PRODUCTION INDEX

The production index was unchanged for the week ended Oct. 19. Before

calculation of the four-week moving average, the index increased modestly to

133.3, from 132.8 for the week of Oct. 12. For the latest week, gains in the

seasonally adjusted production of trucks, electric power, lumber, and autos

offset a steep decline in steel output as well as lower coal production.

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 (10/26) thous. of net tons               1,939      1,892#     1.4
      AUTOS (10/26) units                            109,961    125,792r# -16.2
      TRUCKS (10/26) units                           113,647    123,751r# -2.0
      ELECTRIC POWER (10/26)
       millions of kilowatt-hrs.                     58,587     58,896#    2.7
      CRUDE-OIL REFINING (10/26) thous. of bbl./day  14,279     14,141#    4.2
      COAL (10/19) thous. of net tons                21,207#    21,675     0.9
      LUMBER (10/19) millions of ft.                 497.6#     470.1      6.5
      RAIL FREIGHT (10/19) billions of ton-miles     26.9#      26.6       2.3
      
      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 (10/25) S&P 500                  700.92     710.82      20.4
      CORPORATE BOND YIELD, Aaa (10/25)             7.58%      7.59%       4.4
      INDUSTRIAL MATERIALS PRICES (10/25)           106.4      106.9      -4.0
      BUSINESS FAILURES (10/18)                     NA         NA          NA
      REAL ESTATE LOANS (10/16) billions            NA         NA          NA
      MONEY SUPPLY, M2 (10/14) billions            $3,769.2   $3,768.5     3.7
      INITIAL CLAIMS, UNEMPLOYMENT (10/19) thous.   320        342r       -12.1
      
      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 (10/30) $/troy oz.             379.700      383.500    -0.7
      STEEL SCRAP (10/29) #1 heavy, $/ton 126.50       126.50     -8.7
      COPPER (10/25)  cents/lb.           101.1        95.5       -23.1
      ALUMINUM (10/25)  cents/lb.         65.5         64.0       -14.9
      COTTON (10/26) strict low middling
       1-1/16 in.,  cents/lb.             70.51        71.53      -15.1
      OIL (10/29) $/bbl.                  24.22        25.80       37.1
      CRB FOODSTUFFS INDEX (10/29)
       1967=100                           243.11       245.35     -0.7
      CRB RAW INDUSTRIALS INDEX (10/29)
       1967=100                           328.28       330.55     -1.7
      
      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 (10/30)              113.89     112.70   103.96
      GERMAN MARK (10/30)               1.51       1.52     1.43
      BRITISH POUND (10/30)             1.63       1.60     1.58
      FRENCH FRANC (10/30)              5.10       5.14     4.92
      ITALIAN LIRA (10/30)              1513.8     1524.9   1598.5
      CANADIAN DOLLAR (10/30)           1.34       1.34     1.35
      MEXICAN PESO (10/30)***           7.995      7.840    7.300
      
      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 (10/29)              5.22%          5.19%    5.76%
      COMMERCIAL PAPER (10/30) 3-month   5.41           5.42     5.79
      CERTIFICATES OF DEPOSIT (10/30)
       3-month                           5.38           5.41     5.77
      FIXED MORTGAGE (10/25) 30-year     8.09           8.09     7.70
      ADJUSTABLE MORTGAGE (10/25)
       one-year                          5.88           5.88     5.76
      PRIME (10/29)                      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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