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^ONEBNORS OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM r e l e a s e in m June 9, 1937 R&S r t p - 150 papers DEPARTMENT STORE SALES IN M Y 1937 A Preliminary r e p o r t Department s t o r e s a l e s showed a seasonal i n c r e a s e from April t o May, and t h e Board's a d j u s t e d index remained a t t h e l e v e l of t h e preceding s i x months. The index f o r t h e l a s t t h r e e months and f o r May 1936 i s shown below: May 1937 Apr. Mar. 1936 May 93 95 Index of department s t o r e s a l e s 1923-1925 average = 100 Adjusted f o r seasonal v a r i a t i o n Without seasonal adjustment 93 89 93 90 87 89 Total s a l e s i n May were 8 percent l a r g e r and i n t h e f i r s t f i v e months of t h e year 11 percent l a r g e r t h a n i n t h e corresponding periods l a s t y e a r . REPORT BY FEDERAL RESERVE DISTRICTS Percentage change from a year ago January 1" May* to May 31 Number of stores reporting Number of cities included +8 +11 531 258 Boston New York Philadelphia Cleveland +4 +8 +7 +10 +7 +8 +8 +19 54 54 31 30 33 28 13 11 Richmond Atlanta Chicago S t . Louis +4 +14 +10 +11 +7 +12 +16 +13 52 27 62 35 25 18 28 18 Minneapolis Kansas City Dallas San Francisco +1 +7 +13 +10 +7 +7 +14 +11 39 28 22 97 21 19 9 35 Total Federal Reserve d i s t r i c t s : # * May 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 year and l a s t y e a r , but i n May t h i s year t h e r e were f i v e Saturdays as compared with four a year ago.
