PRODUCTION INDEX

The production index increased during the week ended Apr. 27. Before

calculation of the four-week moving average, the index also rose, to 128.6 from

a revised 127.7. In the latest week, increases in the seasonally adjusted

output of autos, paperboard, paper, and lumber contributed to the overall

advance. For April, the index rose to 127.3 from 125.1 in March.

The leading index will be unavailable for an indefinite period.

BW production index copyright 1996 Bloomberg L.P.

PRODUCTION INDICATORS
                                         LATEST    WEEK       YEARLY
                                         WEEK      AGO        % CHG
      STEEL (5/4) thous. of net tons     1,971     2,029#     0.6
      AUTOS (5/4) units                  140,933   140,363r#  4.3
      TRUCKS (5/4) units                 128,869   132,371r#  7.5
      ELECTRIC POWER (5/4) millions
       of kilowatt-hrs.                  56,501    55,617#    2.6
      CRUDE-OIL REFINING (5/4)
       thous. of bbl./day                14,239    14,112#    1.9
      COAL (4/27) thous. of net tons     19,607#   18,954     -2.1
      PAPERBOARD (4/27) thous. of tons   846.9#    828.3r     -6.3
      PAPER (4/27) thous. of tons        815.0#    802.0r     -2.4
      LUMBER (4/27) millions of ft.      459.9#    459.4      5.3
      RAIL FREIGHT (4/27)
       billions of ton-miles             25.7#     25.3       1.6
      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 (5/3) S&P 500         641.63    653.46     23.9
      CORPORATE BOND YIELD, Aaa (5/3)    7.77%     7.66%      -2.8
      INDUSTRIAL MATERIALS PRICES (5/3)  110.0     109.3      -4.4
      BUSINESS FAILURES (4/26)           NA        NA         NA
      REAL ESTATE LOANS (4/24) billions  $507.7    $508.6r    6.8
      MONEY SUPPLY, M2 (4/22) billions   NA        NA         NA
      INITIAL CLAIMS, UNEMPLOYMENT
       (4/20) thous.                     372       359        5.7
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun 
      & Bradstreet (failures of large companies), Federal Reserve, Labor Dept.
      
      PRICES
                                         LATEST    WEEK       YEARLY
                                         WEEK      AGO        % CHG
      GOLD (5/8) $/troy oz.              394.800   392.300    1.6
      STEEL SCRAP (5/7) #1 heavy, $/ton  140.00    139.50     -1.1
      COPPER (5/4)  cents/lb.            125.9     128.2      -2.4
      ALUMINUM (5/4)  cents/lb.          76.0      74.5       -12.1
      COTTON (5/4) strict low middling
       1-1/16 in.,  cents/lb.            85.40     84.42      -19.1
      OIL (5/7) $/bbl.                   21.00     21.00r     6.9
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                         LATEST    WEEK       YEAR
                                         WEEK      AGO        AGO
      FEDERAL FUNDS (5/7)                5.24%     5.50%      6.00%
      COMMERCIAL PAPER (5/8) 3-month     5.41      5.40       6.05
      CERTIFICATES OF DEPOSIT
       (5/8) 3-month                     5.38      5.36       6.01
      FIXED MORTGAGE (5/3) 30-year       8.31      8.16       8.45
      ADJUSTABLE MORTGAGE (5/3) one-year 5.92      5.84       6.24
      PRIME (5/8)                        8.25      8.25       9.00
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                         LATEST    WEEK       YEAR
                                         WEEK      AGO        AGO
      JAPANESE YEN (5/8)                 105.21    105.11     86.85
      GERMAN MARK (5/8)                  1.52      1.53       1.45
      BRITISH POUND (5/8)                1.52      1.50       1.57
      FRENCH FRANC (5/8)                 5.13      5.18       5.10
      ITALIAN LIRA (5/8)                 1558.4    1566.0     1680.5
      CANADIAN DOLLAR (5/8)              1.37      1.36       1.36
      MEXICAN PESO (5/8)3                7.478     7.409      5.910
      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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