Business Week Index

      PRODUCTION INDICATORS
                                               LATEST           WEEK         YEARLY
                                                 WEEK            AGO          % CHG
      STEEL (12/3) thous. of net tons            2,001           1,991   #     8.2
      AUTOS (12/3) units                       137,186         79,822  r#     -8.0
      TRUCKS (12/3) units                      115,481         65,999  r#      3.1
      ELECTRIC POWER (12/3) millions of
      kilowatt-hrs.                             58,051          55,475  #       1.5
      CRUDE-OIL REFINING (12/3) thous. of
      bbl./day                                  14,176          14,224  #       2.4
      COAL (11/26) thous. of net tons           17,847  #       20,146          18.1
      PAPERBOARD (11/26) thous. of tons          909.6   #       895.4           8.4
      PAPER (11/26) thous. of tons               836.0   #       843.0   r       2.5
      LUMBER (11/26) millions of ft.             320.1   #       506.2           3.5
      RAIL FREIGHT (11/26) billions of
      ton-miles                                   20.6    #       25.2          11.4
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA1, SFPA2, Association of American Railroads
      
      LEADING INDICATORS
                                               LATEST          WEEK           YEARLY
                                                WEEK            AGO           % CHG
      STOCK PRICES (12/2) S&P 500               453.05          452.65          -2.1
      CORPORATE BOND YIELD, Aaa (12/2)            8.57 %          8.62 %        23.3
      INDUSTRIAL MATERIALS PRICES (12/2)         110.7           110.5          18.5
      BUSINESS FAILURES (11/25)                    NA              296           NA
      REAL ESTATE LOANS (11/23) billions        $450.8          $450.0  r       8.0
      MONEY SUPPLY, M2 (11/21) billions       $3,570.5        $3,553.4   r      1.4
      INITIAL CLAIMS, UNEMPLOYMENT (11/19)
      thous.                                       329             326         -2.7
      Sources: Center for International Business Cycle Research (CIBCR), 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.
      
      PRICES
                                                LATEST          WEEK        YEARLY
                                                  WEEK           AGO         % CHG
      GOLD (12/7) $/troy oz.                   377.000         383.100         -1.4
      STEEL SCRAP (12/6) #1 heavy, $/ton        140.00          138.50          1.8
      COPPER (12/3)  cents/lb.                   140.4           137.5         76.4
      ALUMINUM (12/3)  cents/lb.                  92.5            96.0         84.1
      COTTON (12/3) strict low middling
      1-1/16 in.,  cents/lb.                     77.08           72.85         30.3
      OIL (12/6) $/bbl.                          16.94           17.97         15.2
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      FOREIGN EXCHANGE
                              LATEST          WEEK           YEAR
                               WEEK           AGO             AGO
      JAPANESE YEN (12/7)     100.20          98.93           109.09
      GERMAN MARK (12/7)      1.57            1.57            1.70
      BRITISH POUND (12/7)    1.56            1.57            1.47
      FRENCH FRANC (12/7)     5.40            5.38            5.83
      ITALIAN LIRA (12/7)     1622.9          1617.0          1676.0
      CANADIAN DOLLAR (12/7)  1.38            1.38            1.33
      MEXICAN PESO (12/7)3    3.451           3.437           3.105
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      INTEREST RATES
                                             LATEST           WEEK          YEAR
                                              WEEK            AGO            AGO
      FEDERAL FUNDS (12/6)                    5.07 %          5.54 %          2.92 %
      COMMERCIAL PAPER (12/6) 3-month         6.29            6.05            3.40
      CERTIFICATES OF DEPOSIT (12/7) 3-month  6.23            6.12            3.31
      FIXED MORTGAGE (12/2) 30-year           9.36            9.36            7.38
      ADJUSTABLE MORTGAGE (12/2) one-year     6.47            6.36            4.32
      PRIME (12/7)                            8.50            8.50            6.00
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      #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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