The production index held steady during the week ended Mar. 1. Before

calculation of the four-week moving average, the index dropped to 135.4 from

136.7 in the previous week. In the latest week, the seasonally adjusted levels

of auto and truck production fell, as did rail-freight traffic and crude-oil

refining. Output of both coal and lumber also declined. Steel production rose,

as did electric power output. For February, the index dipped to 135.8 from

136.2 in January, mainly reflecting unseasonably warm weather, which depressed

electric power output.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                               LATEST           WEEK        YEARLY
                                                WEEK             AGO%         CHG
      STEEL (3/8) thous. of net tons            2,138           2,115#        2.0
      AUTOS (3/8) units                       129,919         134,799 r#     12.7
      TRUCKS (3/8) units                      139,114         138,740 r#      8.7
      ELECTRIC POWER (3/8) millions of
      kilowatt-hrs.                            60,388          61,225#       -2.7
      CRUDE-OIL REFINING (3/8) thous. of
      bbl./day                                 13,578          13,391#       -0.5
      COAL (3/1) thous. of net tons            21,245#         21,269        -0.7
      LUMBER (3/1) millions of ft.              482.1#          498.8         9.5
      RAIL FREIGHT (3/1) billions of ton-miles   27.6#           27.2         0.7
      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 (3/7) S&P 500               804.97          790.82        24.0
      CORPORATE BOND YIELD, Aaa (3/7)            7.47%           7.38%        3.6
      INDUSTRIAL MATERIALS PRICES (3/7)         108.2           108.4        -0.3
      BUSINESS FAILURES (2/28)                     NA              NA          NA
      REAL ESTATE LOANS (2/26) billions            NA              NA          NA
      MONEY SUPPLY, M2 (2/24) billions       $3,869.3        $3,868.2 r       4.7
      INITIAL CLAIMS, UNEMPLOYMENT (3/1)
      thous.                                      310             316       -14.4
      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 (3/12) $/troy oz.                  351.400         354.500       -11.4
      STEEL SCRAP (3/7)#1 heavy, $/ton         139.50          146.00         0.4
      COPPER (3/7)  cents/lb.                   118.5           117.0        -3.0
      ALUMINUM (3/7)  cents/lb.                  81.5            79.3         8.2
      COTTON (3/8) strict low middling 1-1/16
      in.,  cents/lb.                           71.65           71.38       -10.3
      OIL (3/11) $/bbl.                         19.75           20.28        -3.5
      CRB FOODSTUFFS (3/11) 1967=100           247.61          244.39         6.7
      CRB RAW INDUSTRIALS (3/11) 1967=100      341.60          344.31         3.3
      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 (3/12)                      122.43          121.43      105.34
      GERMAN MARK (3/12)                         1.70            1.71        1.47
      BRITISH POUND (3/12)                       1.60            1.61        1.52
      FRENCH FRANC (3/12)                        5.73            5.78        5.04
      ITALIAN LIRA (3/12)                      1693.0          1703.8      1564.8
      CANADIAN DOLLAR (3/12                      1.36            1.37        1.37
      MEXICAN PESO (3/12)***                    7.975           8.040       7.590
      TRADE-WEIGHTED DOLLAR INDEX (3/12)        104.8           104.8       96.62
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      INTEREST RATES
                                                LATEST          WEEK        YEAR
                                                 WEEK            AGO         AGO
      FEDERAL FUNDS (3/11)                       5.21%           5.16%       5.25%
      COMMERCIAL PAPER (3/12) 3-month            5.46            5.46        5.34
      CERTIFICATES OF DEPOSIT (3/12) 3-month     5.44            5.43        5.30
      FIXED MORTGAGE (3/7) 30-year               7.97            7.86        7.63
      ADJUSTABLE MORTGAGE (3/7) one-year         5.78            5.73        5.48
      PRIME (3/7)                                8.25            8.25        8.25
      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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