PRODUCTION INDEX

The production index was basically unchanged during the week ended Aug. 17. But

before calculation of the four-week moving average, the index fell to 133.7

from 135.1. A decline in the seasonally adjusted output levels of autos,

trucks, and electric power led the decline. Data collection of paper and

paperboard 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.

PRODUCTION INDICATORS
      
                                                     LATEST     WEEK      YEARLY
                                                     WEEK       AGO       % CHG
      STEEL (8/24) thous. of net tons                1,933      1,951#      1.7
      AUTOS (8/24) units                             121,430    119,195r#   1.5
      TRUCKS (8/24) units                            114,920    109,875r#  -2.7
      ELECTRIC POWER (8/24)
       millions of kilowatt-hrs.                     73,986     71,452#     0.1
      CRUDE-OIL REFINING (8/24)
       thous. of bbl./day                            14,302     14,201#     0.8
      COAL (8/17) thous. of net tons                 22,405#    22,053      16.0
      LUMBER (8/17) millions of ft.                  472.4#     498.4       4.5
      RAIL FREIGHT (8/17)
       billions of ton-miles                         26.4#      25.9        8.2
      
      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 (8/23) S&P 500                   667.03     665.21       19.4
      CORPORATE BOND YIELD, Aaa (8/23)              7.64%      7.57%       -0.8
      INDUSTRIAL MATERIALS PRICES (8/23)            110.0      108.7       -4.3
      BUSINESS FAILURES (8/16)                       NA          NA          NA
      REAL ESTATE LOANS (8/14) billions            $525.0     $523.7        6.4
      MONEY SUPPLY, M2 (8/12) billions               NA          NA          NA
      INITIAL CLAIMS, UNEMPLOYMENT (8/17) thous.     327        321         -4.4
      
      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 (8/28) $/troy oz.            388.500     386.800      1.5
      STEEL SCRAP (8/27)
       #1 heavy, $/ton                  135.50      136.50      -7.5
      COPPER (8/23)  cents/lb.          95.2        95.4        -33.2
      ALUMINUM (8/23)  cents/lb.        69.5        70.3        -21.0
      COTTON (8/24) strict low middling
       1-1/16 in.,  cents/lb.           75.66       76.38       -15.7
      CRB FOODSTUFFS INDEX
       (8/27) 1967=100                  273.31      279.28       16.3
      CRB RAW INDUSTRIALS INDEX (8/27)
       1967=100                         346.05      343.14        1.2
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK     YEAR
                                         WEEK           AGO      AGO
      JAPANESE YEN (8/28)                108.46        108.34   97.55
      GERMAN MARK (8/28)                 1.48          1.48     1.47
      BRITISH POUND (8/28)               1.56          1.55     1.55
      FRENCH FRANC (8/28)                5.06          5.07     5.05
      ITALIAN LIRA (8/28)                1510.5        1516.2   1629.5
      CANADIAN DOLLAR (8/28)             1.37          1.37     1.34
      MEXICAN PESO (8/28)*               7.492         7.478    6.260
      
      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 (8/27)               5.13%          5.08%    5.71%
      COMMERCIAL PAPER (8/28) 3-month    5.42           5.40     5.79
      CERTIFICATES OF DEPOSIT
       (8/28) 3-month                    5.41           5.36     5.75
      FIXED MORTGAGE (8/23) 30-year      8.17           8.16     8.10
      ADJUSTABLE MORTGAGE (8/23) one-year       5.92              6.00              
      5.92
      PRIME (8/27)       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
      
Before it's here, it's on the Bloomberg Terminal. LEARN MORE