PRODUCTION INDEX

The production index edged slightly higher during the week ended May 31. Before

calculation of the four-week moving average, the index increased to 122.1, from

121.9. In the latest week, seasonally adjusted crude-oil refining and steel

output increased sharply. Lumber, auto, and truck production were down. Because

of the effects of an auto strike, the production index for the entire month of

May stood at 121.3, down from the 122.4 reading of April.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST       WEEK       YEARLY 
                                              WEEK         AGO        % CHG 
      STEEL (6/7) thous. of net tons         2,084       2,138#         1.8
      AUTOS (6/7) units                    125,060     103,690r#      -14.1
      TRUCKS (6/7) units                   129,053     108,165r#       -0.8
      ELECTRIC POWER (6/7)
         millions of kilowatt-hrs.            NA        58,024#         NA
      CRUDE-OIL REFINING (6/7)
         thous. of bbl./day                 15,171      15,209#         5.3
      COAL (5/31) thous. of net tons        19,809#     21,362          1.4
      LUMBER (5/31) millions of ft.          414.0#      500.5          4.7
      RAIL FREIGHT (5/31)
         billions of ton-miles                24.6#       26.8          1.7
      
      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 (6/6) S&P 500               858.01      848.28      27.4
      CORPORATE BOND YIELD, Aaa (6/6)            7.51%       7.64%     -2.1
      INDUSTRIAL MATERIALS PRICES (6/6)         106.6       106.7       -0.8
      BUSINESS FAILURES (5/30)                   NA          NA          NA
      REAL ESTATE LOANS (5/28) billions          NA          NA          NA
      MONEY SUPPLY, M2 (5/26) billions       $3,909.6    $3,900.7r       4.9
      INITIAL CLAIMS,
        UNEMPLOYMENT (5/31) thous.                337         318r      -4.8
      
      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 (6/11) $/troy oz.                   343.800     341.750    -10.7
      STEEL SCRAP (6/10) #1 heavy, $/ton       134.50      134.50      -2.9
      COPPER (6/6)  cents/lb.                  118.4       120.4        3.4
      ALUMINUM (6/6)  cents/lb.                 76.3        78.8        6.3
      COTTON (6/7) strict low middling
         1-1/16 in.,  cents/lb.                 69.88       69.76     -14.4
      OIL (6/10) $/bbl.                         18.67       19.96      -6.7
      CRB FOODSTUFFS (6/10) 1967=100           240.16      241.49     -13.5
      CRB RAW INDUSTRIALS (6/10) 1967=100      338.01      338.12      -0.7
      
      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 (6/11)                      111.38      116.30     108.25
      GERMAN MARK (6/11)                         1.71        1.73       1.52
      BRITISH POUND (6/11)                       1.64        1.63       1.54
      FRENCH FRANC (6/11)                        5.80        5.84       5.17
      ITALIAN LIRA (6/11)                      1690.0      1699.0     1544.5
      CANADIAN DOLLAR (6/11)                     1.39        1.38       1.37
      MEXICAN PESO (6/11)3                       7.970      7.919      7.615
      TRADE-WEIGHTED DOLLAR INDEX (6/11)       102.6        103.9       98.3
      
      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 (6/10)                      5.54%       5.42%      5.24%
      COMMERCIAL PAPER (6/11) 3-month           5.67        5.67       5.49
      CERTIFICATES OF DEPOSIT (6/11) 3-month    5.67        5.67       5.47
      FIXED MORTGAGE (6/6) 30-year              8.01        8.12       8.45
      ADJUSTABLE MORTGAGE (6/6) one-year        5.97        6.06       6.01
      PRIME (6/6)                               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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