PRODUCTION INDEX

The production index increased during the week ended Jan. 4. Before calculation

of the four-week moving average, the index also rose, to 136.3, from a revised

134.9. On a seasonally adjusted basis, crude-oil and coal output were up

sharply. However, the adjusted auto and truck production numbers were distorted

by plant closings in observance of New Year's Day.

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

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                               LATEST     WEEK      YEARLY
                                                WEEK      AGO%        CHG
      STEEL (1/11) thous. of net tons           1,994     1,999#     -0.7
      AUTOS (1/11) units                        111,845   39,698#    15.8
      TRUCKS (1/11) units                       109,686   40,371#    14.7
      ELECTRIC POWER (1/11) millions of         65,751    57,896#    -2.3
       kilowatt-hrs.
      CRUDE-OIL REFINING (1/11) thous. of       13,774    14,083#    1.3
       bbl./day
      COAL (1/4) thous. of net tons             19,773#   15,424     12.6
      LUMBER (1/4) millions of ft.              298.9#    263.5      -4.5
      RAIL FREIGHT (1/4) billions of ton-miles  22.9#     18.0       8.5
      
      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 (1/10) S&P 500             759.50      748.03      25.3
      CORPORATE BOND YIELD, Aaa (1/10)        7.42%       7.29%       8.0
      INDUSTRIAL MATERIALS PRICES (1/10)      108.6       107.6       -1.8
      BUSINESS FAILURES (1/3)                 NA          NA          NA
      REAL ESTATE LOANS (1/1) billions        NA          NA          NA
      MONEY SUPPLY, M2 (12/30) billions       $3,824.7    $3,830.7r   4.3
      INITIAL CLAIMS, UNEMPLOYMENT (1/4)      361         366         -6.0
       thous.
      
      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 (1/15) $/troy oz.                  354.450      356.600     -10.9
      STEEL SCRAP (1/10) #1 heavy, $/ton      131.50       116.50      -9.0
      COPPER (1/10)  cents/lb.                112.1        106.6       -7.6
      ALUMINUM (1/10)  cents/lb.              75.0         73.5        -2.6
      COTTON (1/11) strict low middling       70.08        71.12       -16.4
       1-1/16 in.,  cents/lb.
      OIL (1/14) $/bbl.                       24.86        26.19       37.0
      CRB FOODSTUFFS (1/14) 1967=100          236.44       231.26      1.6
      CRB RAW INDUSTRIALS (1/14) 1967=100     340.11       335.77      2.7
      
      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 (1/15)                   117.24       115.91    105.50
      GERMAN MARK (1/15)                    1.59         1.58      1.48
      BRITISH POUND (1/15)                  1.68         1.69      1.51
      FRENCH FRANC (1/15)                   5.37         5.32      5.05
      ITALIAN LIRA (1/15)                   1548.5       1542.7    1584.2
      CANADIAN DOLLAR (1/15)                1.34         1.35      1.36
      MEXICAN PESO (1/15)***                7.809        7.812     7.480
      TRADE-WEIGHTED DOLLAR INDEX (1/15)    100.2        99.8      97.2
      
      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 (1/14)                     5.14%       5.20%      5.61%
      COMMERCIAL PAPER (1/15) 3-month          5.46        5.45       5.40
      CERTIFICATES OF DEPOSIT (1/15) 3-month   5.43        5.41       5.67
      FIXED MORTGAGE (1/10) 30-year            7.99        7.68       7.37
      ADJUSTABLE MORTGAGE (1/10) one-year      5.78        5.76       5.50
      PRIME (1/14)                             8.25        8.25       8.50
      
      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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