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^ W N O R S Qf .
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OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
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release in evt^mg papers
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September 8 , 1938
R&S r t p - 165

DEPARTMENT STORE SALES IN AUGUST 1938
P r e l i m i n a r y Report
Department s t o r e s a l e s showed l e s s t h a n t h e u s u a l s e a s o n a l i n c r e a s e from J u l y
t o August and t h e B o a r d ' s a d j u s t e d index was 83 p e r c e n t of t h e 1923-1925 average
as coi.ipared w i t h 85 i n J u l y and 82 i n J u n e , The index i s shown below f o r t h e l a s t
t h r e e months and f o r August 1937.
Index of department s t o r e s a l e s
1925-1925 average = 100
Adjusted f o r seasonal v a r i a t i o n
Without s e a s o n a l a d j u s t m e n t

August

1938
July

83
65

85
58

1937
August

June
82
79

92
72

T o t a l s a l e s i n August were 6 p e r c e n t l e s s and i n t h e f i r s t e i g h t months of t h e
year 10 p e r c e n t l e s s t h a n i n t h e c o r r e s p o n d i n g p e r i o d s of 1937.
REPORT BY FEDERAL RESERVE DISTRICTS
P e r c e n t a g e change
from a y e a r ago
August*
Total

Eight
months

Number
of
cities
included

Number
of
stores
reporting

248

530

-6

-10

+2
-7
-13
-15

-6
—
8
-14
-16

52 •
58
31
30

32
30
14
10

Richmond
Atlanta
Chicago
S t . Louis

0
+2
-8
-3

-4
-4
-15
-7

56
20
68
34

27
15
29
17

Minneapolis
Kansas C i t y
Dallas
San F r a n c i s c o

+2
-6
-1
-6

-3
-7
-1
-8

39
21
22
99

F e d e r a l Reserve d i s t r i c t s :
Boston
New York
Philadelphia
Cleveland

•

19
14
10
31

* August 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 one more b u s i n e s s day t h i s y e a r t h a n l a s t y e a r ,