r o x i m a t e l y t h e u s u a l
s e a s o n a l amount and t h e B o a r d ' s a d j u s t e d index f o r t h a t month was 90 p e r c e n t
as compared w i t h 91 i n November and an a v e r a g e of 93 f o r t h e f i r s t t e n months
of 1937. The index f o r t h e l a s t t h r e e months and f o r December 1936 i s shown
below.
1936
1937
Dec.
Oct.
Nov.
Dec.
Index of department s t o r e s a l e s
1923-1925 a v e r a g e = 100
92
93
91
90
Adjusted f o r seasonal v a r i a t i o n
161
103
101
158
Without s e a s o n a l a d j u s t m e n t
T o t a l s a l e s i n December were 2 p e r c e n t l e s s t h a n i n t h e corresponding
month a y e a r ago, r e f l e c t i n g small d e c r e a s e s i n a l l r e g i o n s , excopt t h e South,
where s a l e s were l a r g e r t h a n in December 1936. T o t a l s a l e s i n t h e y e a r 1937
were 6 p e r c e n t l a r g e r t h a n i n 1936.

REPORT BY FEDERAL RESERVE DISTRICTS
P e r c e n t a g e change
from a y e a r ago

Number
of
stores
reporting

Number
of
cities
included

December*

Year

-2

+6

440

219

Boston
New York
Philadelphia
Cleveland

-4
-1
-5
-4

+2

+4
+3
+11

54
47
24
20

33
24
11
10

Richmond
Atlanta
Chicago

S t . Louis

*1
+4
-2
-5

+4
+7
+8
+6

52
20
62
34

25
17
25

Minneapolis
Kansas City
Dallas
San F r a n c i s c o

-4
-4
+5
-4

+3
+4
+9
+5

32
18
16
71

17
13
6
23

Total
F e d e r a l Reserve d i s t r i c t s :

I f

* December f i g u r e s p r e l i m i n a r y ; i n most c i t i e s t h e month had t h e same
number of b u s i n e s s days t h i s y e a r and l a s t y e a r .