PRODUCTION INDEX

The production index was up for the seventh week in a row. The unaveraged

index also increased, to 137.6, from 136.2 in the previous week. After

seasonal adjustment, rail-freight traffic was up 3.2%, and the Association of

American Railroads reported that cumulative figures for the first 35 weeks of

1998 show ton-miles up 1.8% from a year ago. Output of steel, autos, trucks,

coal, and lumber were also up. Crude-oil refining dipped 0.8%, and electricity

was unchanged.

PRODUCTION INDICATORS
                                                        LATEST    WEEK      YEARLY
                                                        WEEK      AGO       % CHG
      STEEL (9/12) thous. of net tons                   2,074     2,112#      -4.6
      AUTOS (9/12) units                                88,534    127,043r#  -21.2
      TRUCKS (9/12) units                               89,477    130,930r#  -29.3
      ELECTRIC POWER (9/12) millions of kilowatt-hrs.   69,817    75,728#      2.3
      CRUDE-OIL REFINING (9/12) thous. of bbl./day      15,420    15,352#      1.1
      COAL (9/5) thous. of net tons                     22,698#   22,258      14.9
      LUMBER (9/5) millions of ft.                      483.3#    494.4       22.8
      RAIL FREIGHT (9/5) billions of ton-miles          27.8#     27.2        16.8
      
      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 (9/11) S&P 500                1009.06   973.89       9.2
      CORPORATE BOND YIELD, Aaa (9/11)           6.42%     6.44%      -11.2
      MONEY SUPPLY, M2 (8/31) billions           $4,252.0  $4,237.2r    7.0
      INITIAL CLAIMS, UNEMPLOYMENT (9/4) thous.  312       304r        -0.3
      MORTGAGE APPLICATIONS, PURCHASE (9/11)     302.5     305.1       41.2
      MORTGAGE APPLICATIONS, REFINANCE (9/11)    2,141.9   1,924.0    329.7
      
      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 (9/16) $/troy oz.                 288.250      283.450     -10.0
      STEEL SCRAP (9/15) #1 heavy, $/ton      85.50        91.00      -37.8
      COPPER (9/11)  cents/lb.                81.1         78.4       -17.8
      ALUMINUM (9/11)  cents/lb.              66.8         66.5       -13.0
      COTTON (9/12) strict low middling
       1-1/16 in.,  cents/lb.                 71.62        72.43        1.2
      OIL (9/15) $/bbl.                       14.45        14.18      -25.6
      CRB FOODSTUFFS (9/15) 1967=100         221.49       219.51       -7.9
      CRB RAW INDUSTRIALS (9/15) 1967=100    280.11       285.19      -16.7
      
      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 (9/15)                    5.71%     5.66%     5.52%
      COMMERCIAL PAPER (9/15) 3-month         5.33      5.43      5.51
      CERTIFICATES OF DEPOSIT (9/16) 3-month  5.43      5.48      5.58
      FIXED MORTGAGE (9/11) 30-year           6.85      6.90      7.71
      ADJUSTABLE MORTGAGE (9/11) one-year     5.65      5.69      5.79
      PRIME (9/16)                            8.50      8.50      8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                              LATEST     WEEK       YEAR
                                              WEEK       AGO        AGO
      JAPANESE YEN (9/16)                     135.05    137.30     120.85
      GERMAN MARK (9/16)                      1.69      1.73       1.77
      BRITISH POUND (9/16)                    1.68      1.66       1.60
      FRENCH FRANC (9/16)                     5.68      5.79       5.95
      ITALIAN LIRA (9/16)                     1673.2    1704.5     1729.8
      CANADIAN DOLLAR (9/16)                  1.50      1.52       1.39
      MEXICAN PESO (9/16)3                    10.035    10.320     7.752
      TRADE-WEIGHTED DOLLAR INDEX (9/16)      110.7     112.1      106.2
      
      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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