View original document

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

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.