Memorial Day is a United States federal holiday honoring military personnel who died in service. It is not an economic indicator and measures no level, change, price, or volume. Congress created the holiday in statute, while the Department of Veterans Affairs preserves its history and meaning. It is the nation's annual day to mourn and honor its deceased service men and women.
Memorial Day falls on the last Monday in May every year, with no release time because it is a calendar-day observance. Federal offices close and Federal employees receive a paid holiday, and markets list the day as Closed with no trading. Each year the President issues a proclamation calling for prayer for permanent peace. The National Moment of Remembrance starts at 3:00 p.m. local time, while flags fly at half-staff until noon.
Memorial Day has no market drivers because it is a holiday observance, not a composite index.
On May 5, 1868, the Grand Army of the Republic under John A. Logan issued General Orders No. 11 ordering Decoration Day for war graves. It set May 30 for decorating war graves with flowers when spring flowers were available everywhere. The first national celebration followed on May 30, 1868, at Arlington National Cemetery with prayers, hymns, speeches, and children strewing flowers over graves.
Arlington then held about 11,250 Union soldiers and about 350 Confederate soldiers, including 2,111 unknown soldiers in the main tomb. The day began as fixed-date May 30, until the 1968 Uniform Monday Holiday Act effective in 1971 moved it to the last Monday in May.
Memorial Day honors military personnel who died in service, while Veterans Day on November 11 thanks all who served, especially living veterans. It is not a general celebration or merely the start of summer.
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