PRODUCTION INDEX

The production index continued to climb in the week ended Dec. 6. Before

calculation of the four-week moving average, the index fell 0.5%, to 127.7,

from 128.3 a week ago. After seasonal adjustment, output of autos, trucks, and

lumber were up. Rail-freight traffic increased 0.4%, with volume the highest it

has ever been. Electricity and oil production fell, as did coal because of

continued delivery problems on the Union and Southern Pacific rail lines.

BW production index copyright 1997 Bloomberg L.P.

ept for British pound in dollars. Trade-weighted dollar via J.P. Morgan.

PRODUCTION INDICATORS
                                             LATEST        WEEK       YEARLY
                                              WEEK          AGO        % CHG
      
      STEEL (12/13) thous. of net tons        2,158         2,162 #     10.7
      AUTOS (12/13) units                   128,646       132,960 r#    -5.3
      TRUCKS (12/13) units                  152,166       150,291 r#     9.3
      ELECTRIC POWER (12/13)
        millions of kilowatt-hrs.            67,586        62,978 #      6.8
      CRUDE-OIL REFINING (12/13)
        thous. of bbl./day                   14,977        14,851 #      4.9
      COAL (12/6) thous. of net tons         22,482 #      20,431        6.1
      LUMBER (12/6) millions of ft.           456.0 #       282.3       -1.1
      RAIL FREIGHT (12/6)
        billions of ton-miles                  28.7 #        24.1        3.6
      
      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 (12/12) S&P 500                 953.39      983.79      30.8
      CORPORATE BOND YIELD, Aaa (12/12)              6.84 %      6.81 %    -5.1
      INDUSTRIAL MATERIALS PRICES (12/12)            96.9       100.4      -9.5
      BUSINESS FAILURES (12/5)                      NA            NA        NA
      REAL ESTATE LOANS (12/3) billions             NA            NA        NA
      MONEY SUPPLY, M2 (12/1) billions           $4,015.6    $4,001.2 r     5.4
      INITIAL CLAIMS, UNEMPLOYMENT (12/6) thous.      311         324 r   -11.1
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                              LATEST       WEEK       YEARLY
                                               WEEK         AGO        % CHG
      
      GOLD (12/17) $/troy oz.                 287.850      286.300     -21.9
      STEEL SCRAP (12/16) #1 heavy, $/ton      143.50       131.50      23.2
      COPPER (12/12)  cents/lb.                  73.8         84.1     -30.8
      ALUMINUM (12/12)  cents/lb.                76.3         77.3       6.0
      COTTON (12/12) strict low
        middling 1-1/16 in.,  cents/lb.         64.50        66.14     -11.0
      OIL (12/16) $/bbl.                        18.02        18.47     -29.6
      CRB FOODSTUFFS (12/16) 1967=100          236.42       247.87       3.1
      CRB RAW INDUSTRIALS (12/16) 1967=100     307.57       310.29      -7.1
      
      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 (12/17)                  126.83    128.90    113.68
      GERMAN MARK (12/17)                     1.77      1.78      1.55
      BRITISH POUND (12/17)                   1.65      1.65      1.67
      FRENCH FRANC (12/17)                    5.92      5.97      5.25
      ITALIAN LIRA (12/17)                  1734.5    1744.5    1528.8
      CANADIAN DOLLAR (12/17)                 1.42      1.42      1.37
      MEXICAN PESO (12/17)3                  8.105     8.139     7.838
      TRADE-WEIGHTED DOLLAR INDEX (12/17)    108.4     109.4      99.1
      
      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 (12/16)                   5.56 %    5.29 %   5.38 %
      COMMERCIAL PAPER (12/16) 3-month        5.70      5.73     5.52
      CERTIFICATES OF DEPOSIT (12/17) 3-month 5.80      5.81     5.48
      FIXED MORTGAGE (12/12) 30-year          7.35      7.35     7.84
      ADJUSTABLE MORTGAGE (12/12) one-year    5.85      5.72     5.74
      PRIME (12/12)                           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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