PRODUCTION INDEX

The production index was unchanged for the week ended Oct. 26. Before

calculation of the four-week moving average, the index dropped to 132, from

133.3. In the latest week, seasonally adjusted production of autos and trucks

dropped sharply as the strike in Canada caused plant closings in the U.S. Steel

and crude-oil refining production increased for the week.

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

PRODUCTION INDICATORS
      
                                                     LATEST     WEEK      YEARLY
                                                     WEEK       AGO       % CHG
      STEEL (11/2) thous. of net tons                1,946      1,939#     4.0
      AUTOS (11/2) units                             114,283    108,354r# -14.3
      TRUCKS (11/2) units                            119,031    119,618r# -3.4
      ELECTRIC POWER (11/2)
       millions of kilowatt-hrs.                     60,053     58,587#    4.1
      CRUDE-OIL REFINING (11/2) thous. of bbl./day   14,316     14,279#    5.3
      COAL (10/26) thous. of net tons                20,944#    21,207     6.2
      LUMBER (10/26) millions of ft.                 488.3#     497.6      7.6
      RAIL FREIGHT (10/26) billions of ton-miles     26.6#      26.9       4.7
      
      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 (11/1) S&P 500                   703.77    700.92       20.1
      CORPORATE BOND YIELD, Aaa (11/1)              7.48%     7.58%        3.7
      INDUSTRIAL MATERIALS PRICES (11/1)            105.4     106.4       -4.9
      BUSINESS FAILURES (10/25)                       NA       NA          NA
      REAL ESTATE LOANS (10/23) billions              NA       NA          NA
      MONEY SUPPLY, M2 (10/21) billions            $3,779.8  $3,769.0      4.1
      INITIAL CLAIMS, UNEMPLOYMENT (10/26) t  hous. 342       319         -5.3
      
      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 (11/6) $/troy oz.             378.000      379.700    -1.5
      STEEL SCRAP (11/5) #1 heavy, $/ton 126.50       126.50     -5.9
      COPPER (11/1)  cents/lb.           98.4         101.1      -27.1
      ALUMINUM (11/1)  cents/lb.         67.8         65.5       -12.9
      COTTON (11/2) strict low middling
       1-1/16 in.,  cents/lb.            70.54        70.51      -16.3
      OIL (11/5) $/bbl.                  22.66        24.40r      28.8
      CRB FOODSTUFFS INDEX (11/5)
       1967=100                         233.09        243.11     -5.4
      CRB RAW INDUSTRIALS INDEX
       (11/5) 1967=100                  328.24        328.28     -3.2
      
      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 (11/6)               113.99     113.89   100.45
      GERMAN MARK (11/6)                1.52       1.51     1.41
      BRITISH POUND (11/6)              1.64       1.63     1.58
      FRENCH FRANC (11/6)               5.13       5.10     4.87
      ITALIAN LIRA (11/6)               1524.2     1513.8   1593.5
      CANADIAN DOLLAR (11/6)            1.33       1.34     1.35
      MEXICAN PESO (11/6)***            7.905      7.995    7.550
      
      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 (11/5)              5.34%           5.22%    5.71%
      COMMERCIAL PAPER (11/6) 3-month   5.41            5.41     5.75
      CERTIFICATES OF DEPOSIT (11/6)
       3-month                          5.38            5.38     5.74
      FIXED MORTGAGE (11/1) 30-year     7.96            8.09     7.69
      ADJUSTABLE MORTGAGE (11/1)
       one-year                         5.80            5.88     5.78
      PRIME (11/5)                      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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