PRODUCTION INDEX

The production index slipped in the week ended Nov. 1, while the unaveraged

index remained at 125.5. Rail-freight traffic and coal output were down because

of disruptions, delayed deliveries, and shortages of railcars in the western

part of the U.S. for the past eight weeks. The trouble was principally with the

Union Pacific rail lines. Output of steel, autos, trucks, electricity, and

lumber were up. October's monthly index was 126.6, up 0.2% from the September

figure of 126.4.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST      WEEK     YEARLY
                                              WEEK        AGO      % CHG
      
      STEEL (11/8) thous. of net tons         2,189      2,159 #    11.9
      AUTOS (11/8) units                    130,087    128,196 r#    3.8
      TRUCKS (11/8) units                   145,462    146,100 r#   28.8
      ELECTRIC POWER (11/8)
        millions of kilowatt-hrs.             NA        60,971 #      NA
      CRUDE-OIL REFINING (11/8)
        thous. of bbl./day                    NA        14,737 #      NA
      COAL (11/1) thous. of net tons        20,591 #    21,157       1.2
      LUMBER (11/1) millions of ft.          460.7 #     447.1      -5.5
      RAIL FREIGHT (11/1)
        billions of ton-miles                 27.2 #      27.8      -2.5
      
      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 (11/7) S&P 500                927.51       914.62      26.9
      CORPORATE BOND YIELD, Aaa (11/7)             6.93 %       6.93 %    -3.5
      INDUSTRIAL MATERIALS PRICES (11/7)           104.1       105.3      -1.1
      BUSINESS FAILURES (10/31)                       NA          NA        NA
      REAL ESTATE LOANS (10/29) billions              NA          NA        NA
      MONEY SUPPLY, M2 (10/27) billions         $3,977.5    $3,981.5 r     4.8
      INITIAL CLAIMS, UNEMPLOYMENT (11/1) thous.     315         299 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 (11/12) $/troy oz.                 308.150       313.500      -19.3
      STEEL SCRAP (11/11) #1 heavy, $/ton      143.50        139.50       23.2
      COPPER (11/7)  cents/lb.                   93.3          93.8       -4.8
      ALUMINUM (11/7)  cents/lb.                 78.0          76.0       13.9
      COTTON (11/7) strict
       low middling 1-1/16 in.,  cents/lb.      70.12         69.55        0.6
      OIL (11/11) $/bbl.                        20.21         20.61      -14.9
      CRB FOODSTUFFS (11/11) 1967=100          251.58        251.47       10.8
      CRB RAW INDUSTRIALS (11/11) 1967=100     328.74        331.86        0.1
      
      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 (11/12)                 126.06      123.22       111.45
      GERMAN MARK (11/12)                    1.73        1.72         1.50
      BRITISH POUND (11/12)                  1.70        1.68         1.66
      FRENCH FRANC (11/12)                   5.78        5.77         5.09
      ITALIAN LIRA (11/12)                 1688.5      1686.5       1514.0
      CANADIAN DOLLAR (11/12)                1.41        1.40         1.33
      MEXICAN PESO (11/12)3                 8.340       8.200        7.915
      TRADE-WEIGHTED DOLLAR INDEX (11/12)   106.5       105.6         97.0
      
      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 (11/10)                   5.50 %     5.54 %       5.30 %
      COMMERCIAL PAPER (11/10) 3-month        5.60       5.57         5.40
      CERTIFICATES OF DEPOSIT (11/12) 3-month 5.77       5.69         5.37
      FIXED MORTGAGE (11/7) 30-year           7.38       7.36         7.90
      ADJUSTABLE MORTGAGE (11/7) one-year     5.65       5.63         5.79
      PRIME (11/7)                            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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