PRODUCTION AND LEADING INDEXES
      The production index was nearly unchanged during the week ended Feb. 11. But 
      before calculation of the four-week moving average, the index fell to 120.9, 
      from 124.3. Declines in most of the seasonally adjusted output numbers offset a 
      jump in the production of electric power.
      The leading index rose in the latest week, but the unaveraged index was little 
      changed at 255.5, from 255.8. Slower growth in materials prices offset positive 
      signs elsewhere.
      BW production index copyright 1994 Bloomberg L.P.
      BW leading index copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
                                              LATEST       WEEK         YEARLY
                                              WEEK         AGO          % CHG
      STEEL (2/18) thous. of net tons         2,030        1,956#       9.0
      AUTOS (2/18) units                      148,864      145,044r#    3.4
      TRUCKS (2/18) units                     116,868      118,333r#    -3.1
      ELECTRIC POWER (2/18) millions
        of kilowatt-hrs.                      NA           65,339#      NA
      CRUDE-OIL REFINING (2/18)
        thous. of bbl./day                    NA           13,413#      NA
      COAL (2/11) thous. of net tons          20,401#      22,049       1.6
      PAPERBOARD (2/11) thous. of tons        915.0#       927.8r       5.4
      PAPER (2/11) thous. of tons             840.0#       835.0r       0.8
      LUMBER (2/11) millions of ft.           457.7#       452.0        -2.2
      RAIL FREIGHT (2/11) billions
        of ton-miles                          23.3#        24.4         8.4
      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 (2/17) S&P 500             483.19          480.96        2.7
      CORPORATE BOND YIELD, Aaa (2/17)        8.26%           8.28%         17.0
      INDUSTRIAL MATERIALS PRICES (2/17)      112.2           112.4r        14.0
      BUSINESS FAILURES (2/10)                NA              276           NA
      REAL ESTATE LOANS (2/8) billions        $466.1          $466.0r       9.7
      MONEY SUPPLY, M2 (2/6) billions         $3,595.2        $3,589.5r     1.9
      INITIAL CLAIMS,
        UNEMPLOYMENT (2/4) thous.             318             326             -13.1
      GOLD (2/22) $/troy oz.                  379.200         376.600         -0.2
      STEEL SCRAP (2/21) #1 heavy, $/ton      142.50          144.00          2.2
      COPPER (2/18)  cents/lb.                139.4           136.7           54.4
      ALUMINUM (2/18)  cents/lb.              91.5            95.5            51.2
      COTTON (2/18) strict low
        middling 1-1/16 in.,  cents/lb.       91.36           87.86           26.4
      OIL (2/21) $/bbl.                       18.86           18.42           32.4
      JAPANESE YEN (2/22)                     97.00           98.43           104.95
      GERMAN MARK (2/22)                      1.47            1.51            1.72
      BRITISH POUND (2/22)                    1.59            1.56            1.48
      FRENCH FRANC (2/22)                     5.14            5.24            5.84
      ITALIAN LIRA (2/22)                     1622.5          1606.6          1685.0
      CANADIAN DOLLAR (2/22)                  1.40            1.40            1.35
      MEXICAN PESO (2/22)3                    5.775           5.945           3.230
      FEDERAL FUNDS (2/21)                    5.99%           5.82%           3.25%
      COMMERCIAL PAPER (2/21) 3-month         6.14            6.19            3.63
      CERTIFICATES OF DEPOSIT (2/22) 3-month  6.13            6.14            3.57
      FIXED MORTGAGE (2/17) 30-year           9.04            9.04            7.25
      ADJUSTABLE MORTGAGE (2/17) one-year     6.80            6.73            4.32
      PRIME (2/22)                            9.00            9.00            6.00
      PRICES
                                              LATEST  WEEK    YEARLY
                                              WEEK    AGO     % CHG
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      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.
      FOREIGN EXCHANGE
                                              LATEST  WEEK    YEAR
                                              WEEK    AGO     AGO
      INTEREST RATES
                                              LATEST  WEEK    YEAR
                                              WEEK    AGO     AGO
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      #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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