Business Week Index

PRODUCTION
      Change from last week:  -0.4%
      Change from last year:  2.5%
      The production index fell in the week ended July 16. After seasonal adjustment, 
      production of both autos and trucks declined sharply for the second consecutive 
      week. Output of electric power also dipped, as did production of steel, coal, 
      and lumber. Output of both paper and paperboard rose, along with crude-oil 
      refining. Rail freight traffic was unchanged. Before calculation of the 
      four-week average, the index declined to 194 from 196 in the previous week.
      BW production index copyright 1994 Bloomberg L.P.
      
      LEADING
      Change from last week:  0.3%
      Change from last year:  7.3%
      The leading index gained ground in the week ended July 16. Materials prices 
      continued to grow at a faster rate, and the pace of real estate loans picked up 
      as well. Also on the plus side, stock prices rallied for the third week in a 
      row. The only negative indicator was slower growth in the M2 money supply. Bond 
      yields held steady, and data on business failures were unavailable. Before 
      calculation of the four-week average, the index rose to 241 from 239.4.
      Leading index copyright 1994 by Center for International Business Cycle Research
      
      
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