PRODUCTION INDEX

The production index continued to move up in the week ended Oct. 11. The

unaveraged index also increased 0.8% to 128.1, from 127.1. After seasonal

adjustment, steel, oil, and electric power posted strong increases, while coal

and rail-freight traffic made only fractional gains. Lumber output declined.

Auto production rose only 0.1%, and truck output fell, as Ward Communications

reported that only luxury cars gained market share in the just-ended 1997 model

year.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                               LATEST        WEEK     YEARLY
                                                WEEK         AGO      % CHG
      
      STEEL (10/18) thous. of net tons         2,164        2,178 #    12.1
      AUTOS (10/18) units                    128,819      124,150 r#    2.5
      TRUCKS (10/18) units                   145,169      134,033 r#   17.3
      ELECTRIC POWER (10/18)
         millions of kilowatt-hrs.            60,550       64,585 #     2.8
      CRUDE-OIL REFINING (10/18)
         thous. of bbl./day                   14,855       15,180 #     5.0
      COAL (10/11) thous. of net tons         21,344 #     21,253       2.7
      LUMBER (10/11) millions of ft.           470.8 #      476.6       0.1
      RAIL FREIGHT (10/11)
         billions of ton-miles                  28.1 #       28.0       1.1
      
      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 (10/17) S&P 500                 944.16      966.98       32.8
      CORPORATE BOND YIELD, Aaa (10/17)              7.05 %      7.00 %     -4.7
      INDUSTRIAL MATERIALS PRICES (10/17)           104.8       105.1       -1.9
      BUSINESS FAILURES (10/10)                        NA          NA         NA
      REAL ESTATE LOANS (10/8) billions                NA          NA         NA
      MONEY SUPPLY, M2 (10/6) billions           $4,005.8    $3,996.3 r      6.0
      INITIAL CLAIMS, UNEMPLOYMENT (10/11) thous.     306         304      -10.5
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                             LATEST        WEEK       YEARLY
                                              WEEK         AGO        % CHG
      
      GOLD (10/22) $/troy oz.                322.450       326.500     -15.9
      STEEL SCRAP (10/21) #1 heavy, $/ton     139.50        139.50      10.3
      COPPER (10/17)  cents/lb.                 97.9          96.8       2.5
      ALUMINUM (10/17)  cents/lb.               78.0          78.5      21.9
      COTTON (10/18) strict
        low middling 1-1/16 in.,  cents/lb.    69.42         69.32      -2.9
      OIL (10/21) $/bbl.                       20.57         20.63     -20.3
      CRB FOODSTUFFS (10/21) 1967=100         247.63        242.73       0.9
      CRB RAW INDUSTRIALS (10/21) 1967=100    333.13        334.79       0.8
      
      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 (10/22)                   120.72     121.22    112.70
      GERMAN MARK (10/22)                      1.78       1.75      1.52
      BRITISH POUND (10/22)                    1.63       1.62      1.60
      FRENCH FRANC (10/22)                     5.98       5.86      5.14
      ITALIAN LIRA (10/22)                   1740.5     1709.0    1524.9
      CANADIAN DOLLAR (10/22)                  1.39       1.39      1.34
      MEXICAN PESO (10/22)3                   7.716      7.732     7.840
      TRADE-WEIGHTED DOLLAR INDEX (10/22)     106.3      105.7      98.1
      
      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 (10/21)                   5.53 %     5.61 %     5.19 %
      COMMERCIAL PAPER (10/21) 3-month        5.59       5.53       5.42
      CERTIFICATES OF DEPOSIT (10/22) 3-month 5.69       5.65       5.41
      FIXED MORTGAGE (10/17) 30-year          7.48       7.46       8.09
      ADJUSTABLE MORTGAGE (10/17) one-year    5.67       5.73       5.88
      PRIME (10/17)                           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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