PRODUCTION INDEX

The production index declined during the week ended Aug. 31. Before calculation

of the four-week moving average, the index took a smaller drop, falling to

132.7 from 132.9. Declines in the seasonally adjusted output of autos and

electric power and rail-freight traffic offset a big jump in truck production.

For the entire month of August, the index rose slightly, to 134.2, from 133.9

in July.

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

PRODUCTION INDICATORS
      
                                                  LATEST     WEEK      YEARLY
                                                  WEEK       AGO%       CHG
      STEEL (9/7) thous. of net tons              1,984     1,952#      0.3
      AUTOS (9/7) units                           105,568   118,892r#   2.8
      TRUCKS (9/7) units                          100,614   117,175r#   4.9
      ELECTRIC POWER (9/7)
       millions of kilowatt-hrs.                  68,437    70,395#     3.5
      CRUDE-OIL REFINING (9/7)
       thous. of bbl./day                         14,415    14,401#    -2.1
      COAL (8/31) thous. of net tons              22,045#   22,447      6.9
      LUMBER (8/31) millions of ft.               507.1#    498.7       10.9
      RAIL FREIGHT (8/31) billions of ton-miles   26.7#     26.7        3.9
      
      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 (9/6) S&P 500                    655.68     651.99      14.9
      CORPORATE BOND YIELD, Aaa (9/6)               7.91%      7.82%       6.2
      INDUSTRIAL MATERIALS PRICES (9/6)             110.7      110.6      -2.5
      BUSINESS FAILURES (8/30)                      NA         NA          NA
      REAL ESTATE LOANS (8/28) billions            $523.2     $523.7       5.6
      MONEY SUPPLY, M2 (8/26) billions              NA         NA          NA
      INITIAL CLAIMS, UNEMPLOYMENT (8/31) thous.    316        331        -8.9
      
      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 (9/11) $/troy oz.             383.500      385.600     0.2
      STEEL SCRAP (9/10) #1 heavy, $/ton 136.50       136.50     -4.9
      COPPER (9/6)  cents/lb.            96.4         95.7      -29.2
      ALUMINUM (9/6)  cents/lb.          70.5         69.0      -14.5
      COTTON (9/7) strict low middling
       1-1/16 in.,  cents/lb.            76.21       77.50      -13.9
      OIL (9/10) $/bbl.                  24.21       23.50       29.3
      CRB FOODSTUFFS INDEX (9/10)
       1967=100                          269.07      267.29      13.7
      CRB RAW INDUSTRIALS INDEX
       (9/10) 1967=100                   346.47      348.08       4.0
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK     YEAR
                                         WEEK           AGO      AGO
      JAPANESE YEN (9/11)               110.24         108.82    103.55
      GERMAN MARK (9/11)                1.51           1.48      1.49
      BRITISH POUND (9/11)              1.55           1.57      1.55
      FRENCH FRANC (9/11)               5.15           5.08      5.13
      ITALIAN LIRA (9/11)               1524.0         1511.5    1615.5
      CANADIAN DOLLAR (9/11)            1.37           1.37      1.36
      MEXICAN PESO (9/11)*              7.547          7.555     6.280
      
      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 (9/10)              5.10%           6.01%    5.73%
      COMMERCIAL PAPER (9/11) 3-month   5.53            5.53     5.72
      CERTIFICATES OF DEPOSIT (9/11)
       3-month                          5.53            5.53     5.71
      FIXED MORTGAGE (9/6) 30-year      8.53            8.36     7.84
      ADJUSTABLE MORTGAGE (9/6)
       one-year                         6.09            6.01     5.85
      PRIME (9/10)                      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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