PRODUCTION INDEX

The production index continued to fall through the week ended Oct. 12. Before

calculation of the four-week moving average, however, the index increased

modestly, rising to 132.8 from 132.2. In the latest week, increases in the

seasonally adjusted output of autos, steel, and electric power offset declines

in truck and coal production as well as rail-freight traffic.

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 (10/19) thous. of net tons               1,892      2,029#     3.0
      AUTOS (10/19) units                            130,724    129,663r# -2.8
      TRUCKS (10/19) units                           124,134    121,574r# -1.1
      ELECTRIC POWER (10/19) millions of
       kilowatt-hrs.                                 58,896     59,063#    3.2
      CRUDE-OIL REFINING (10/19)
       thous. of bbl./day                            14,141     14,100#    4.0
      COAL (10/12) thous. of net tons                21,675#    22,604     4.8
      LUMBER (10/12) millions of ft.                 470.1#     483.0      1.2
      RAIL FREIGHT (10/12) billions of ton-miles     26.6#      26.6       1.1
      
      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 (10/18) S&P 500                  710.82     700.66      21.1
      CORPORATE BOND YIELD, Aaa (10/18)             7.59%      7.61%       5.1
      INDUSTRIAL MATERIALS PRICES (10/18)           106.9      107.8      -3.3
      BUSINESS FAILURES (10/11)                       NA        NA         NA
      REAL ESTATE LOANS (10/9) billions               NA        NA         NA
      MONEY SUPPLY, M2 (10/7) billions             $3,768.5    $3,758.3    3.7
      INITIAL CLAIMS, UNEMPLOYMENT (10/12) thous.   340         322r      -6.6
      
      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 (10/23) $/troy oz.            383.500      381.500    0.4
      STEEL SCRAP (10/22) #1 heavy,
       $/ton                             126.50       133.50     -10.0
      COPPER (10/18)  cents/lb.          95.5         95.5       -26.2
      ALUMINUM (10/18)  cents/lb.        64.0         63.5       -16.9
      COTTON (10/19) strict low
       middling 1-1/16 in.,  cents/lb.   71.53        73.87      -14.0
      OIL (10/22) $/bbl.                 25.80        25.47r      46.8
      CRB FOODSTUFFS INDEX (10/22)
       1967=100                          245.35       254.82      0.6
      CRB RAW INDUSTRIALS INDEX
       (10/22) 1967=100                  330.55       336.66     -0.5
      
      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 (10/23)              112.70     112.13   101.30
      GERMAN MARK (10/23)               1.52       1.54     1.39
      BRITISH POUND (10/23)             1.60       1.58     1.58
      FRENCH FRANC (10/23)              5.14       5.20     4.88
      ITALIAN LIRA (10/23)              1524.9     1536.5   1591.8
      CANADIAN DOLLAR (10/23)           1.34       1.36     1.37
      MEXICAN PESO (10/23)***           7.840      7.785    7.240
      
      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 (10/22)             5.19%           5.41%    5.76%
      COMMERCIAL PAPER (10/23) 3-month  5.42            5.42     5.82
      CERTIFICATES OF DEPOSIT (10/23)
       3-month                          5.41            5.40     5.79
      FIXED MORTGAGE (10/18) 30-year    8.09            8.09     7.69
      ADJUSTABLE MORTGAGE (10/18)
       one-year                         5.88            5.92     5.85
      PRIME (10/22)                     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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