The production index was virtually unchanged in the week ended Jan. 18. But

before calculation of the four-week moving average, the index declined to

135.5, from 136.9 in the previous week. On a seasonally adjusted basis, output

levels of autos, trucks, and coal as well as rail-freight traffic all dropped.

But electric power was up sharply in the latest week, probably reflecting

higher energy demands during the cold weather in parts of the nation.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                              LATEST        WEEK         YEARLY
                                               WEEK           AGO%         CHG
      STEEL (1/25) thous. of net tons          1,999         1,954 #      -1.9
      AUTOS (1/25) units                     104,445       110,046 r#    -11.7
      TRUCKS (1/25) units                    109,163       123,543 r#     -9.3
      ELECTRIC POWER (1/25) millions of
      kilowatt-hrs.                           66,257        71,867 #       2.1
      CRUDE-OIL REFINING (1/25) thous. of
      bbl./day                                13,543        13,633 #      -1.1
      COAL (1/18) thous. of net tons          18,514 #      20,253        -4.2
      LUMBER (1/18) millions of ft.            465.9 #       477.9         3.6
      RAIL FREIGHT (1/18) billions of
      ton-miles                                 24.3 #        25.6        -1.6
      
      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 (1/24) S&P 500             770.52         776.17       24.9
      CORPORATE BOND YIELD, Aaa (1/24)          7.41%          7.39%       9.6
      INDUSTRIAL MATERIALS PRICES (1/24)       108.4          108.9       -1.2
      BUSINESS FAILURES (1/17)                    NA             NA         NA
      REAL ESTATE LOANS (1/15) billions           NA             NA         NA
      MONEY SUPPLY, M2 (1/13) billions      $3,841.1       $3,841.6 r      4.0
      INITIAL CLAIMS, UNEMPLOYMENT (1/18)
      thous.                                     355            321 r     -12.8
      
      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 (1/29) $/troy oz.                 351.100         351.200        -13.4
      STEEL SCRAP (1/24) #1 heavy, $/ton      133.00          133.00         -8.0
      COPPER (1/24)  cents/lb.                 114.1           112.1         -5.9
      ALUMINUM (1/24)  cents/lb.                78.0            77.0          6.8
      COTTON (1/25) strict low middling
      1-1/16 in.,  cents/lb.                   70.28           70.26        -11.6
      OIL (1/28) $/bbl.                        23.68           24.37         34.5
      CRB FOODSTUFFS (1/28) 1967=100          237.47          234.18          1.6
      CRB RAW INDUSTRIALS (1/28) 1967=100     340.80          340.34          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 (1/29)                     122.08          118.85        106.62
      GERMAN MARK (1/29)                        1.64            1.64          1.49
      BRITISH POUND (1/29)                      1.62            1.65          1.52
      FRENCH FRANC (1/29)                       5.54            5.52          5.11
      ITALIAN LIRA (1/29)                     1616.4          1594.5        1580.1
      CANADIAN DOLLAR (1/29)                    1.34            1.34          1.37
      MEXICAN PESO (1/29)***                   7.819           7.792         7.410
      TRADE-WEIGHTED DOLLAR INDEX (1/29)       102.9           101.5          97.6
      
      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 (1/28)                      5.27%       5.33%           5.53%
      COMMERCIAL PAPER (1/29) 3-month           5.45        5.44            5.26
      CERTIFICATES OF DEPOSIT (1/29) 3-month    5.42        5.41            5.53
      FIXED MORTGAGE (1/24) 30-year             8.01        8.04            7.30
      ADJUSTABLE MORTGAGE (1/24) one-year       5.77        5.85            5.45
      PRIME (1/28)                              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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