The production index increased during the week ended Nov. 30. However, before

calculation of the four-week moving average, the index fell sharply to 132.8,

from 134.2. In the latest week, seasonally adjusted output of trucks, lumber,

coal, and electric power dropped. For the entire month of November, the index

increased 0.5% to 132.9, from 132.2 in October.

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 (12/7) thous. of net tons        1,924     1,946 #    1.9
      AUTOS (12/7) units                   127,519    81,467  r#    -10.0
      TRUCKS (12/7) units                  130,287    74,729  r#    5.6
      ELECTRIC POWER (12/7) millions of
      kilowatt-hrs.                         62,753    61,401 #    2.2
      CRUDE-OIL REFINING (12/7) thous. of
      bbl./day                              14,380    14,304 #    1.3
      COAL (11/30) thous. of net tons       18,720 #    21,677    -9.0
      LUMBER (11/30) millions of ft.         333.2 #    484.5     -21.3
      RAIL FREIGHT (11/30) billions of ton-
      miles                                   21.9 #    26.8    -16.7
      
      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 (12/6) S&P 500           739.60    757.02    19.9
      CORPORATE BOND YIELD, Aaa (12/6)        7.10%    7.06%     4.4
      INDUSTRIAL MATERIALS PRICES (12/6)     107.1     107.2    -4.0
      BUSINESS FAILURES (11/29)                 NA        NA      NA
      REAL ESTATE LOANS (11/27) billions        NA        NA      NA
      MONEY SUPPLY, M2 (11/25) billions   $3,791.2  $3,796.8 r   3.9
      INITIAL CLAIMS, UNEMPLOYMENT (11/30)
      thous.                                   336       344 r -10.9
      
      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 (12/11) $/troy oz.              368.250   370.900    -5.2
      STEEL SCRAP (12/10) #1 heavy, $/ton   116.50    116.50   -13.1
      COPPER (12/6)  cents/lb.               108.4     111.5   -20.0
      ALUMINUM (12/6)  cents/lb.              72.3      72.0    -7.1
      COTTON (12/7) strict low middling
      1-1/16 in.,  cents/lb.                 71.84     71.27   -14.6
      OIL (12/10) $/bbl.                     24.42     23.73    30.0
      CRB FOODSTUFFS (12/10) 1967=100       227.78    228.20    -3.2
      CRB RAW INDUSTRIALS (12/10) 1967=100  331.81    332.78    -0.9
      
      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 (12/11)                  112.82  113.24  101.92
      GERMAN MARK (12/11)                     1.54    1.57    1.44
      BRITISH POUND (12/11)                   1.66    1.64    1.54
      FRENCH FRANC (12/11)                    5.22    5.29    4.97
      ITALIAN LIRA (12/11)                  1525.5  1537.5  1597.4
      CANADIAN DOLLAR (12/11)                 1.36    1.35    1.37
      MEXICAN PESO (12/11)***                7.892   7.860   7.780
      TRADE-WEIGHTED DOLLAR INDEX (12/11)     98.6    98.9    95.4
      
      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 (12/10)                    5.17%   5.09%   5.73%
      COMMERCIAL PAPER (12/11) 3-month         5.44    5.42    5.65
      CERTIFICATES OF DEPOSIT (12/11) 3-month  5.44    5.39    5.67
      FIXED MORTGAGE (12/6) 30-year            7.67    7.71    7.43
      ADJUSTABLE MORTGAGE (12/6) one-year      5.66    5.66    5.62
      PRIME (12/10)                            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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