Business Week Index

      PRODUCTION INDICATORS
                                            Latest     Week    % Change
                                              week      ago     year ago
      
      STEEL (5/15) thous. of net tons      1,818      1,805   #   2.8
      AUTOS (5/15) units                  130,705      134,469   r#   -6.0
      TRUCKS (5/15) units                 105,205      107,493   r#   11.8
      ELECTRIC POWER (5/15) millions of 
         kilowatt-hours                    53,959      52,436   #   0.9
      CRUDE-OIL REFINING (5/15) thous. of
         bbl./day                          13,607      13,685   #   -1.1
      COAL (5/8) thous. of net tons        18,319   #   18,291      -0.3
      PAPERBOARD (5/8) thous. of tons       801.0   #   796.9   r   2.3
      PAPER (5/8) thous. of tons            764.0   #   786.0   r   2.0
      LUMBER (5/8) millions of ft.          468.6   #   466.9      -3.7
      RAIL FREIGHT (5/8) billions of 
      ton-miles                              21.1   #   21.5      3.4
      
      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 (5/19)                     110      112      130
      GERMAN MARK (5/19)                     1.62      1.61      1.62
      BRITISH POUND (5/19)                   1.54      1.54      1.82
      FRENCH FRANC (5/19)                    5.46      5.43      5.43
      CANADIAN DOLLAR (5/19)                 1.26      1.27      1.20
      SWISS FRANC (5/19)                     1.47      1.46      1.49
      MEXICAN PESO (5/19)3                  3.097      3.113      3.090
      
      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 (5/19) $/troy oz.              381.900      356.200    13.3
      STEEL SCRAP (5/18) #1 heavy, $/ton   106.50      106.50     15.8
      FOODSTUFFS (5/18) index, 1967=100     206.2      205.4      1.4
      COPPER (5/15)  /lb.                    87.0      89.0      -17.2
      ALUMINUM (5/15)  /lb.                  53.0      52.3      -11.7
      WHEAT (5/15) #2 hard, $/bu.            3.49      3.32      -10.5
      COTTON (5/15) strict low middling 
         1-1/16 in.,  /lb.                  58.39      57.30      3.3
      
      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 (5/14) S&P 500          442.15      443.32      6.6
      CORPORATE BOND YIELD, Aaa (5/14)       7.41   %   7.37   %   -10.4
      INDUSTRIAL MATERIALS PRICES (5/14)     96.3      96.6      -1.4
      BUSINESS FAILURES (5/7)                 457      431      0.9
      REAL ESTATE LOANS (5/5) billions     $394.9      $395.7   r   -3.4
      MONEY SUPPLY, M2 (5/3) billions    $3,448.6      $3,435.2   r   0.1
      INITIAL CLAIMS, UNEMPLOYMENT (5/1) 
         thous.                               342      346      -19.7
      
      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
      
      CONSUMER PRICE INDEX (Apr.)           144.0      143.6      3.2
      HOUSING STARTS (Apr.) annual rate, 
         thous.                             1,213      1,137   r   10.8
      INDUSTRIAL PRODUCTION (Apr.) total 
         index                              110.0      109.9   r   3.5
      CAPACITY UTILIZATION (Apr.)            81.4   %   81.4   %r   1.9
      
      Sources: BLS, Commerce Dept., Federal Reserve Board
      
      MONETARY INDICATORS
                                           Latest       Week     % Change
                                            week        ago      year ago
      
      MONEY SUPPLY, M1 (5/3)             $1,055.1      $1,040.7   r   11.0
      BANKS' BUSINESS LOANS (5/5)           277.7      275.7   r   -4.3
      FREE RESERVES (5/12)                    777      1,285   r   63.6
      NONFINANCIAL COMMERCIAL PAPER (5/5)   161.5      156.7   r   9.6
      
      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 (5/18)                   2.97   %  2.98   %  3.89   %
      PRIME (5/19)                           6.00      6.00      6.50   
      COMMERCIAL PAPER 3-MONTH (5/18)        3.15      3.09      3.84   
      CERTIFICATES OF DEPOSIT 3-MONTH (5/18) 3.12      3.06      3.78   
      EURODOLLAR 3-MONTH (5/14)              3.08      3.06      3.78   
      
      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. 
      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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