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OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
/jfcr release ^n\ evening/papers
'ednesday, March 9 •

March 8, 1938
R&S rtp - 159

DEPARTMENT STORE SALES IN FEBRUARY 1938
Preliminary report
Value of department store sales showed a decline in February when allowance is
made for usual seasonal changes, and the Board's adjusted index for that month was
88 percent as compared with 90 in January and an average of 92 last year. The index
is shown below for the last three months and for February 1937,
1938
Feb.
Jan.

Index of department store sales
1923-1925 average = 100
Adjusted for seasonal variation
Without seasonal adjustment

88
70

90
70

1937
Dec.
Feb
89
156

95
76

Sales in February were 8 percent less and in the first two months 6 percent
less than in the corresponding period a year ago. Stores in the Atlanta and Dallas
Federal Reserve districts reported a larger value of sales in February than a year
earlier, while stores in all other districts reported decreases in sales. The
largest declines were in the Midwestern industrial areas.
REPORT BY FEDERAL RESERVE DISTRICTS
Percentage change
from a year ago

Number
of
stores
reporting

Number
of
cities
included

February*

Two
months

-8

-6

544

258

Boston
New York
Philadelphia
Cleveland

-6
-5
—5
-14

-5
-4
-6
-7

53
56
27
26

33
31
12
12

Richmond
Atlanta
Chicago
St. Louis

-1
+4
-13
-3

0
+2
-11
0

53
25
80
35

24
17
28
18

Minneapolis
Kansas City
Dallas
San Francisco

-6
-7
+2
-10

-3
-3
+6
-7

41
28
21
99

21
20
10
32

Total
Federal Reserve districts:

* February figures preliminary; in most cities the month had the same
number of business days this year and last year.