The production index increased modestly during the week ended Nov. 23. Before

calculation of the four-week moving average, the index also continued to show

more strength by climbing to 134.2, from 132.9. Seasonally adjusted output

levels of autos and trucks were up strongly, but electric power and crude-oil

refining production were flat for the week.

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 (11/30) thous. of net tons           1,946     1,914   #    1.0
      AUTOS (11/30) units                       80,995    132,427 r#  -36.0
      TRUCKS (11/30) units                      78,094    128,896 r#  -37.6
      ELECTRIC POWER (11/30) millions of
      kilowatt-hrs.                                 NA    62,142  #     NA
      CRUDE-OIL REFINING (11/30) thous. of
      bbl./day                                  14,304    14,310  #     0.6
      COAL (11/23) thous. of net tons           21,677  #    20,922    23.3
      LUMBER (11/23) millions of ft.             484.5   #    483.6    77.5
      RAIL FREIGHT (11/23) billions of
      ton-miles                                   26.8    #    26.4    27.0
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      LEADING INDICATORS
                                                LATEST    WEEK    YEARLY
                                                 WEEK      AGO%      CHG
      
      STOCK PRICES (11/29) S&P 500              757.02    748.73    25.0
      CORPORATE BOND YIELD, Aaa (11/29)           7.06%    7.05%r    1.3
      INDUSTRIAL MATERIALS PRICES (11/29)        107.2     106.9    -3.6
      BUSINESS FAILURES (11/22)                     NA     NA         NA
      REAL ESTATE LOANS (11/20) billions            NA     NA         NA
      MONEY SUPPLY, M2 (11/18) billions       $3,796.9    $3,792.0 r 4.2
      INITIAL CLAIMS, UNEMPLOYMENT (11/23)
      thous.                                       342    342 r     -6.8
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun 
      & Bradstreet (failures of large companies), Federal Reserve, Labor Dept.
      
      INTEREST RATES
                                                 LATEST    WEEK    YEARLY
                                                  WEEK      AGO     % CHG
      
      GOLD (12/4) $/troy oz.                   370.900    373.500     -4.2
      STEEL SCRAP (12/3) #1 heavy, $/ton        116.50    116.50     -13.4
      COPPER (11/29)  cents/lb.                  111.5     109.0     -19.0
      ALUMINUM (11/29)  cents/lb.                 72.0      72.4      -8.3
      COTTON (11/30) strict low middling
      1-1/16 in.,  cents/lb.                     71.27     70.68     -14.8
      OIL (12/3) $/bbl.                          23.73     23.65 r    27.2
      CRB FOODSTUFFS (12/3) 1967=100            228.20    230.92 r    -7.5
      CRB RAW INDUSTRIALS (12/3) 1967=100       332.78    335.78 r    -1.2
      
      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 (12/4)                       113.24    112.55    101.40
      GERMAN MARK (12/4)                          1.57      1.53      1.45
      BRITISH POUND (12/4)                        1.64      1.67      1.53
      FRENCH FRANC (12/4)                         5.29      5.17      4.98
      ITALIAN LIRA (12/4)                       1537.5    1514.5    1589.9
      CANADIAN DOLLAR (12/4)                      1.35      1.34      1.37
      MEXICAN PESO (12/4)***                     7.860     7.876     7.730
      TRADE-WEIGHTED DOLLAR INDEX (12/4)          98.9      97.7      94.9
      
      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 (12/3)                        5.09%    5.38%      5.75%
      COMMERCIAL PAPER (12/4) 3-month             5.42      5.41      5.67
      CERTIFICATES OF DEPOSIT (12/4) 3-month      5.39      5.38      5.67
      FIXED MORTGAGE (11/29) 30-year              7.71      7.76      7.43
      ADJUSTABLE MORTGAGE (11/29) one-year        5.66      5.75      5.62
      PRIME (12/3)                                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. 1=Western Wood Products Assn.   2=Southern Forest 
      Products Assn.    ***=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      
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