Business Week Index

      PRODUCTION INDICATORS
                                                       Latest     Week      % Change
                                                       week       ago       year ago
      STEEL (9/17) thous. of net tons                  1,737      1,781#        -5.3
      AUTOS (9/17) units                               134,945    111,874r#     24.6
      TRUCKS (9/17) units                              119,471    104,113r#     14.4
      ELECTRIC POWER (9/17) millions of kilowatt-hours 63,823     59,863#       8.0
      CRUDE-OIL REFINING (9/17) thous. of bbl./day     14,066     14,403#       1.5
      COAL (9/10) thous. of net tons                   19,095#    20,949        8.9
      PAPERBOARD (9/10) thous. of tons                 884.1#     904.2r        6.5
      PAPER (9/10) thous. of tons                      832.0#     832.0r        2.8
      LUMBER (9/10) millions of ft.                    398.5#     474.1         2.4
      RAIL FREIGHT (9/10) billions of ton-miles        22.0#      24.7          8.9
      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 (9/21)     98              99              106
      GERMAN MARK (9/21)      1.55            1.54            1.65
      BRITISH POUND (9/21)    1.58            1.57            1.50
      FRENCH FRANC (9/21)     5.29            5.27            5.75
      CANADIAN DOLLAR (9/21)  1.34            1.35            1.32
      SWISS FRANC (9/21)      1.28            1.28            1.44
      MEXICAN PESO (9/21)3    3.401           3.411           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 (9/21) $/troy oz.                                   394.900 390.300  11.4
      STEEL SCRAP (9/20) #1 heavy, $/ton                       134.50  134.50   19.6
      FOODSTUFFS (9/20) index, 1967=100                        211.5   215.3     0.3
      COPPER (9/17)  cents/lb.                                 124.5   121.3    39.8
      ALUMINUM (9/17)  cents/lb.                               77.5    75.8     47.6
      WHEAT (9/17) #2 hard, $/bu.                              4.04    3.99     20.6
      COTTON (9/17) strict low middling 1-1/16 in.,  cents/lb. 72.78   72.54    34.2
      Sources: London Wednesday final setting, Chicago market, Knight-Ridder 
      Commodity Research Bureau, Metals Week, Kansas City market, Memphis market
      
      LEADING INDICATORS
                                                 Latest          Week       % Change
                                                 week            ago        year ago
      STOCK PRICES (9/16) S&P 500                469.70          471.74          2.0
      CORPORATE BOND YIELD, Aaa (9/16)           8.32%           8.22%          24.9
      INDUSTRIAL MATERIALS PRICES (9/16)         107.6           107.1          13.6
      BUSINESS FAILURES (9/9)                    304             326            -9.5
      REAL ESTATE LOANS (9/7) billions          $439.2          $438.2           5.6
      MONEY SUPPLY, M2 (9/5) billions           $3,559.9        $3,563.2r        1.9
      INITIAL CLAIMS, UNEMPLOYMENT (9/3) thous.  330             333             2.5
      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
      HOUSING STARTS (August) annual rate, thous. 1,442           1,413r       9.3
      INDUSTRIAL PRODUCTION (August) total index  118.5           117.7r       6.7
      CAPACITY UTILIZATION (August)               84.7%           84.3%r       4.1
      RETAIL SALES (August) billions             $186.6          $185.1        7.1
      Sources: Commerce Dept., Federal Reserve, Census Bureau
      
      MONETARY INDICATORS
                                             Latest          Week        % Change
                                              week            ago        year ago
      MONEY SUPPLY, M1 (9/5)                 $1,155.9        $1,154.9r        4.9
      BANKS' BUSINESS LOANS (9/7)             299.2           300.2r         10.3
      FREE RESERVES (9/14)                    498             505r         1409.1
      NONFINANCIAL COMMERCIAL PAPER (9/14)    148.9           149.4          -5.7
      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 (9/20)                    4.70%           4.64%           3.12%
      PRIME (9/21)                            7.75            7.75            6.00
      COMMERCIAL PAPER 3-MONTH (9/20)         5.01            4.95            3.16
      CERTIFICATES OF DEPOSIT 3-MONTH (9/21)  5.04            4.95            3.11
      EURODOLLAR 3-MONTH (9/16)               4.94            4.88r           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.
      1 = Western Wood Products Assn.      2 = Southern Forest Products Assn.      3 
      = Free market value      NA = Not availabler = revised      NM = Not meaningful
      
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