The production index was flat for the week ended June 13. The unaveraged index

fell 1%, to 133.6, from 134.9. Part of this dip can be blamed on the strike at

General Motors Corp. But other components besides auto and truck production

were down as well. Electricity was off by 3.6%, with reduced output in the New

England and Mid-Atlantic regions. Steel production was also down, with the

rate of utilization the lowest since last August. Coal and rail-freight

traffic also fell. Only lumber and oil posted gains.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST      WEEK       YEARLY
                                              WEEK        AGO       % CHG
      STEEL (6/20) thous. of net tons        2,067      2,190#      -3.5
      AUTOS (6/20) units                     98,384     113,800r#   -26.3
      TRUCKS (6/20) units                    101,566    125,585r#   -22.0
      ELECTRIC POWER (6/20) millions         70,713     64,274#      5.5
       of kilowatt-hrs.
      CRUDE-OIL REFINING (6/20) thous.       15,443     15,507#      2.6
       of bbl./day
      COAL (6/13) thous. of net tons         21,279#    21,581       1.9
      LUMBER (6/13) millions of ft.          494.9#     494.9       -4.1
      RAIL FREIGHT (6/13) billions of        27.5#      27.8         4.6
       ton-miles
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA*, SFPA**, 
      Association of American Railroads
      
      LEADING INDICATORS
                                               LATEST         WEEK     YEARLY
                                                WEEK          AGO      % CHG
      STOCK PRICES (6/19) S&P 500             1100.65       1098.84     22.5
      CORPORATE BOND YIELD, Aaa (6/19)        6.49%          6.52%     -11.5
      MONEY SUPPLY, M2 (6/8) billions        $4,182.9      $4,187.7r    7.2
      INITIAL CLAIMS, UNEMPLOYMENT (6/13)     327           314r       -5.2
       thous.
      MORTGAGE APPLICATIONS, PURCHASE (6/19)  274.6         262.1       33.0
      MORTGAGE APPLICATIONS, REFINANCE        1,406.2       1,209.6     254.7
       (6/19)
      
      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 (6/24) $/troy oz.                  293.850     290.000  -13.2
      STEEL SCRAP (6/23) #1 heavy, $/ton      135.50      134.50   -2.2
      COPPER (6/19)  cents/lb.                77.7        80.0     -37.4
      ALUMINUM (6/19)  cents/lb.              63.5        64.0     -16.0
      COTTON (6/20) strict low middling       73.04       72.11     2.7
       1-1/16 in.,  cents/lb.
      OIL (6/23) $/bbl.                       14.16       11.94    -23.3
      CRB FOODSTUFFS (6/23) 1967=100          240.00      240.14   -0.8
      CRB RAW INDUSTRIALS (6/23) 1967=100     296.84      297.83   -11.5
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      INTEREST RATES
                                             LATEST    WEEK      YEAR
                                              WEEK     AGO       AGO
      FEDERAL FUNDS (6/23)                    5.36%    5.55%     5.39%
      COMMERCIAL PAPER (6/23) 3-month         5.50     5.50      5.63
      CERTIFICATES OF DEPOSIT (6/24) 3-month  5.60     5.60      5.66
      FIXED MORTGAGE (6/19) 30-year           7.08     7.11      7.81
      ADJUSTABLE MORTGAGE (6/19) one-year     5.83     5.79      5.87
      PRIME (6/19)                            8.50     8.50      8.50
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      FOREIGN EXCHANGE
                                            LATEST     WEEK       YEAR
                                             WEEK      AGO        AGO
      JAPANESE YEN (6/24)                   141.13     137.55     114.03
      GERMAN MARK (6/24)                    1.80       1.79       1.73
      BRITISH POUND (6/24)                  1.67       1.67       1.66
      FRENCH FRANC (6/24)                   6.04       5.99       5.82
      ITALIAN LIRA (6/24)                   1774.2     1759.0     1683.5
      CANADIAN DOLLAR (6/24)                1.47       1.46       1.39
      MEXICAN PESO (6/24)3                  8.932      8.875      7.940
      TRADE-WEIGHTED DOLLAR INDEX (6/24)    113.5      112.9      103.4
      
      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.
      
      #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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