PRODUCTION AND LEADING INDEXES
      The production index increased during the week ended Jan. 7. Seasonally 
      adjusted output of crude-oil refining and rail-freight traffic led the gain. 
      Before calculation of the four-week moving average, the index rose to 121, from 
      120.8.
      The leading index also advanced during the latest week paced by faster growth 
      rates for materials prices and real estate loans. The unaveraged index 
      increased to 254.6, from 253 in the previous week.
      BW production index copyright 1994 Bloomberg L.P.
      BW leading index copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
                                      LATEST          WEEK            YEARLY
                                      WEEK            AGO             % CHG
      STEEL (1/14) thous. of net tons   2,035           1,985#          7.6
      AUTOS (1/14) units              126,386         109,340r#        -7.5
      TRUCKS (1/14) units             101,237          84,941r#        -8.7
      ELECTRIC POWER (1/14)
        millions of kilowatt-hrs.     NA               63,158#         NA
      CRUDE-OIL REFINING (1/14)
        thous. of bbl./day            13,847           14,336#          2.7
      COAL (1/7) thous. of net tons   17,702#          16,047          -3.3
      PAPERBOARD (1/7) thous. of tons NA               NA              NA
      PAPER (1/7) thous. of tons      NA               NA              NA
      LUMBER (1/7) millions of ft.    364.5#          308.9           -23.2
      RAIL FREIGHT (1/7)
        billions of ton-miles          19.5#           19.3            -5.3
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA1, SFPA2, Association of American Railroads
      
      LEADING INDICATORS
                                      LATEST          WEEK            YEARLY
                                      WEEK            AGO             % CHG
      STOCK PRICES (1/13) S&P 500     462.36          460.21           -2.5
      CORPORATE BOND YIELD,
        Aaa (1/13)                      8.46%           8.51%          23.1
      INDUSTRIAL MATERIALS
        PRICES (1/13)                 114.3           113.3r            NA*
      BUSINESS FAILURES (1/6)         NA              278               NA
      REAL ESTATE LOANS (1/4)
        billions                     $459.8          $456.6             9.0
      MONEY SUPPLY, M2 (1/2)
        billions                   $3,571.1        $3,570.6r            0.9
      INITIAL CLAIMS,
        UNEMPLOYMENT (12/31) thous.   338             321              -4.8
      Sources: Center for International Business Cycle Research (CIBCR), Standard & 
      Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun & Bradstreet 
      (failures of large companies), Federal Reserve, Labor Dept. CIBCR seasonally 
      adjusts data on business failures and real estate loans. *Historical data 
      available from CIBCR.
      
      PRICES
                                      LATEST          WEEK            YEARLY
                                      WEEK            AGO             % CHG
      GOLD (1/18) $/troy oz.          382.600         375.600          -2.2
      STEEL SCRAP (1/17)
        #1 heavy, $/ton               147.00          144.00            5.4
      COPPER (1/14)  cents/lb.        144.0           139.9            67.5
      ALUMINUM (1/14)  cents/lb.       98.0            96.5            75.0
      COTTON (1/14) strict
        low middling 1-1/16 in.,
        cents/lb.                      87.34           86.12           35.0
      OIL (1/17) $/bbl.                18.35           17.42           20.7
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                       LATEST          WEEK            YEAR
                                       WEEK            AGO             AGO
      FEDERAL FUNDS (1/17)             5.69%           5.44%           3.13%
      COMMERCIAL PAPER (1/17)
        3-month                        6.09            6.18            3.18
      CERTIFICATES OF DEPOSIT (1/18)
        3-month                        6.22            6.18            3.12
      FIXED MORTGAGE (1/13) 30-year    9.35            9.39            7.09
      ADJUSTABLE MORTGAGE (1/13)
        one-year                       6.88            6.85            4.25
      PRIME (1/18)                     8.50            8.50            6.00
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                       LATEST          WEEK            YEAR
                                       WEEK            AGO             AGO
      JAPANESE YEN (1/18)              99.52           99.88           110.60
      GERMAN MARK (1/18)                1.53            1.54            1.74
      BRITISH POUND (1/18)              1.57            1.56            1.50
      FRENCH FRANC (1/18)               5.29            5.30            5.92
      ITALIAN LIRA (1/18)            1616.5          1624.0          1696.8
      CANADIAN DOLLAR (1/18)            1.42            1.41            1.31
      MEXICAN PESO (1/18)3              5.300           5.725           3.103
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      #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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