PRODUCTION INDEX

The production index fell in the week ended Oct. 25. The unaveraged index

dropped to 125.5, from 126.8 a week ago. Seasonally adjusted output of all

components was down. Electricity fell 2.5% with the largest decreases in the

New England and Pacific Northwest regions. Truck output was down 1.2%, as Wards

Automotive Reports announced that tougher emissions regulations are coming for

the U.S. truck industry. Rail-freight traffic was down 0.7% with large

decreases in carloads of grain and farm products.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                                 LATEST       WEEK       YEARLY
                                                  WEEK         AGO        % CHG
      
      STEEL (11/1) thous. of net tons             2,159       2,127 #      11.1
      AUTOS (11/1) units                        128,176     127,319 r#     16.5
      TRUCKS (11/1) units                       146,602     141,954 r#     31.4
      ELECTRIC POWER (11/1)
        millions of kilowatt-hrs.                60,971      59,922 #       1.5
      CRUDE-OIL REFINING (11/1)
        thous. of bbl./day                       14,737      14,661 #       2.9
      COAL (10/25) thous. of net tons            21,157 #    21,298         5.3
      LUMBER (10/25) millions of ft.              447.1 #     446.7        -8.4
      RAIL FREIGHT (10/25) billions of ton-miles   27.8 #      27.5         0.0
      
      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 (10/31) S&P 500                   914.62      941.64    30.0
      CORPORATE BOND YIELD, Aaa (10/31)                6.93 %      7.05 %  -4.8
      INDUSTRIAL MATERIALS PRICES (10/31)             105.3       104.9     0.2
      BUSINESS FAILURES (10/24)                       NA          NA        NA
      REAL ESTATE LOANS (10/22) billions              NA          NA        NA
      MONEY SUPPLY, M2 (10/20) billions            $3,980.8    $3,966.9 r   5.1
      INITIAL CLAIMS, UNEMPLOYMENT (10/25) thous.       297         313 r -13.2
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                               LATEST       WEEK      YEARLY
                                                WEEK         AGO       % CHG
      
      GOLD (11/5) $/troy oz.                  313.500       313.500     -17.1
      STEEL SCRAP (11/4) #1 heavy, $/ton       139.50        139.50      10.3
      COPPER (10/31)  cents/lb.                  93.8          96.9      -4.7
      ALUMINUM (10/31)  cents/lb.                76.0          76.3      12.1
      COTTON (10/31) strict
        low middling 1-1/16 in.,  cents/lb.     69.55         69.58      -1.4
      OIL (11/4) $/bbl.                         20.61         20.39      -9.0
      CRB FOODSTUFFS (11/4) 1967=100           251.47        257.20       7.9
      CRB RAW INDUSTRIALS (11/4) 1967=100      331.86        331.82       1.1
      
      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 (11/5)                     123.22       120.84      113.99
      GERMAN MARK (11/5)                        1.72         1.73        1.52
      BRITISH POUND (11/5)                      1.68         1.67        1.64
      FRENCH FRANC (11/5)                       5.77         5.81        5.13
      ITALIAN LIRA (11/5)                     1686.5       1701.5      1524.2
      CANADIAN DOLLAR (11/5)                    1.40         1.40        1.33
      MEXICAN PESO (11/5)3                     8.200        8.170       7.905
      TRADE-WEIGHTED DOLLAR INDEX (11/5)       105.6        105.3        97.9
      
      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 (11/4)                    5.54 %     5.49 %    5.34 %
      COMMERCIAL PAPER (11/4) 3-month         5.57       5.58      5.41
      CERTIFICATES OF DEPOSIT (11/5) 3-month  5.69       5.67      5.38
      FIXED MORTGAGE (10/31) 30-year          7.36       7.51      7.96
      ADJUSTABLE MORTGAGE (10/31) one-year    5.63       5.70      5.80
      PRIME (10/31)                           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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