PRODUCTION INDEX

The production index continued its slide, as did the unaveraged index which

dipped 0.4%, from 133.1 to 132.6 in the week ended Feb. 7. After seasonal

adjustment, auto production was down 11.3% and trucks 4.3%. Output was down at

all three big auto makers--Ford posted a 2.3% decline, GM was down 3.3%, and

Chrysler fell 8.2%. Steel, lumber, and rail freight were also down. Increases

were posted for the production of coal, oil, and electric power.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST     WEEK       YEARLY
                                              WEEK       AGO       % CHG
      
      STEEL (2/14) thous. of net tons         2,232     2,167 #      7.8
      AUTOS (2/14) units                    115,570   112,288 r#    -7.9
      TRUCKS (2/14) units                   142,352   135,236 r#    12.5
      ELECTRIC POWER (2/14)
        millions of kilowatt-hrs.             NA       64,943 #      NA
      CRUDE-OIL REFINING (2/14)
        thous. of bbl./day                    NA       14,154 #      NA
      COAL (2/7) thous. of net tons         21,027 #   20,564       -5.4
      LUMBER (2/7) millions of ft.          471.1 #     477.8       -5.2
      RAIL FREIGHT (2/7)
        billions of ton-miles                26.5 #      26.8       -1.5
      
      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 (2/13) S&P 500               1020.90     1012.46      26.3
      CORPORATE BOND YIELD, Aaa (2/13)             6.69 %      6.69 %    -7.9
      INDUSTRIAL MATERIALS PRICES (2/13)           95.7        96.0     -11.4
      MONEY SUPPLY, M2 (2/2) billions          $4,080.5    $4,070.6 r     6.0
      INITIAL CLAIMS, UNEMPLOYMENT (2/7) thous.     303         305 r    -1.6
      MORTGAGE APPLICATIONS, PURCHASE (2/13)      222.5       249.4      33.0
      MORTGAGE APPLICATIONS, REFINANCE (2/13)   1,685.7     2,028.7     319.9
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (Index: 1990=100), 
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)
      
      PRICES
                                             LATEST      WEEK      YEARLY
                                              WEEK        AGO      % CHG
      
      GOLD (2/18) $/troy oz.                 298.150    298.450     -13.9
      STEEL SCRAP (2/10) #1 heavy, $/ton      140.50     140.50      -4.1
      COPPER (2/13)  cents/lb.                  79.4       80.2     -28.8
      ALUMINUM (2/13)  cents/lb.                72.0       72.8      -3.7
      COTTON (2/13) strict low middling
          1-1/16 in.,  cents/lb.               64.41      63.65      -8.0
      OIL (2/17) $/bbl.                        15.41      16.18     -30.4
      CRB FOODSTUFFS (2/17) 1967=100          224.01     225.34      -6.0
      CRB RAW INDUSTRIALS (2/17) 1967=100     299.21     295.52     -13.3
      
      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 (2/18)                   126.29     123.67     124.39
      GERMAN MARK (2/18)                      1.82       1.82       1.70
      BRITISH POUND (2/18)                    1.64       1.63       1.61
      FRENCH FRANC (2/18)                     6.10       6.10       5.74
      ITALIAN LIRA (2/18)                   1796.0     1795.5     1690.4
      CANADIAN DOLLAR (2/18)                  1.43       1.44       1.36
      MEXICAN PESO (2/18)3                   8.531      8.435      7.777
      TRADE-WEIGHTED DOLLAR INDEX (2/18)     109.6      108.9      105.0
      
      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 (2/17)                    6.00 %     5.44 %    5.55 %
      COMMERCIAL PAPER (2/17) 3-month         5.45       5.42      5.38
      CERTIFICATES OF DEPOSIT (2/18) 3-month  5.53       5.55      5.34
      FIXED MORTGAGE (2/13) 30-year           7.20       7.16      7.85
      ADJUSTABLE MORTGAGE (2/13) one-year     5.76       5.70      5.81
      PRIME (2/13)                            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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