PRODUCTION INDEX

The production index slipped in the week ended Sept. 26. The unaveraged index

was also down, by 0.4%, to 135.6 from 136.1 a week ago. After seasonal

adjustment, auto and truck production dipped. General Motors announced plans

to schedule heavy overtime through the fall to try to recapture some of the

500,000 vehicles, and $2-billion, lost during the recent strike. Output of

crude oil and lumber were also down. Steel, electricity, coal, and

rail-freight traffic posted small increases.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                                        LATEST    WEEK        YEARLY
                                                        WEEK      AGO         % CHG
      STEEL (10/3) thous. of net tons                   1,969     1,929#      -9.2
      AUTOS (10/3) units                                127,738   136,806r#    2.8
      TRUCKS (10/3) units                               130,515   138,411r#   -7.3
      ELECTRIC POWER (10/3) millions of kilowatt-hrs.   67,849    68,881#      6.8
      CRUDE-OIL REFINING (10/3) thous. of bbl./day      13,653    14,815#     -9.5
      COAL (9/26) thous. of net tons                    22,628#   22,087       5.5
      LUMBER (9/26) millions of ft.                     488.9#    490.4        1.9
      RAIL FREIGHT (9/26) billions of ton-miles         27.6#     27.4         3.8
      
      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 (10/2) S&P 500                  1002.60     1044.75       3.9
      CORPORATE BOND YIELD, Aaa (10/2)             6.12%       6.35%       -12.1
      MONEY SUPPLY, M2 (9/21) billions             $4,308.4    $4,289.0r     8.5
      INITIAL CLAIMS, UNEMPLOYMENT (9/25) thous.   289         294r         -7.1
      MORTGAGE APPLICATIONS, PURCHASE (10/2)       304.0       283.6        38.2
      MORTGAGE APPLICATIONS, REFINANCE (10/2)      3,253.1     2,682.7     346.7
      
      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 (10/7) $/troy oz.                   298.000     293.850    -10.4
      STEEL SCRAP (10/6) #1 heavy, $/ton        85.50       85.50     -37.8
      COPPER (10/2)  cents/lb.                  78.7        78.7      -19.9
      ALUMINUM (10/2)  cents/lb.                63.5        63.5      -19.6
      COTTON (10/2) strict low                  69.95       70.90       0.5
       middling 1-1/16 in.,  cents/lb.
      OIL (10/6) $/bbl.                         15.30       15.81     -30.2
      CRB FOODSTUFFS (10/6) 1967=100           222.04      225.10      -9.2
      CRB RAW INDUSTRIALS (10/6) 1967=100      276.06      281.79     -17.4
      
      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 (10/7)                     122.85      136.43     121.59
      GERMAN MARK (10/7)                      1.61        1.67       1.75
      BRITISH POUND (10/7)                    1.70        1.70       1.62
      FRENCH FRANC (10/7)                     5.40        5.60       5.89
      ITALIAN LIRA (10/7)                     1593.0      1651.0     1721.5
      CANADIAN DOLLAR (10/7)                  1.52        1.53       1.37
      MEXICAN PESO (10/7)3                    10.180      10.190     7.754
      TRADE-WEIGHTED DOLLAR INDEX (10/7)      106.6       110.9      105.4
      
      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 (10/6)                        4.65%     5.44%    5.42%
      COMMERCIAL PAPER (10/6) 3-month             5.10      5.08     5.50
      CERTIFICATES OF DEPOSIT (10/7) 3-month      5.31      5.25     5.61
      FIXED MORTGAGE (10/2) 30-year               6.68      6.81     7.45
      ADJUSTABLE MORTGAGE (10/2) one-year         5.60      5.65     5.65
      PRIME (10/2)                                8.25      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
      
      
      
Before it's here, it's on the Bloomberg Terminal. LEARN MORE