Business Week Index

      PRODUCTION INDICATORS
                                              Latest           Week        % Change
                                               week             ago        year ago
      STEEL (4/23) thous. of net tons          1,849           1,910   #       0.3
      AUTOS (4/23) units                      141,468         145,130 r#      8.5
      TRUCKS (4/23) units                     121,156         122,836 r#      16.2
      ELECTRIC POWER (4/23) millions of
      kilowatt-hours                           53,092          53,302  #       3.0
      CRUDE-OIL REFINING (4/23) thous. of
      bbl./day                                 13,974          13,485  #       2.2
      COAL (4/16) thous. of net tons           21,242  #       20,373          12.8
      PAPERBOARD (4/16) thous. of tons          826.9   #       839.8   r       0.3
      PAPER (4/16) thous. of tons               832.0   #       825.0   r       2.0
      LUMBER (4/16) millions of ft.             456.6   #       464.5           1.7
      RAIL FREIGHT (4/16) billions of ton-miles  22.7    #       21.9            5.1
      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 (4/27)     103             103             111
      GERMAN MARK (4/27)      1.67            1.70            1.58
      BRITISH POUND (4/27)    1.50            1.48            1.57
      FRENCH FRANC (4/27)     5.75            5.82            5.34
      CANADIAN DOLLAR (4/27)  1.38            1.38            1.27
      SWISS FRANC (4/27)      1.43            1.44            1.43
      MEXICAN PESO (4/27)3    3.295           3.366           3.117
      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 (4/27) $/troy oz.                 374.250         371.350         7.0
      STEEL SCRAP (4/26) #1 heavy, $/ton      137.50          137.50        29.1
      FOODSTUFFS (4/26) index, 1967=100        217.0           217.0         5.5
      COPPER (4/23)  cents/lb.                  91.6            90.7         1.7
      ALUMINUM (4/23)  cents/lb.                61.3            62.6        19.5
      WHEAT (4/23) #2 hard, $/bu.               3.59            3.60         0.8
      COTTON (4/23) strict low middling
      1-1/16 in.,  cents/lb.                   77.68           75.82         37.3
      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 (4/22) S&P 500            444.66          447.25          0.5
      CORPORATE BOND YIELD, Aaa (4/22)        7.93    %       7.87    %      8.0
      INDUSTRIAL MATERIALS PRICES (4/22)      98.7            98.1           1.4
      BUSINESS FAILURES (4/15)                  NA              NA            NA
      REAL ESTATE LOANS (4/13) billions     $424.4          $422.1  r        3.9
      MONEY SUPPLY, M2 (4/11) billions    $3,562.3          $3,549.9 r       3.5
      INITIAL CLAIMS, UNEMPLOYMENT
      (4/9) thous.                             350             336             5.4
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1980=100), Dun 
      & Bradstreet (failures of large companies), Federal Reserve, Labor Dept. CIBCR 
      seasonally adjusts data on business failures and real estate loans
      
      MONTHLY ECONOMIC INDICATORS
                                             Latest         Month        % Change
                                              month          ago           year ago
      EXISTING HOME SALES (Mar.) millions      4.06          3.84    r       18.4
      HOUSING STARTS (Mar.) annual rate,
      thous.                                  1,473           1,314           34.9
      BUDGET SURPLUS OR DEFICIT (-) (Mar)
      millions                             -$32,315        -$41,566  r       -26.5
      CONSUMER CONFIDENCE INDEX (Apr.)        91.7            86.7            35.7
      Sources: National Association of Realtors, Treasury Dept., Conference Board
      
      MONETARY INDICATORS
                                            Latest           Week        % Change
                                             week            ago          year ago
      MONEY SUPPLY, M1 (4/11)             $1,143.5       $1,148.1    r       9.5
      BANKS' BUSINESS LOANS (4/13)           286.9           288.8   r       4.4
      FREE RESERVES (4/13)                     781     r       783   r       -3.1
      NONFINANCIAL COMMERCIAL PAPER (4/13)    150.2           150.7          -0.8
      Sources: Federal Reserve (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 (4/26)                    3.42  %        3.71  %         2.87  %
      PRIME (4/27)                            6.75            6.75            6.00
      COMMERCIAL PAPER 3-MONTH (4/26)         4.14            4.12            3.11
      CERTIFICATES OF DEPOSIT 3-MONTH (4/27)  4.09            4.12            3.08
      EURODOLLAR 3-MONTH (4/22)               4.09            3.89            3.09
      Sources: Federal Reserve, 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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