PRODUCTION AND LEADING INDEXES
      The production index rose in the week ended Jan. 28. Seasonally-adjusted output 
      of electric power, autos, and trucks led the gain. Before calculation of the 
      four-week average, the index jumped to 125.3 from 121.9 the week before.
      The leading index also increased in the latest week, paced by faster growth in 
      both materials prices and the M2 money supply. The unaveraged index dipped to 
      256.9 from 257.5 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 (2/4) thous. of net tons          2,040           2,001#       10.2
      AUTOS (2/4) units                       139,633         140,384r#    -7.8
      TRUCKS (2/4) units                      118,506         118,763r#    -1.8
      ELECTRIC POWER (2/4) millions
        of kilowatt-hrs.                      61,394          62,932#      -3.9
      CRUDE-OIL REFINING (2/4)
        thous. of bbl./day                    13,438          13,404#       1.8
      COAL (1/28) thous. of net tons          21,269#         21,939        1.1
      PAPERBOARD (1/28) thous. of tons        932.8#          907.6r        6.5
      PAPER (1/28) thous. of tons             837.0#          841.0r        1.6
      LUMBER (1/28) millions of ft.           476.6#          479.6        -2.6
      RAIL FREIGHT (1/28)
        billions of ton-miles                 24.0#           24.0          6.2
      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 (2/3) S&P 500              472.15          467.56       -1.4
      CORPORATE BOND YIELD, Aaa (2/3)         8.33%           8.49%        20.2
      INDUSTRIAL MATERIALS PRICES (2/3)       113.5           114.5        NA*
      BUSINESS FAILURES (1/27)                NA              266          NA
      REAL ESTATE LOANS (1/25) billions       $463.2          $463.4r      10.4
      MONEY SUPPLY, M2 (1/23) billions        $3,590.2        $3,587.6r     1.7
      INITIAL CLAIMS, UNEMPLOYMENT
        (1/21) thous.                         325             338r        -10.5
      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 (2/8) $/troy oz.                   374.600         376.250      -2.4
      STEEL SCRAP (2/7) #1 heavy, $/ton       144.50          147.00        3.6
      COPPER (2/4)  cents/lb.                 140.0           146.0        50.9
      ALUMINUM (2/4)  cents/lb.               101.5           104.0        66.9
      COTTON (2/4) strict low
        middling 1-1/16 in.,  cents/lb.       89.50           89.29        23.9
      OIL (2/7) $/bbl.                        18.43           18.46        26.2
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST          WEEK         YEAR
                                              WEEK            AGO          AGO
      FEDERAL FUNDS (2/7)                     5.94%           6.00%        3.20%
      COMMERCIAL PAPER (2/7) 3-month          6.14            6.24         3.50
      CERTIFICATES OF DEPOSIT (2/8) 3-month   6.15            6.23         3.40
      FIXED MORTGAGE (2/3) 30-year            9.15            9.32         7.08
      ADJUSTABLE MORTGAGE (2/3) one-year      6.76            6.83         4.20
      PRIME (2/8)                             9.00            9.00         6.00
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                              LATEST          WEEK         YEAR
                                              WEEK            AGO          AGO
      JAPANESE YEN (2/8)                      98.92           99.46        108.08
      GERMAN MARK (2/8)                       1.53            1.52         1.75
      BRITISH POUND (2/8)                     1.55            1.58         1.46
      FRENCH FRANC (2/8)                      5.30            5.28         5.96
      ITALIAN LIRA (2/8)                      1617.0          1609.0       1695.7
      CANADIAN DOLLAR (2/8)                   1.40            1.41         1.34
      MEXICAN PESO (2/8)3                     5.325           5.500        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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