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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.