Business Week Index

      PRODUCTION INDICATORS
                                        Latest  Week  % Change
                                          week   ago   year ago
      STEEL (5/14) thous. of net tons    1,918  1,921 # 5.6
      AUTOS (5/14) units               146,453  145,190 r# 12.0
      TRUCKS (5/14) units              121,897  122,170 r# 15.9
      ELECTRIC POWER (5/14)
       millions of kilowatt-hours       54,737  53,694 # 1.4
      CRUDE-OIL REFINING (5/14)
       thous. of bbl./day               14,279  14,282 # 4.9
      COAL (5/7) thous. of net tons     19,805 # 19,945  8.1
      PAPERBOARD (5/7) thous. of tons    852.0 # 865.8 r 5.1
      PAPER (5/7) thous. of tons         804.0 # 808.0 r 5.2
      LUMBER (5/7) millions of ft.       434.4 # 445.8  7.3
      RAIL FREIGHT (5/7) billions
       of ton-miles                       22.7 # 23.0  6.1
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Paper 
      Institute, WWPA*, SFPA**, Association of American Railroads
      
      FOREIGN EXCHANGE
                             Latest  Week  % Change
                              week   ago   year ago
      JAPANESE YEN (5/18)     104  104  110
      GERMAN MARK (5/18)     1.66  1.68  1.62
      BRITISH POUND (5/18)   1.51  1.49  1.55
      FRENCH FRANC (5/18)    5.68  5.74  5.47
      CANADIAN DOLLAR (5/18) 1.38  1.38  1.27
      SWISS FRANC (5/18)     1.41  1.43  1.47
      MEXICAN PESO (5/18)3  3.325  3.320  3.107
      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 (5/18) $/troy oz.  379.600  380.500  0.6
      STEEL SCRAP (5/17) #1
       heavy, $/ton            126.00  128.50  18.3
      FOODSTUFFS (5/16) index,
       1967=100                 218.8  216.2  6.1
      COPPER (5/14) cents/lb.   102.6  97.1  17.5
      ALUMINUM (5/14) cents/lb . 63.0  63.0  20.0
      WHEAT (5/14) #2 hard, $/bu.3.67  3.76  5.2
      COTTON (5/14) strict low
       middling 1-1/16 in.,
      cents/lb.                 77.60  80.24  32.9
      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 (5/13) S&P 500      443.54  451.39  0.3
      CORPORATE BOND YIELD,
       Aaa (5/13)                       8.12%  7.97%  9.6
      INDUSTRIAL MATERIALS
       PRICES (5/13)                    100.6  99.4  4.5
      BUSINESS FAILURES (5/6)              NA    NA   NA
      REAL ESTATE LOANS (5/4)
       billions                        $423.8  $421.1 r 4.3
      MONEY SUPPLY, M2 (5/2) billions $3,546.8 $3,548.1 r 2.7
      INITIAL CLAIMS,
       UNEMPLOYMENT (4/30) thous.         352  333  2.9
      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  Week  % Change
                                     week   ago   year ago
      INDUSTRIAL PRODUCTION
       (Apr.) total index             116.0  115.7 r 5.0
      CAPACITY UTILIZATION (Apr.)      83.6%  83.6%r  2.7
      CONSUMER PRICE INDEX (Apr.)     147.4  147.2  2.4
      HOUSING STARTS (Apr.)
       annual rate, thous.             1,455  1,492  18.1
      Sources: Federal Reserve, BLS, Commerce Dept.
      
      MONETARY INDICATORS
                                   Latest  Week  % Change
                                   week   ago   year ago
      MONEY SUPPLY, M1 (5/2)     $1,138.7 $1,136.4 r 8.0
      BANKS' BUSINESS LOANS (5/4)   293.9  290.3 r 5.1
      FREE RESERVES (5/11)            558  1,339 r 18.8
      NONFINANCIAL COMMERCIAL
       PAPER (5/4)                  158.4  154.8  2.2
      Sources: Federal Reserve (in billions, except for free reserves, which are 
      expressed for a two-week period in millions)
      
      MONEY MARKET RATES
                                     Latest  Week  % Change
                                     week   ago   year ago
      FEDERAL FUNDS (5/17)            4.27%  3.58%  3.01%
      PRIME (5/18)                    7.25  6.75  6.00
      COMMERCIAL PAPER 3-MONTH (5/17) 4.68  4.73  3.15
      CERTIFICATES OF
       DEPOSIT 3-MONTH (5/18)         4.50  4.65  3.12
      EURODOLLAR 3-MONTH (5/13)        4.71  4.33  3.08
      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.
      * = Western Wood Products Assn.
      ** = Southern Forest Products Assn.
      *** = Free market value
      NA = Not available
      r = revised
      NM = Not meaningful
      
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