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"BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM

Fpr,
morning papers
»Mortify, OctoberlO

October 8, 1938
R&S rtp - 166

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- ' : D E P A R T M E N T STORE SALES IN SEPTEMBER 1938
Preliminary Report

Department store sales increased, by more than the usual seasonal amount
from August t@ September, and the Board's adjusted index was 86 percent of the
1923-1925 average in September as compared with 83 in each of the tw« preceding
months. The indexes are shown below for the last three months and for September
1937:
1938
1937
Index of department store sales
Sept.
Aug,
July
Sept.
1923-1925 average = 100
Adjusted for seasonal variation
86
83
r83
9&
Without seasonal adjustment
91
65
58
100
Total sales in September were 9 percent less and in the first three quarters
of the year 10 percent less than in the corresponding periods of 1937.
REPORT BY FEDERAL RESERVE DISTRICTS
Percentage change
rear ago
from a j

•

Nine
11X v i
1V1 X O

Sorting

Number
of
cities
included

Total

i
o

i

September*

Number
of
stores
re539

253

-7
-8
-14
-16

52
57
31
40

32
30
15
13

-4
-3
-9
-8

-4
-4
-14
-7

53
24
73
34

25
16
30
17

-S
-10
-6
-15

-4
-7
-2
-9

40
25
19
91

21
17
8
29

-9

-11
-6
-12
-14

Federal Reserve districts t
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

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




Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102