PRODUCTION INDEX

The production index was unchanged for the week ended Aug. 16. Before

calculation of the four-week moving average, the index fell to 126, from 127.3.

In the latest week, seasonally adjusted output of autos and trucks were down

sharply, and rail-freight traffic dropped as well. Electric-power output

bounced back strongly as temperatures returned to the high readings that are

normal for mid-August. Production of lumber, steel, and crude-oil refining also

increased.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                                      LATEST       WEEK    YEARLY
                                                       WEEK        AGO      % CHG
      
      STEEL (8/23) thous. of net tons                  2,027      2,029 #     4.6
      AUTOS (8/23) units                             117,785    116,502 r#   -6.6
      TRUCKS (8/23) units                            121,546    117,356 r#    7.7
      ELECTRIC POWER (8/23) millions of kilowatt-hrs. 72,763     74,381  #   -1.7
      CRUDE-OIL REFINING (8/23) thous. of bbl./day    15,308     15,194  #    7.0
      COAL (8/16) thous. of net tons                  21,052 #   21,429      -2.3
      LUMBER (8/16) millions of ft.                    480.5 #    477.4       1.7
      RAIL FREIGHT (8/16) billions of ton-miles         26.8 #     26.8       0.4
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA*, SFPA**, 
      Association of American Railroads
      
      LEADING INDICATORS
                                                 LATEST     WEEK     YEARLY
                                                  WEEK      AGO       % CHG
      
      STOCK PRICES (8/22) S&P 500                923.54    900.81      38.5
      CORPORATE BOND YIELD, Aaa (8/22)             7.22 %    7.26 %    -3.5
      INDUSTRIAL MATERIALS PRICES (8/22)          107.1     107.9      -2.5
      BUSINESS FAILURES (8/15)                        NA       NA        NA
      REAL ESTATE LOANS (8/13) billions               NA       NA        NA
      MONEY SUPPLY, M2 (8/11) billions         $3,950.1  $3,945.1 r     5.1
      INITIAL CLAIMS, UNEMPLOYMENT (8/16) thous.    337       317       1.2
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                             LATEST        WEEK     YEARLY
                                              WEEK         AGO       % CHG
      
      GOLD (8/27) 
      
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