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The production index rose in the week ended Mar. 7, after three weeks ofdeclines. Before calculation of the four-week moving average, the index was up1% to 131.6, from 130.3 a week ago. Thanks to sharp increases in loadings ofcoal, motor vehicles, and metals, seasonally adjusted rail-freight traffic wasup 1.3%. Production of crude oil also posted a sharp increase of 6.5%, andelectric power was up 3.7%. Output of lumber was down 3.7%, and steel dropped1.8%.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (3/14) thous. of net tons 2,102 2,216 # -0.2

AUTOS (3/14) units 120,080 109,167 r# -5.2

TRUCKS (3/14) units 141,860 149,784 r# 1.7

ELECTRIC POWER (3/14)

millions of kilowatt-hrs. 64,390 61,959 # 8.4

CRUDE-OIL REFINING (3/14)

thous. of bbl./day 14,581 14,548 # 6.3

COAL (3/7) thous. of net tons 22,916 # 20,065 8.8

LUMBER (3/7) millions of ft. 477.8 # 494.7 -6.4

RAIL FREIGHT (3/7)

billions of ton-miles 27.5 # 26.5 3.8

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison

Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2,

Association of American Railroads

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STOCK PRICES (3/13) S&P 500 1068.59 1055.69 34.7

CORPORATE BOND YIELD, Aaa (3/13) 6.69 % 6.81 % -11.0

INDUSTRIAL MATERIALS PRICES (3/13) NA NA NA

MONEY SUPPLY, M2 (3/2) billions $4,116.3 $4,106.6 r 6.6

INITIAL CLAIMS, UNEMPLOYMENT (3/7) thous. 298 305 r -3.6

MORTGAGE APPLICATIONS, PURCHASE (3/13) 217.2 221.1 14.9

MORTGAGE APPLICATIONS, REFINANCE (3/13) 1,337.9 1,403.4 221.5

Sources: Standard & Poor's, Moody's, Journal of Commerce (Index: 1990=100),

Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (3/18) $/troy oz. 290.400 294.100 -16.8

STEEL SCRAP (3/10) #1 heavy, $/ton 135.50 135.50 -0.7

COPPER (3/13) cents/lb. 84.1 81.8 -28.1

ALUMINUM (3/13) cents/lb. 69.5 70.0 -13.7

COTTON (3/14) strict low

middling 1-1/16 in., cents/lb. 64.42 66.10 -11.4

OIL (3/17) $/bbl. 12.99 14.00 -40.3

CRB FOODSTUFFS (3/17) 1967=100 229.73 224.83 -5.6

CRB RAW INDUSTRIALS (3/17) 1967=100 305.07 302.51 -10.3

Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis

market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR

WEEK AGO AGO

JAPANESE YEN (3/18) 130.22 129.14 122.72

GERMAN MARK (3/18) 1.83 1.83 1.68

BRITISH POUND (3/18) 1.67 1.65 1.60

FRENCH FRANC (3/18) 6.12 6.14 5.67

ITALIAN LIRA (3/18) 1799.8 1803.5 1687.8

CANADIAN DOLLAR (3/18) 1.42 1.41 1.38

MEXICAN PESO (3/18)3 8.575 8.660 7.925

TRADE-WEIGHTED DOLLAR INDEX (3/18) 110.2 109.9 104.8

Sources: Major New York banks. Currencies expressed in units per U.S. dollar,

except for British pound in dollars. Trade-weighted dollar via J.P. Morgan.

INTEREST RATES

LATEST WEEK YEAR

WEEK AGO AGO

FEDERAL FUNDS (3/17) 5.47 % 5.44 % 5.42 %

COMMERCIAL PAPER (3/17) 3-month 5.47 5.49 5.53

CERTIFICATES OF DEPOSIT (3/18) 3-month 5.58 5.58 5.52

FIXED MORTGAGE (3/13) 30-year 7.22 7.28 7.98

ADJUSTABLE MORTGAGE (3/13) one-year 5.86 5.78 5.86

PRIME (3/13) 8.50 8.50 8.25

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

#Raw data in the production indicators are seasonally adjusted in computing the

BW index (chart); other components (estimated and not listed) include machinery

and defense equipment. 1=Western Wood Products Assn. 2=Southern Forest

Products Assn. 3=Free market value NA=Not available r=revised NM=Not

meaningful

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