PRODUCTION INDEX

The production index rose in the week ended Nov. 14. Before calculation of the

four-week moving index, the index increased 0.4%, to 135.6, from 135 in the

previous week. After seasonal adjustment of the data, output of steel, autos,

trucks, and lumber posted gains. On the downside, electricity, oil, coal, and

rail-freight traffic all fell slightly.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
      
                                                        LATEST    WEEK      YEARLY
                                                        WEEK      AGO%       CHG
      STEEL (11/21) thous. of net tons                  1,892     1,864#     -13.1
      AUTOS (11/21) units                               119,307   108,316r#  -6.9
      TRUCKS (11/21) units                              146,890   121,218r#   3.5
      ELECTRIC POWER (11/21) millions of kilowatt-hrs.  NA        61,761#     NA
      CRUDE-OIL REFINING (11/21) thous. of bbl./day     NA        14,738#     NA
      COAL (11/14) thous. of net tons                   21,801#   22,001      6.6
      LUMBER (11/14) millions of ft.                    501.1#    481.3       4.3
      RAIL FREIGHT (11/14) billions of ton-miles        27.8#     28.0        4.5
      
      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 (11/20) S&P 500                      1163.55     1125.72     24.3
      CORPORATE BOND YIELD, Aaa (11/20)                 6.31%       6.42%       -7.5
      MONEY SUPPLY, M2 (11/9) billions                  $4,373.1    $4,362.3r    8.9
      INITIAL CLAIMS, UNEMPLOYMENT (11/13) thous.       332         323r         0.3
      MORTGAGE APPLICATIONS, PURCHASE (11/20)           NA          295.8        NA
      MORTGAGE APPLICATIONS, REFINANCE (11/20)          NA          1,723.0      NA
      
      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 (11/24) $/troy oz.                           296.450    296.500      1.2
      STEEL SCRAP (11/23) #1 heavy, $/ton               85.50      85.50      -40.4
      COPPER (11/20)  cents/lb.                         74.9       75.3       -14.1
      ALUMINUM (11/20)  cents/lb.                       62.8       62.5       -19.3
      COTTON (11/20) strict low
       middling 1-1/16 in.,  cents/lb.                  65.17      68.34       -3.9
      OIL (11/24) $/bbl.                                11.66      12.07      -37.3
      CRB FOODSTUFFS (11/23) 1967=100                   195.84     205.66     -21.3
      CRB RAW INDUSTRIALS (11/23) 1967=100              267.57     267.08     -15.9
      
      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 (11/24)                              120.93      121.35     
      128.60
      GERMAN MARK (11/24)                               1.71        1.67       1.77
      BRITISH POUND (11/24)                             1.66        1.67       1.68
      FRENCH FRANC (11/24)                              5.73        5.60       5.92
      ITALIAN LIRA (11/24)                              1690.5      1649.5     
      1734.5
      CANADIAN DOLLAR (11/24)                           1.55        1.56       1.42
      MEXICAN PESO (11/24)3                             9.915       9.935      8.125
      TRADE-WEIGHTED DOLLAR INDEX (11/24)               108.4       107.8      108.4
      
      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 (11/23)                       4.58%       4.61%           5.55%
      COMMERCIAL PAPER (11/23) 3-month            4.97        5.26            5.71
      CERTIFICATES OF DEPOSIT (11/24) 3-month     5.18        5.16            5.80
      FIXED MORTGAGE (11/20) 30-year              7.03        7.08            7.36
      ADJUSTABLE MORTGAGE (11/20) one-year        5.82        5.74            5.71
      PRIME (11/20)                               7.75        7.75 - 8.00     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
      
      #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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