PRODUCTION INDEX

The production index advanced for the fourth week in a row during the week that

ended Nov. 22. Before calculation of the four-week moving average, the index

climbed to 128.4 from 127.1 a week ago. All components of the index were up

this week. Output of electric power was up 1.7%, with the largest weekly

increases in the Pacific Northwest and Southeast. Bituminous coal and lignite

rose 1.9%, with Oklahoma posting a 10.8% increase in production.

BW production index copyright 1997 Bloomberg L.P.

PRODUCTION INDICATORS
                                                     LATEST      WEEK      YEARLY
                                                      WEEK        AGO      % CHG
      
      STEEL (11/29) thous. of net tons                2,234      2,180 #    15.3
      AUTOS (11/29) units                            74,926    127,978 r#   -6.8
      TRUCKS (11/29) units                           78,848    135,684 r#   10.7
      ELECTRIC POWER (11/29)
         millions of kilowatt-hrs.                   60,073     64,680 #    -2.2
      CRUDE-OIL REFINING (11/29) thous. of bbl./day  14,919     14,830 #     4.3
      COAL (11/22) thous. of net tons                21,089 #   20,792      -1.0
      LUMBER (11/22) millions of ft.                  480.3 #    475.5      -0.9
      RAIL FREIGHT (11/22) billions of ton-miles       27.6 #     27.1      -1.4
      
      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 (11/28) S&P 500             955.40      963.09      26.2
      CORPORATE BOND YIELD, Aaa (11/28)          6.83 %      6.83 %    -3.3
      INDUSTRIAL MATERIALS PRICES (11/28)       101.9       103.2      -4.9
      BUSINESS FAILURES (11/21)                  NA           NA        NA
      REAL ESTATE LOANS (11/19) billions         NA           NA        NA
      MONEY SUPPLY, M2 (11/17) billions      $3,993.4    $3,985.4 r     5.1
      INITIAL CLAIMS, UNEMPLOYMENT (11/22) thous. 303 r       334     -11.4
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                             LATEST       WEEK       YEARLY
                                              WEEK         AGO       % CHG
      
      GOLD (12/3) $/troy oz.                 293.000     300.700     -21.0
      STEEL SCRAP (12/2) #1 heavy, $/ton      143.50      143.50      23.2
      COPPER (11/28)  cents/lb.                 87.2        89.2     -21.8
      ALUMINUM (11/28)  cents/lb.               77.8        79.5       8.1
      COTTON (11/28) strict
        low middling 1-1/16 in.,  cents/lb.    67.83       68.51      -4.8
      OIL (12/2) $/bbl.                        18.61       19.06     -21.6
      CRB FOODSTUFFS (12/2) 1967=100          248.98      248.73       9.1
      CRB RAW INDUSTRIALS (12/2) 1967=100     318.27      323.99      -4.4
      
      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 (12/3)                   128.60      127.60    113.24
      GERMAN MARK (12/3)                      1.77        1.74      1.57
      BRITISH POUND (12/3)                    1.68        1.68      1.64
      FRENCH FRANC (12/3)                     5.92        5.84      5.29
      ITALIAN LIRA (12/3)                   1734.5      1710.5    1537.5
      CANADIAN DOLLAR (12/3)                  1.42        1.42      1.35
      MEXICAN PESO (12/3)3                   8.125       8.234     7.860
      TRADE-WEIGHTED DOLLAR INDEX (12/3)     108.4       107.6      98.9
      
      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 (12/2)                    5.55 %     5.51 %    5.09 %
      COMMERCIAL PAPER (12/2) 3-month         5.71       5.67      5.42
      CERTIFICATES OF DEPOSIT (12/3) 3-month  5.80       5.78      5.39
      FIXED MORTGAGE (11/28) 30-year          7.36       7.38      7.71
      ADJUSTABLE MORTGAGE (11/28) one-year    5.71       5.77      5.66
      PRIME (11/28)                           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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