PRODUCTION INDEX

The production index increased during the week ended Aug. 10. However, before

calculation of the four-week moving average, the index dropped to 135.1, from

136.6, as seasonally adjusted output levels of autos and trucks declined. Data

collection of paper and paperboard output has been discontinued and will no

longer be included in the production index.

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 (8/17) thous. of net tons                1,951      1,936#      3.8
      AUTOS (8/17) units                             122,478    123,955r#   25.8
      TRUCKS (8/17) units                            108,289    106,334r#  -1.0
      ELECTRIC POWER
       (8/17) millions of kilowatt-hrs.              71,452     75,365#    -9.9
      CRUDE-OIL REFINING
       (8/17) thous. of bbl./day                     14,201     14,423#     0.3
      COAL (8/10) thous. of net tons                 22,053#    19,032      14.5
      LUMBER (8/10) millions of ft.                  498.4#     482.3       13.6
      RAIL FREIGHT (8/10) billions of ton-miles      25.9#      25.9        1.2
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA*, SFPA**, Association of American Railroads
      
      LEADING INDICATORS
      
                                                    LATEST     WEEK       YEARLY
                                                     WEEK       AGO        % CHG
      STOCK PRICES (8/16) S&P 500                    665.21    662.10       18.9
      CORPORATE BOND YIELD, Aaa (8/16)               7.57%     7.53%       -2.3
      INDUSTRIAL MATERIALS PRICES (8/16)             108.7     107.5       -4.5
      BUSINESS FAILURES (8/9)                         NA         NA         NA
      REAL ESTATE LOANS (8/7) billions               $523.7    $522.8       6.0
      MONEY SUPPLY, M2 (8/5) billions                 NA         NA         NA
      INITIAL CLAIMS, UNEMPLOYMENT (8/10) thous.      321       316r       -4.2
      
      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 (8/21) $/troy oz.             386.800      386.700     0.6
      STEEL SCRAP (8/20) #1 heavy, $/ton 136.50       139.50     -6.8
      COPPER (8/17)  cents/lb.           95.4         96.2       -33.5
      ALUMINUM (8/17)  cents/lb.         70.3         71.4       -20.8
      COTTON (8/17) strict low
       middling 1-1/16 in.,  cents/lb.   76.38        74.72      -10.1
      OIL (8/20) $/bbl.                  22.89        22.45       23.5
      CRB FOODSTUFFS INDEX
       (8/20) 1967=100                   279.28       282.00      18.5
      CRB RAW INDUSTRIALS INDEX
       (8/20) 1967=100                   343.14       343.52      0.3
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK     YEAR
                                         WEEK           AGO      AGO
      JAPANESE YEN (8/21)               108.34        107.81    96.65
      GERMAN MARK (8/21)                1.48          1.48      1.48
      BRITISH POUND (8/21)              1.55          1.55      1.54
      FRENCH FRANC (8/21)               5.07          5.07      5.07
      ITALIAN LIRA (8/21)               1516.2        1516.5    1615.5
      CANADIAN DOLLAR (8/21)            1.37          1.37      1.35
      MEXICAN PESO (8/21)***            7.478         7.468     6.310
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      INTEREST RATES
      
                                        LATEST          WEEK     YEAR
                                         WEEK           AGO       AGO
      FEDERAL FUNDS (8/20)               5.08%          4.89%    5.70%
      COMMERCIAL PAPER (8/21) 3-month    5.40           5.40     5.82
      CERTIFICATES OF DEPOSIT
       (8/21) 3-month                    5.36           5.39     5.77
      FIXED MORTGAGE (8/16) 30-year      8.16           8.15     8.20
      ADJUSTABLE MORTGAGE
       (8/16) one-year                   6.00           5.98     6.05
      PRIME (8/20)                       8.25           8.25     8.75
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #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. *=Western Wood Products Assn. **=Southern Forest 
      Products Assn. ***=Free market value NA=Not available r=revised NM=Not 
      meaningful
      
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