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The production index was up for the third week in a row. The unaveragedindex was also up, to 133.9 from 133.7. Seasonally adjusted output of electricpower rose a strong 1.2%, with an increase of 8.5% in the southeast and 7.6%in the central industrial region. Autos, trucks, oil, and lumber also postedgains. Steel production was down 2.3%, with a capacity utilization rate ofonly 88.8%, the lowest it has been in nine weeks. Rail freight and coalproduction also dipped.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (5/23) thous. of net tons 2,160 2,135 # 0.9

AUTOS (5/23) units 119,451 121,869 r# -4.2

TRUCKS (5/23) units 127,648 153,666 r# 0.3

ELECTRIC POWER (5/23)

millions of kilowatt-hrs. NA 60,832 # NA

CRUDE-OIL REFINING (5/23)

thous. of bbl./day NA 15,034 # NA

COAL (5/16) thous. of net tons 21,341 # 21,487 -1.4

LUMBER (5/16) millions of ft. 467.6 # 459.5 -6.9

RAIL FREIGHT (5/16)

billions of ton-miles 27.4 # 27.3 4.2

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STOCK PRICES (5/22) S&P 500 1110.47 1108.73 31.1

CORPORATE BOND YIELD, Aaa (5/22) 6.69 % 6.74 % -12.0

MONEY SUPPLY, M2 (5/11) billions $4,154.3 $4,160.8 r 6.9

INITIAL CLAIMS, UNEMPLOYMENT (5/16) thous. 313 305 r -2.5

MORTGAGE APPLICATIONS, PURCHASE (5/22) 248.1 254.8 29.8

MORTGAGE APPLICATIONS, REFINANCE (5/22) 1,049.0 1,138.7 222.7

Sources: Standard & Poor's, Moody's, Federal Reserve, Labor Dept., Mortgage

Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (5/27) $/troy oz. 292.750 299.600 -14.6

STEEL SCRAP (5/26) #1 heavy, $/ton 135.50 135.50 0.7

COPPER (5/22) cents/lb. 78.6 81.6 -34.4

ALUMINUM (5/22) cents/lb. 65.8 66.5 -17.5

COTTON (5/23) strict low

middling 1-1/16 in., cents/lb. 65.53 64.73 -5.7

OIL (5/26) $/bbl. 14.67 12.74 -28.3

CRB FOODSTUFFS (5/26) 1967=100 239.11 240.35 0.7

CRB RAW INDUSTRIALS (5/26) 1967=100 304.51 305.35 -9.9

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 (5/27) 137.50 135.79 115.80

GERMAN MARK (5/27) 1.78 1.77 1.70

BRITISH POUND (5/27) 1.63 1.63 1.64

FRENCH FRANC (5/27) 5.98 5.94 5.76

ITALIAN LIRA (5/27) 1758.1 1746.0 1690.0

CANADIAN DOLLAR (5/27 1.46 1.45 1.38

MEXICAN PESO (5/27)3 8.870 8.640 7.904

TRADE-WEIGHTED DOLLAR INDEX (5/27) 112.2 111.3 103.1

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 (5/26) 5.62 % 5.35 % 5.59 %

COMMERCIAL PAPER (5/26) 3-month 5.50 5.51 5.67

CERTIFICATES OF DEPOSIT (5/27) 3-month 5.59 5.59 5.69

FIXED MORTGAGE (5/22) 30-year 7.15 7.22 8.08

ADJUSTABLE MORTGAGE (5/22) one-year 5.79 5.87 6.01

PRIME (5/22) 8.50 8.50 8.50

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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