Business Week Index

      Production Indicators
                                         Latest     Week  % Change
                                          week      ago   year ago
      STEEL (1/2) thous. of net tons      1,762    1,684 #   1.4
      AUTOS (1/2) units                       0   73,621 r#   NM
      TRUCKS (1/2) units                      0   59,701 r#   NM
      ELECTRIC POWER (1/2) millions of kilowatt-hours 
                                         54,120   57,257 #    2.1
      CRUDE-OIL REFINING (1/2) thous. of bbl./day
                                         13,311   13,176 #    0.5
      COAL (12/26) thous. of net tons    14,461 # 19,749     10.4
      PAPERBOARD (12/26) thous. of tons    NA #    785.2 r    NA
      PAPER (12/26) thous. of tons         NA #    745.0 r    NA
      LUMBER (12/26) millions of ft.      267.9 #  490.1     23.9
      RAIL FREIGHT (12/26) billions of ton-miles
                                           15.9 #   22.1      9.7
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Paper 
      Institute, WWPA1, SFPA2, Association of American Railroads
      
      Foreign Exchange
                                Latest   Week   Year
                                 week     ago   ago
      JAPANESE YEN (1/6)         125      125     126 
      GERMAN MARK (1/6)         1.63     1.62    1.56
      BRITISH POUND (1/6)       1.54     1.51    1.83
      FRENCH FRANC (1/6)        5.56     5.52    5.31
      CANADIAN DOLLAR (1/6)     1.28     1.27    1.15
      SWISS FRANC (1/6)         1.49     1.47    1.39
      MEXICAN PESO (1/6) superscript 3
                               3.093    3.116   3.077
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound expressed in dollars
      
      Prices
                                             Latest      Week   % Change
                                              week       ago    year ago
      GOLD (1/6) $/troy oz.                  329.600   332.900    -6.7
      STEEL SCRAP (1/5) #1 heavy, $/ton       92.50     95.00     -1.6
      FOODSTUFFS (1/4) index, 1967=100       198.4     199.5      -1.4
      COPPER (1/2)  /lb.                     106.0     104.5       4.7
      ALUMINUM (1/2)  /lb.                    57.1      57.5      10.9
      WHEAT (1/2) #2 hard, $/bu.               3.72      3.74    -11.4
      COTTON (1/2) strict low middling 1-1/16 in.,  /lb. 
                                              52.31     51.54     -2.8
      
      Sources: London Wednesday final setting, Chicago market, Commodity Research 
      Bureau, Metals Week, Kansas City market, Memphis market
      
      Leading Indicators
                                                   Latest      Week  % Change
                                                    week      ago  year ago
      STOCK PRICES (1/1) S&P 500                  437.92    439.95    5.0
      CORPORATE BOND YIELD, Aaa (1/1)               7.88 %    7.93 % -3.5
      INDUSTRIAL MATERIALS PRICES (1/1)            97.9      97.7     4.8
      BUSINESS FAILURES (12/25)                   323       384      12.9
      REAL ESTATE LOANS (12/23) billions         $400.0    $402.5    -0.7
      MONEY SUPPLY, M2 (12/21) billions        $3,428.6  $3,432.5 r   0.0
      INITIAL CLAIMS, UNEMPLOYMENT (12/19) thous. 360       360     -17.4
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1980=100), Dun 
      & Bradstreet (failures of large companies), Federal Reserve Board, Labor Dept. 
      CIBCR seasonally adjusts data on business failures and real estate loans
      
      Monthly Economic Indicators
                                                      Latest   Month  % Change
                                                       month     ago  year ago
      PURCHASING MANAGERS' INDEX (Dec.) billions       55.9 %   55.0 %   17.9
      CONSTR. SPENDING (Nov.) annual rate, billions  $441.8   $432.8 r   10.1
      12 LEADING INDICATORS COMPOSITE (Nov.) index    150.3    149.1      3.7
      FACTORY INVENTORIES (Nov.) billions            $381.8   $383.7     -1.7
      
      Sources: Natl. Assn. of Purc. Mgmt., Census Bureau, Commerce Dept.
      
      Monetary Indicators
                                          Latest     Week  % Change
                                            week     ago    year ago
      MONEY SUPPLY, M1 (12/21)             $1,019.6  $1,021.5 r 13.5
      BANKS' BUSINESS LOANS (12/23)           277.2     278.6   -5.8
      FREE RESERVES (12/23)                 1,279       742 r   17.1
      NONFINANCIAL COMMERCIAL PAPER (12/16)   145.0     152.1 r 10.2
      
      Sources: Federal Reserve Board (in billions, except for free reserves, which 
      are expressed for a two-week period in millions)
      
      Money Market Rates
                                            Latest   Week  Year
                                             week    ago    ago
      FEDERAL FUNDS (1/5)                   3.33 %   2.86 %  4.19 %
      PRIME (1/6)                           6.00     6.00    6.50 
      COMMERCIAL PAPER 3-MONTH (1/5)        3.36     3.51    7.15 
      CERTIFICATES OF DEPOSIT 3-MONTH (1/5) 3.26     3.34    4.15 
      EURODOLLAR 3-MONTH (1/1)              3.34     3.38    4.16 
      
      Sources: Federal Reserve Board, First Boston
      
      #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. 
      

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