PRODUCTION INDEX

The production index increased modestly during the week ended July 12. Before

calculation of the four-week moving average, the index rose to 124.7, from

123.5. In the latest week, advances in the seasonally adjusted output levels of

coal and lumber as well as rail-freight traffic offset declines in steel,

electric-power, and crude-oil refining production. Auto and truck production

were skewed by plant closings for model changeovers and some strike activity.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                                      LATEST    WEEK    YEARLY
                                                       WEEK     AGO      % CHG
      STEEL (7/19) thous. of net tons                 2,046     2,056#     5.5
      AUTOS (7/19) units                              113,360   34,982r#  -0.8
      TRUCKS (7/19) units                             96,933    13,567r#   4.6
      ELECTRIC POWER (7/19) millions of kilowatt-hrs. 77,484    69,507#    5.2
      CRUDE-OIL REFINING (7/19) thous. of bbl./day    14,919    14,914#    5.5
      COAL (7/12) thous. of net tons                  19,420#   17,531     1.8
      LUMBER (7/12) millions of ft.                   480.2#    349.7      5.0
      RAIL FREIGHT (7/12) billions of ton-miles       24.9#     22.1      -0.8
      
      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 (7/18) S&P 500                915.30       913.68      43.3
      CORPORATE BOND YIELD, Aaa (7/18)           7.15%        7.19%      -6.0
      INDUSTRIAL MATERIALS PRICES (7/18)         105.6        105.5      -0.7
      BUSINESS FAILURES (7/11)                   NA           NA          NA
      REAL ESTATE LOANS (7/9) billions           NA           NA          NA
      MONEY SUPPLY, M2 (7/7) billions            $3,935.8     $3,926.7r   5.0
      INITIAL CLAIMS, UNEMPLOYMENT (7/12) thous. 349          377        -4.1
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                              LATEST    WEEK     YEARLY
                                               WEEK      AGO      % CHG
      GOLD (7/23) $/troy oz.                  324.900   319.500   -15.5
      STEEL SCRAP (7/22) #1 heavy, $/ton      134.50    143.50     0.7
      COPPER (7/18)  cents/lb.                112.1     111.1      22.8
      ALUMINUM (7/18)  cents/lb.              75.0      75.0       9.5
      COTTON (7/19) strict low
       middling 1-1/16 in., cents/lb.         71.67     70.86     -7.6
      OIL (7/22) $/bbl.                       18.76     19.43     -13.4
      CRB FOODSTUFFS (7/22) 1967=100          238.67    239.60    -12.4
      CRB RAW INDUSTRIALS (7/22) 1967=100     332.72    332.75    -0.3
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      INTEREST RATES
                                             LATEST     WEEK      YEAR
                                              WEEK       AGO      AGO
      FEDERAL FUNDS (7/22)                    5.44%     5.47%     5.25%
      COMMERCIAL PAPER (7/23) 3-month         5.54      5.57      5.50
      CERTIFICATES OF DEPOSIT (7/23) 3-month  5.57      5.60      5.51
      FIXED MORTGAGE (7/18) 30-year           7.65      7.67      8.44
      ADJUSTABLE MORTGAGE (7/18) one-year     5.81      5.78      6.21
      PRIME (7/18)                            8.50      8.50      8.25
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                          LATEST    WEEK        YEAR
                                           WEEK     AGO         AGO
      JAPANESE YEN (7/23)                 115.76    116.10      107.93
      GERMAN MARK (7/23)                  1.82      1.80        1.49
      BRITISH POUND (7/23)                1.68      1.67        1.55
      FRENCH FRANC (7/23)                 6.14      6.07        5.03
      ITALIAN LIRA (7/23)                 1773.0    1745.8      1516.0
      CANADIAN DOLLAR (7/23)              1.38      1.37        1.37
      MEXICAN PESO (7/23)3                7.834     7.916       7.608
      TRADE-WEIGHTED DOLLAR INDEX (7/23)  105.3     104.9       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.
      
      #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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