The production index dipped during the week ended May 3. Before calculation of

the four-week moving average, the index fell by a steeper 0.5%, to 121.8 from

122.4. In the latest week, the seasonal adjusted output levels of autos and

trucks were down sharply because of the strike at Chrysler Corp. Steel and coal

production were up strongly and rail-freight traffic also increased. For the

month of April, the index rose to 122.4, up from 122.2 in March.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                  LATEST            WEEK     YEARLY
                                    WEEK             AGO      % CHG
      STEEL (5/10)
        thous. of net tons         2,094           2,112#       6.0
      AUTOS (5/10) units         127,097         129,782r#    -12.4
      TRUCKS (5/10) units        113,644         113,726r#    -10.5
      ELECTRIC POWER (5/10)
        millions of kilowatt-hrs. 56,659          56,016#      -4.0
      CRUDE-OIL REFINING (5/10)
        thous. of bbl./day        14,743          14,409#       5.0
      COAL (5/3)
        thous. of net tons        21,110#         20,481        3.1
      LUMBER (5/3)
        millions of ft.              498.4#          515.3     10.5
      RAIL FREIGHT (5/3)
        billions of ton-miles         26.2#           26.4     -1.9
      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 (5/9) S&P 500         824.78          812.97    26.5
      CORPORATE BOND YIELD,
        Aaa (5/9)                          7.56%           7.64%   -2.1
      INDUSTRIAL MATERIALS PRICES (5/9)   105.8           104.7    -4.4
      BUSINESS FAILURES (5/2)                NA              NA      NA
      REAL ESTATE LOANS (4/30) billions      NA              NA      NA
      MONEY SUPPLY, M2 (4/28) billions $3,906.0        $3,916.4r    5.1
      INITIAL CLAIMS, UNEMPLOYMENT
        (5/3) thous.                        347             347     1.2
      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 (5/14) $/troy oz.            349.100         341.100   -11.0
      STEEL SCRAP (5/13)
        #1 heavy, $/ton                  138.50          133.50    -2.8
      COPPER (5/9)  cents/lb.             113.1           114.5   -14.1
      ALUMINUM (5/9)  cents/lb.            78.8            78.5     2.3
      COTTON (5/10) strict low middling
        1-1/16 in.,  cents/lb.            68.82           69.54   -19.3
      OIL (5/13) $/bbl.                   20.92           19.35    -1.4
      CRB FOODSTUFFS (5/13) 1967=100     239.30          235.90    -9.9
      CRB RAW INDUSTRIALS (5/13)
        1967=100                         338.41          332.97    -0.2
      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 (5/14)                118.45          124.97  106.74
      GERMAN MARK (5/14)                   1.70            1.72    1.53
      BRITISH POUND (5/14)                 1.64            1.64    1.51
      FRENCH FRANC (5/14)                  5.72            5.81    5.19
      ITALIAN LIRA (5/14)                1674.0          1703.0  1554.0
      CANADIAN DOLLAR (5/14)               1.39            1.38    1.37
      MEXICAN PESO (5/14)3                7.892           7.921   7.425
      TRADE-WEIGHTED DOLLAR INDEX (5/14)  103.9           106.0    97.3
      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 (5/13)                 5.42%        5.50%     5.25%
      COMMERCIAL PAPER (5/14) 3-month      5.69         5.70      5.38
      CERTIFICATES OF DEPOSIT (5/14)
        3-month                            5.70         5.71      5.35
      FIXED MORTGAGE (5/9) 30-year         8.08         8.20      8.44
      ADJUSTABLE MORTGAGE (5/9) one-year   6.04         6.10      5.92
      PRIME (5/9)                          8.50         8.50      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.    3=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      
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