The production index was down in the week ended Mar. 14. The unaveraged index

also fell, to 130.9 from 131.3 in the previous week. After seasonal

adjustment, the majority of the components were down. Severe winter storms in

the Midwest caused the 9.1% decline in rail freight traffic. Coal production

was down 14%, with the largest upsets in Colorado, Utah, Alabama, and Wyoming.

Output of steel, trucks, oil, and lumber also dipped. Auto production was up

7.5% and electric power was up 6.3%.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST        WEEK     YEARLY
                                               WEEK         AGO     % CHG
      
      STEEL (3/21) thous. of net tons          2,250      2,102 #     6.3
      AUTOS (3/21) units                     122,555    117,333 r#   -3.2
      TRUCKS (3/21) units                    147,862    137,583 r#   12.7
      ELECTRIC POWER (3/21)
        millions of kilowatt-hrs.             61,674     64,390 #     3.9
      CRUDE-OIL REFINING (3/21)
        thous. of bbl./day                    11,734     14,581 #   -16.7
      COAL (3/14) thous. of net tons          20,171 #   22,916      -6.5
      LUMBER (3/14) millions of ft.            475.0 #    477.8      -6.7
      RAIL FREIGHT (3/14) billions of ton-miles 25.4 #     27.5      -6.3
      
      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 (3/20) S&P 500                1099.16     1068.59     40.2
      CORPORATE BOND YIELD, Aaa (3/20)              6.66 %      6.69 %  -12.5
      INDUSTRIAL MATERIALS PRICES (3/20)            95.2        95.1    -11.5
      MONEY SUPPLY, M2 (3/9) billions           $4,117.7    $4,114.4 r    6.6
      INITIAL CLAIMS, UNEMPLOYMENT (3/14) thous.     308         299 r   -1.9
      MORTGAGE APPLICATIONS, PURCHASE (3/20)       234.1       217.2     18.7
      MORTGAGE APPLICATIONS, REFINANCE (3/20)    1,421.4     1,337.9    258.3
      
      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 (3/25) $/troy oz.                  299.250    290.400    -13.5
      STEEL SCRAP (3/24) #1 heavy, $/ton       135.50     135.50     -0.7
      COPPER (3/20)  cents/lb.                   83.8       84.1    -28.8
      ALUMINUM (3/20)  cents/lb.                 69.8       69.5    -12.7
      COTTON (3/21) strict low middling
          1-1/16 in.,  cents/lb.                67.78      64.42     -4.0
      OIL (3/24) $/bbl.                         15.40      12.99    -25.9
      CRB FOODSTUFFS (3/24) 1967=100           230.47     229.73     -6.0
      CRB RAW INDUSTRIALS (3/24) 1967=100      304.07     305.07    -10.4
      
      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 (3/25)                 129.06   130.22   124.23
      GERMAN MARK (3/25)                    1.83     1.83     1.69
      BRITISH POUND (3/25)                  1.67     1.67     1.63
      FRENCH FRANC (3/25)                   6.13     6.12     5.70
      ITALIAN LIRA (3/25)                 1800.0   1799.8   1685.5
      CANADIAN DOLLAR (3/25)                1.41     1.42     1.37
      MEXICAN PESO (3/25)3                 8.517    8.575    7.893
      TRADE-WEIGHTED DOLLAR INDEX (3/25)   109.6    110.2    105.1
      
      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 (3/24)                    5.41 %   5.47 %   5.57 %
      COMMERCIAL PAPER (3/24) 3-month         5.48     5.47     5.70
      CERTIFICATES OF DEPOSIT (3/25) 3-month  5.58     5.58     5.66
      FIXED MORTGAGE (3/20) 30-year           7.15     7.22     8.09
      ADJUSTABLE MORTGAGE (3/20) one-year     5.76     5.86     5.85
      PRIME (3/20)                            8.50     8.50     8.50
      
      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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