PRODUCTION INDEX

The production index increased modestly in the week ended May 4. Before

calculation of the four-week moving average, the index also rose, to 129.2,

from 128.6 in the previous week. Increases in the seasonally adjusted output of

autos, paperboard, paper, and crude-oil refining led the advance. Rail-freight

traffic and lumber production were down slightly.

The leading index will be unavailable for an indefinite period of time.

BW production index copyright 1996 Bloomberg L.P.

PRODUCTION INDICATORS
                                          LATEST     WEEK       YEARLY
                                          WEEK       AGO        % CHG
      STEEL (5/11) thous. of net tons     1,977      1,971#     -1.5
      AUTOS (5/11) units                  149,775    148,806r#  8.3
      TRUCKS (5/11) units                 124,868    127,112r#  4.7
      ELECTRIC POWER (5/11)
       millions of kilowatt-hrs.          59,021     56,501#    4.5
      CRUDE-OIL REFINING (5/11)
       thous. of bbl./day                 14,041     14,239#    0.5
      COAL (5/4) thous. of net tons       19,583#    19,607     2.1
      PAPERBOARD (5/4) thous. of tons     868.2#     838.5r     0.2
      PAPER (5/4) thous. of tons          842.0#     820.0r     0.2
      LUMBER (5/4) millions of ft.        451.0#     459.9      5.8
      RAIL FREIGHT (5/4)
       billions of ton-miles              25.5#      25.7       2.8
      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 (5/10) S&P 500         652.09    641.63     24.4
      CORPORATE BOND YIELD, Aaa (5/10)    7.87%     7.77%      1.2
      INDUSTRIAL MATERIALS PRICES (5/10)  110.4     110.0      -3.6
      BUSINESS FAILURES (5/3)             NA        NA         NA
      REAL ESTATE LOANS (5/1) billions    $505.7    $507.7     6.1
      MONEY SUPPLY, M2 (4/29) billions    NA        NA         NA
      INITIAL CLAIMS, UNEMPLOYMENT
       (4/27) thous.                      348       372        -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 (5/15) $/troy oz.              392.200    394.800   2.2
      STEEL SCRAP (5/14)
       #1 heavy, $/ton                    142.50     140.00    0.0
      COPPER (5/11)  cents/lb.            131.6      125.9     2.0
      ALUMINUM (5/11)  cents/lb.          77.0       76.0      -8.9
      COTTON (5/11) strict low middling
       1-1/16 in.,  cents/lb.             85.32      85.40     -16.6
      OIL (5/14) $/bbl.                   21.21      20.99r    6.2
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                          LATEST     WEEK      YEAR
                                          WEEK       AGO       AGO
      FEDERAL FUNDS (5/14)                5.25%      5.24%     6.02%
      COMMERCIAL PAPER (5/15) 3-month     5.38       5.41      6.06
      CERTIFICATES OF DEPOSIT
       (5/15) 3-month                     5.35       5.38      6.03
      FIXED MORTGAGE (5/10) 30-year       8.44       8.31      8.40
      ADJUSTABLE MORTGAGE (5/10) one-year       5.92       5.92      6.11
      PRIME (5/15)                      8.25       8.25      9.00
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                          LATEST     WEEK      YEAR
                                          WEEK       AGO       AGO
      JAPANESE YEN (5/15)                 106.74     105.21    86.83
      GERMAN MARK (5/15)                  1.53       1.52      1.44
      BRITISH POUND (5/15)                1.51       1.52      1.57
      FRENCH FRANC (5/15)                 5.19       5.13      5.11
      ITALIAN LIRA (5/15)                 1554.0     1558.4    1661.2
      CANADIAN DOLLAR (5/15)              1.37       1.37      1.36
      MEXICAN PESO (5/15)3                8.250      7.478     5.890
      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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