PRODUCTION INDEX

The production index increased moderately during the week ended May 11. Before

calculation of the four-week moving average, the index rose to 129.8, from a

revised 129.1. Seasonally adjusted output levels of electric power, trucks,

paper, and lumber led the increase. Rail-freight traffic and auto, steel, and

coal production were down for the week.

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 (5/18) thous. of net tons   1,989      1,977#     -0.1
      AUTOS (5/18) units                143,205    146,001r#  6.7
      TRUCKS (5/18) units               130,034    127,030r#  3.1
      ELECTRIC POWER (5/18)
       millions of kilowatt-hrs.        59,746     59,021#    2.6
      CRUDE-OIL REFINING (5/18)
       thous. of bbl./day               14,053     14,041#    -1.9
      COAL (5/11) thous. of net tons    18,915#    19,583     -0.8
      PAPERBOARD (5/11) thous. of tons  879.3#     875.7r     -0.6
      PAPER (5/11) thous. of tons       811.0#     816.0r     -3.5
      LUMBER (5/11) millions of ft.     454.9#     451.0      7.1
      RAIL FREIGHT (5/11)
       billions of ton-miles            24.8#      25.5       1.2
      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 (5/17) S&P 500               668.91   652.09   27.6
      CORPORATE BOND YIELD, Aaa (5/17)          7.72%    7.87%    0.4
      INDUSTRIAL MATERIALS PRICES (5/17)        109.9    110.4    -15.7
      BUSINESS FAILURES (5/10)                  NA       NA       NA
      REAL ESTATE LOANS (5/8) billions          $506.4   $505.7   6.0
      MONEY SUPPLY, M2 (5/6) billions           NA       NA       NA
      INITIAL CLAIMS, UNEMPLOYMENT (5/4) thous. 340      348      -7.4
      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 (5/22) $/troy oz.                390.800   392.200   2.2
      STEEL SCRAP (5/21) #1 heavy, $/ton    142.50    142.50    0.0
      COPPER (5/18)  cents/lb.              130.5     131.6     0.2
      ALUMINUM (5/18)  cents/lb.            76.5      77.0      -8.9
      COTTON (5/18) strict low
       middling 1-1/16 in.,  cents/lb.      82.64     85.32     -19.8
      OIL (5/21) $/bbl.                     22.47     21.21     13.8
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                             LATEST   WEEK   YEAR
                                             WEEK     AGO    AGO
      FEDERAL FUNDS (5/21)                   5.23%    5.25%  5.99%
      COMMERCIAL PAPER (5/22) 3-month        5.37     5.38   6.04
      CERTIFICATES OF DEPOSIT (5/22) 3-month 5.35     5.35   6.00
      FIXED MORTGAGE (5/17) 30-year          8.27     8.44   8.40
      ADJUSTABLE MORTGAGE (5/17) one-year    5.97     5.92   6.15
      PRIME (5/22)                           8.25     8.25   9.00
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                 LATEST     WEEK      YEAR
                                 WEEK       AGO       AGO
      JAPANESE YEN (5/22)        106.95     106.74    84.18
      GERMAN MARK (5/22)         1.54       1.53      1.39
      BRITISH POUND (5/22)       1.51       1.51      1.61
      FRENCH FRANC (5/22)        5.21       5.19      4.97
      ITALIAN LIRA (5/22)        1558.8     1554.0    1640.8
      CANADIAN DOLLAR (5/22)     1.37       1.37      1.37
      MEXICAN PESO (5/22)3       7.378      8.250     6.080
      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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