PRODUCTION INDEX

The production index continued its downward drift for the third week in a row

during the week ended Sept. 6. Before calculation of the four-week moving

average, the index rose to 125.9, from 124.6. In the latest week, seasonally

adjusted output of lumber fell sharply, and coal dipped moderately, because of

the short Labor-Day week. Steel, autos, trucks, electric power, crude-oil

refining, and rail-freight traffic all posted small increases in output.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                            LATEST        WEEK     YEARLY
                                              WEEK          AGO     % CHG
      
      STEEL (9/13) thous. of net tons         2,175        2,170 #    9.5
      AUTOS (9/13) units                    111,683       92,448 r# -14.3
      TRUCKS (9/13) units                   124,373      104,306 r#  -1.3
      ELECTRIC POWER (9/13)
        millions of kilowatt-hrs.            68,226       69,145 #    0.9
      CRUDE-OIL REFINING (9/13)
        thous. of bbl./day                   15,257       15,329 #    5.3
      COAL (9/6) thous. of net tons          19,906 #     20,882     -2.7
      LUMBER (9/6) millions of ft.            393.6 #      496.6     -3.0
      RAIL FREIGHT (9/6) billions of ton-miles 24.6 #       27.3      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 (9/12) S&P 500                923.91     929.05    35.8
      CORPORATE BOND YIELD, Aaa (9/12)           7.28 %     7.25 %   -4.6
      INDUSTRIAL MATERIALS PRICES (9/12)         106.9      106.9    -2.9
      BUSINESS FAILURES (9/5)                    NA         NA        NA
      REAL ESTATE LOANS (9/3) billions           NA         NA        NA
      MONEY SUPPLY, M2 (9/1) billions            $3,989.7  $3,971.7 r 5.9
      INITIAL CLAIMS, UNEMPLOYMENT (9/6) thous.  310        324 r    -6.3
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                              LATEST     WEEK       YEARLY
                                               WEEK       AGO       % CHG
      
      GOLD (9/17) $/troy oz.                  320.450    320.800     -16.3
      STEEL SCRAP (9/16) #1 heavy, $/ton      137.50     139.50        0.7
      COPPER (9/12)  cents/lb.                98.6       100.2         6.8
      ALUMINUM (9/12)  cents/lb.              76.8       76.0         12.9
      COTTON (9/13) strict
        low middling 1-1/16 in.,  cents/lb.   70.76      70.51        -6.2
      OIL (9/16) $/bbl.                       19.43      19.19       -17.4
      CRB FOODSTUFFS (9/16) 1967=100          240.60     238.87       -9.2
      CRB RAW INDUSTRIALS (9/16) 1967=100     336.08     337.14       -2.0
      
      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 (9/17)                  120.85    119.15     109.09
      GERMAN MARK (9/17)                     1.77      1.80       1.51
      BRITISH POUND (9/17)                   1.60      1.59       1.56
      FRENCH FRANC (9/17)                    5.95      6.04       5.14
      ITALIAN LIRA (9/17)                  1729.8    1755.3     1523.5
      CANADIAN DOLLAR (9/17)                 1.39      1.38       1.37
      MEXICAN PESO (9/17)3                  7.752     7.773      7.483
      TRADE-WEIGHTED DOLLAR INDEX (9/17)    106.2     106.3       97.7
      
      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 (9/16)                    5.52 %   5.50 %     5.02 %
      COMMERCIAL PAPER (9/16) 3-month         5.51     5.51       5.52
      CERTIFICATES OF DEPOSIT (9/17) 3-month  5.58     5.60       5.53
      FIXED MORTGAGE (9/12) 30-year           7.71     7.68       8.46
      ADJUSTABLE MORTGAGE (9/12) one-year     5.79     5.73       6.14
      PRIME (9/12)                            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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