PRODUCTION INDEX

The production index was up for the fourth week in a row in the week ended

Aug. 15. The unaveraged index also increased, by 0.7%, from 134.5 in the

previous week, to 135.5. After seasonal adjustment, rail-freight traffic was

up 1.7%, with large increases in carloads of motor vehicles and equipment,

waste and scrap materials, and food products. Output of steel, autos,

electricity, oil, and coal were also up. Truck production was down by 3.9%,

and lumber output fell 1.7%.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                                 LATEST     WEEK      YEARLY
                                                  WEEK      AGO       % CHG
      STEEL (8/22) thous. of net tons            2,127     2,120#      4.9
      AUTOS (8/22) units                         119,739   126,473r#  -1.0
      TRUCKS (8/22) units                        136,475   127,876r#   14.2
      ELECTRIC POWER (8/22)
       millions of kilowatt-hrs.                 76,283    77,764#     4.8
      CRUDE-OIL REFINING (8/22)
       thous. of bbl./day                        15,577    15,615#     1.8
      COAL (8/15) thous. of net tons             21,840#   21,243      4.7
      LUMBER (8/15) millions of ft.              489.7#    494.7       1.9
      RAIL FREIGHT (8/15) billions of ton-miles  26.9#     26.2        3.5
      
      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 (8/21) S&P 500                1081.18    1062.75    17.1
      CORPORATE BOND YIELD, Aaa (8/21)           6.50%      6.52%     -11.2
      MONEY SUPPLY, M2 (8/10) billions          $4,229.0   $4,222.3r    7.3
      INITIAL CLAIMS, UNEMPLOYMENT (8/14) thous. 301        303r      -11.2
      MORTGAGE APPLICATIONS, PURCHASE (8/21)     243.1      251.4      10.6
      MORTGAGE APPLICATIONS, REFINANCE (8/21)    1,211.9    1,310.5    119.2
      
      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 (8/26) $/troy oz.                  283.150      285.500    -12.8
      STEEL SCRAP (8/25)#1 heavy, $/ton       120.50       120.50     -17.7
      COPPER (8/21)  cents/lb.                77.0         76.2       -24.2
      ALUMINUM (8/21)  cents/lb.              63.8         63.5       -22.2
      COTTON (8/22) strict low middling
       1-1/16 in.,  cents/lb.                 73.19        71.40       2.7
      OIL (8/25) $/bbl.                       13.81        12.81      -27.3
      CRB FOODSTUFFS (8/25) 1967=100          220.77       225.62      3.0
      CRB RAW INDUSTRIALS (8/25) 1967=100     287.47       289.29     -15.2
      
      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 (8/25)                    5.50%     5.54%     5.62%
      COMMERCIAL PAPER (8/25) 3-month         5.49      5.50      5.55
      CERTIFICATES OF DEPOSIT (8/26) 3-month  5.57      5.58      5.59
      FIXED MORTGAGE (8/21) 30-year           7.02      7.03      7.60
      ADJUSTABLE MORTGAGE (8/21) one-year     5.75      5.81      5.69
      PRIME (8/26)                            8.50      8.50      8.50
      
      FOREIGN EXCHANGE
                                              LATEST     WEEK       YEAR
                                              WEEK       AGO        AGO
      JAPANESE YEN (8/26)                     144.53     144.31     119.06
      GERMAN MARK (8/26)                      1.81       1.80       1.81
      BRITISH POUND (8/26)                    1.64       1.62       1.61
      FRENCH FRANC (8/26)                     6.06       6.03       6.09
      ITALIAN LIRA (8/26)                     1782.5     1773.1     1767.0
      CANADIAN DOLLAR (8/26)                  1.56       1.53       1.39
      MEXICAN PESO (8/26)***                  9.810      9.192      7.753
      TRADE-WEIGHTED DOLLAR INDEX (8/26)      116.9      115.9      106.6
      
      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. *=Western Wood Products Assn.   **=Southern 
      Forest Products Assn.    ***=Free market value   NA=Not available   r=revised  
       NM=Not meaningful
      
      
      
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