The production index rose modestly in the latest week, while the unaveraged

index slipped to 133.0, from 133.1. Seasonally adjusted data on coal, autos,

and trucks declined. The latest production index reflects an annual revision

incorporating updated weights for some components, annual revisions to the

Federal Reserve's production data, and new seasonal factors. The revisions go

back to 1992. The historical data are available online at www.businessweek.com.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                            LATEST        WEEK      YEARLY
                                              WEEK         AGO       % CHG
      
      STEEL (1/17) thous. of net tons         2,250       2,223  #    14.8
      AUTOS (1/17) units                    111,792     103,294 r#     3.4
      TRUCKS (1/17) units                   120,884     115,569 r#    -2.2
      ELECTRIC POWER (1/17)
         millions of kilowatt-hrs.             NA        61,852 #      NA
      CRUDE-OIL REFINING (1/17)
         thous. of bbl./day                    NA        14,879 #      NA
      COAL (1/10) thous. of net tons         20,081 #    20,469       -3.7
      LUMBER (1/10) millions of ft.           446.7 #     282.8       -6.5
      RAIL FREIGHT (1/10)
         billions of ton-miles                 27.0 #      23.4        5.9
      
      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 (1/16) S&P 500              961.51       927.69      23.9
      CORPORATE BOND YIELD, Aaa (1/16)           6.55 %       6.55 %   -11.4
      INDUSTRIAL MATERIALS PRICES (1/16)         96.5         96.2     -11.3
      BUSINESS FAILURES (1/9)                  NA              NA        NA
      REAL ESTATE LOANS (1/7) billions         NA              NA        NA
      MONEY SUPPLY, M2 (1/5) billions        $4,043.1     $4,034.3 r     5.5
      INITIAL CLAIMS, UNEMPLOYMENT (1/10)
         thous.                                   335          332 r     3.4
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                              LATEST      WEEK     YEARLY
                                               WEEK       AGO      % CHG
      
      GOLD (1/21) $/troy oz.                  291.000    282.500    -17.1
      STEEL SCRAP (1/20) #1 heavy, $/ton       145.50     143.50      9.4
      COPPER (1/16)  cents/lb.                   79.4       78.2    -29.2
      ALUMINUM (1/16)  cents/lb.                 71.3       72.3     -7.4
      COTTON (1/16) strict
        low middling 1-1/16 in.,  cents/lb.     62.31      63.93    -11.3
      OIL (1/20) $/bbl.                         16.32      16.25    -33.0
      CRB FOODSTUFFS (1/20) 1967=100           228.07     226.39     -2.6
      CRB RAW INDUSTRIALS (1/20) 1967=100      298.81     295.58    -12.2
      
      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 (1/21)                   127.07   131.19    118.85
      GERMAN MARK (1/21)                      1.82     1.82      1.64
      BRITISH POUND (1/21)                    1.63     1.63      1.65
      FRENCH FRANC (1/21)                     6.10     6.11      5.52
      ITALIAN LIRA (1/21)                   1790.5   1794.5    1594.5
      CANADIAN DOLLAR (1/21)                  1.44     1.43      1.34
      MEXICAN PESO (1/21)3                   8.277    8.178     7.792
      TRADE-WEIGHTED DOLLAR INDEX (1/21)     110.3    110.9     101.5
      
      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 (1/20)                    5.52 %    5.42 %    5.33 %
      COMMERCIAL PAPER (1/20) 3-month         5.42      5.37      5.44
      CERTIFICATES OF DEPOSIT (1/21) 3-month  5.50      5.53      5.41
      FIXED MORTGAGE (1/16) 30-year           7.05      7.08      8.04
      ADJUSTABLE MORTGAGE (1/16) one-year     5.72      5.68      5.85
      PRIME (1/16)                            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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