PRODUCTION INDEX

The production index fell during the week ended Nov. 2. Before calculation of

the four-week moving average, the index also dropped, to 130.7, from 132.

Seasonally adjusted production of autos, trucks, and crude-oil refining

decline. For the month of October, the index declined to 132.2, from 133.5 in

September.

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 (11/9) thous. of net tons                1,959      1,946#     3.7
      AUTOS (11/9) units                             113,549    110,360r# -14.1
      TRUCKS (11/9) units                            111,641    111,566r# -2.8
      ELECTRIC POWER (11/9) millions of
       kilowatt-hrs.                                 NA         60,053#    NA
      CRUDE-OIL REFINING (11/9) thous. of bbl./day   NA         14,316#    NA
      COAL (11/2) thous. of net tons                 21,204#    20,944     3.8
      LUMBER (11/2) millions of ft.                  487.7#     488.3      11.8
      RAIL FREIGHT (11/2) billions of ton-miles      26.8#      26.6       2.7
      
      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 (11/8) S&P 500                   730.82     703.77      23.8
      CORPORATE BOND YIELD, Aaa (11/8)              7.38%      7.48%       2.5
      INDUSTRIAL MATERIALS PRICES (11/8)            105.3      105.4      -5.6
      BUSINESS FAILURES (11/1)                      NA         NA          NA
      REAL ESTATE LOANS (10/30) billions            NA         NA          NA
      MONEY SUPPLY, M2 (10/28) billions            $3,781.4   $3,779.8     4.1
      INITIAL CLAIMS, UNEMPLOYMENT (11/2) thous.    331        342        -13.1
      
      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 (11/13) $/troy oz.            381.900      378.000   -1.3
      STEEL SCRAP (11/12) #1 heavy,
       $/ton                             116.50       126.50    -13.4
      COPPER (11/8)  cents/lb.           98.0         98.4      -30.4
      ALUMINUM (11/8)  cents/lb.         68.5         67.8      -12.2
      COTTON (11/9) strict low middling
       1-1/16 in.,  cents/lb.            69.72        70.54     -16.0
      OIL (11/12) $/bbl.                 23.75        22.69r     32.7
      CRB FOODSTUFFS (11/12) 1967=100    227.10       233.09    -6.7
      CRB RAW INDUSTRIALS (11/12)
       1967=100                          328.42       328.24    -3.7
      
      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 (11/13)               111.45    113.99   101.97
      GERMAN MARK (11/13)                1.50      1.52     1.41
      BRITISH POUND (11/13)              1.66      1.64     1.56
      FRENCH FRANC (11/13)               5.09      5.13     4.85
      ITALIAN LIRA (11/13)               1514.0    1524.2   1590.9
      CANADIAN DOLLAR (11/13)            1.33      1.33     1.36
      MEXICAN PESO (11/13)***            7.915     7.905    7.780
      TRADE-WEIGHTED DOLLAR INDEX (11/13) 97.0     97.9     94.4
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars. Trade-weighted dollar via J.P. Morgan
      
      INTEREST RATES
      
                                        LATEST          WEEK     YEAR
                                         WEEK           AGO       AGO
      FEDERAL FUNDS (11/12)              5.30%          5.34%    5.74%
      COMMERCIAL PAPER (11/13) 3-month   5.40           5.41     5.74
      CERTIFICATES OF DEPOSIT (11/13)
       3-month                           5.37          5.38      5.74
      FIXED MORTGAGE (11/8) 30-year      7.90          7.96      7.66
      ADJUSTABLE MORTGAGE (11/8)
       one-year                          5.79          5.80      5.78
      PRIME (11/12)                      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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