The production index was up in the week ended Apr. 11. The unaveraged index

was down 0.2%, to 132.8, from 133 in the previous week. After seasonal

adjustment, output of electric power was down 1.1%, with large decreases of

available energy in the Pacific Northwest and New England regions.

Rail-freight traffic also declined by 0.7%. Coal production was up 2.2% and

filled 135,496 railroad cars. All other components were up.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST       WEEK      YEARLY
                                              WEEK         AGO      % CHG
      
      STEEL (4/18) thous. of net tons         2,148      2,174 #     3.8
      AUTOS (4/18) units                    106,241     93,853 r#  -19.8
      TRUCKS (4/18) units                   125,187    114,222 r#    3.6
      ELECTRIC POWER (4/18)
        millions of kilowatt-hrs.            56,175     56,251 #    -1.4
      CRUDE-OIL REFINING (4/18)
        thous. of bbl./day                   15,157     14,945 #     6.2
      COAL (4/11) thous. of net tons         20,623 #   21,297       7.6
      LUMBER (4/11) millions of ft.           482.1 #    481.4      -0.7
      RAIL FREIGHT (4/11)
        billions of ton-miles                  26.1 #     27.1       3.2
      
      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 (4/17) S&P 500               1122.72     1109.69     46.5
      CORPORATE BOND YIELD, Aaa (4/17)             6.67 %      6.64 %  -13.7
      MONEY SUPPLY, M2 (4/6) billions          $4,146.3    $4,123.9 r    6.8
      INITIAL CLAIMS, UNEMPLOYMENT (4/11) thous.    289         311 r  -13.0
      MORTGAGE APPLICATIONS, PURCHASE (4/17)      227.3       287.3     25.4
      MORTGAGE APPLICATIONS, REFINANCE (4/17)   1,087.0     1,684.2    285.1
      
      Sources: Standard & Poor's, Moody's, Federal Reserve, Labor Dept., Mortgage 
      Bankers Assn. (Index: March 16, 1990=100)
      
      PRICES
                                              LATEST        WEEK      YEARLY
                                               WEEK          AGO      % CHG
      
      GOLD (4/22) $/troy oz.                 312.800       307.200     -8.3
      STEEL SCRAP (4/21) #1 heavy, $/ton      133.50        133.50     -2.6
      COPPER (4/17)  cents/lb.                  86.8          81.7    -21.2
      ALUMINUM (4/17)  cents/lb.                69.8          68.0     -6.3
      COTTON (4/18) strict
       low middling 1-1/16 in.,  cents/lb.     61.05         60.00    -11.1
      OIL (4/21) $/bbl.                        15.13         14.82    -21.3
      CRB FOODSTUFFS (4/21) 1967=100          231.85        228.43     -3.3
      CRB RAW INDUSTRIALS (4/21) 1967=100     300.33        298.52     -9.8
      
      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 (4/22)                   130.76      129.30      126.19
      GERMAN MARK (4/22)                      1.79        1.80        1.71
      BRITISH POUND (4/22)                    1.67        1.69        1.62
      FRENCH FRANC (4/22)                     6.01        6.03        5.78
      ITALIAN LIRA (4/22)                   1771.9      1776.0      1702.5
      CANADIAN DOLLAR (4/22)                  1.43        1.44        1.39
      MEXICAN PESO (4/22)3                   8.459       8.467       7.873
      TRADE-WEIGHTED DOLLAR INDEX (4/22)     109.9       109.9       106.4
      
      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 (4/21)                    5.37 %    5.47 %    5.50 %
      COMMERCIAL PAPER (4/21) 3-month         5.47      5.47      5.70
      CERTIFICATES OF DEPOSIT (4/22) 3-month  5.58      5.58      5.71
      FIXED MORTGAGE (4/17) 30-year           7.06      7.12      8.29
      ADJUSTABLE MORTGAGE (4/17) one-year     5.84      5.76      6.16
      PRIME (4/17)                            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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