PRODUCTION INDEX

The production index increased again during the week ended July 19. Before

calculation of the four-week moving average, the index jumped to 126, from

124.7 in the previous week. Seasonally adjusted output of autos and trucks

increased strongly, and unseasonably warm weather across parts of the nation

boosted electric-power output as well. Production at crude-oil refineries, coal

mines, steel mills and rail-freight traffic declined for the week.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                                      LATEST   WEEK     YEARLY
                                                       WEEK     AGO      % CHG
      
      STEEL (7/26) thous. of net tons                 1,983    2,046 #     1.3
      AUTOS (7/26) units                            106,490  103,790 r#  -14.4
      TRUCKS (7/26) units                           117,509   82,806 r#    9.8
      ELECTRIC POWER (7/26) millions of kilowatt-hrs.74,851   77,484 #     2.8
      CRUDE-OIL REFINING (7/26) thous. of bbl./day   14,827   14,919 #     5.2
      COAL (7/19) thous. of net tons                 20,710 # 19,420       0.9
      LUMBER (7/19) millions of ft.                   506.4 #  480.2       7.5
      RAIL FREIGHT (7/19) billions of ton-miles        25.9 #   24.9      -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 (7/25) S&P 500               938.79     915.30     47.6
      CORPORATE BOND YIELD, Aaa (7/25)            7.09%      7.15%    -7.0
      INDUSTRIAL MATERIALS PRICES (7/25)         107.3      105.6      0.5
      BUSINESS FAILURES (7/18)                      NA         NA       NA
      REAL ESTATE LOANS (7/16) billions             NA         NA       NA
      MONEY SUPPLY, M2 (7/14) billions        $3,926.1   $3,936.8r     4.8
      INITIAL CLAIMS, UNEMPLOYMENT (7/19) thous.   299        341r    -6.6
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                              LATEST       WEEK    YEARLY
                                               WEEK         AGO     % CHG
      
      GOLD (7/30) 
      
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