Business Week Index

PRODUCTION AND LEADING INDEXES
      The production index was unchanged during the week ended Jan. 14. Increases in 
      the seasonally adjusted output of electric power and lumber offset output 
      declines in autos and trucks. Before calculation of the four-week moving 
      average, the index edged up to 121.4, from 121.
      The leading index rose in the latest week, lifted by stronger growth in real 
      estate loans. The unaveraged index also increased, to 256.2, from 253.5.
      BW production index copyright 1994 Bloomberg L.P.
      BW leading index copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
                                              LATEST      WEEK        YEARLY
                                              WEEK        AGO         % CHG
      STEEL (1/21) thous. of net tons         1,991       2,035#       17.2
      AUTOS (1/21) units                    114,987     130,581r#      36.6
      TRUCKS (1/21) units                    92,365     102,933r#      42.5
      ELECTRIC POWER (1/21)
        millions of kilowatt-hrs.            59,187      60,590#      -12.6
      CRUDE-OIL REFINING (1/21)
        thous. of bbl./day                   13,553      13,847#        2.0
      COAL (1/14) thous. of net tons         21,731#     17,702        10.3
      PAPERBOARD (1/14) thous. of tons       NA          NA            NA
      PAPER (1/14) thous. of tons            NA          NA            NA
      LUMBER (1/14) millions of ft.             464.6#      364.5      -7.1
      RAIL FREIGHT (1/14)
        billions of ton-miles                    24.2#       19.5       8.5
      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 (1/20) S&P 500                 468.18      462.36       -1.3
      CORPORATE BOND YIELD, Aaa (1/20)              8.44%       8.46%      22.0
      INDUSTRIAL MATERIALS PRICES (1/20)          114.0       113.5r       NA*
      BUSINESS FAILURES (1/13)                    299         384           9.9
      REAL ESTATE LOANS (1/11) billions          $462.6      $459.8       10.3
      MONEY SUPPLY, M2 (1/9) billions          $3,571.8    $3,570.9r       1.1
      INITIAL CLAIMS, UNEMPLOYMENT (1/7) thous.   354         338         -0.8
      Sources: Center for International Business Cycle Research (CIBCR), Standard & 
      Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun & Bradstreet 
      (failures of large companies), Federal Reserve, Labor Dept. CIBCR seasonally 
      adjusts data on business failures and real estate loans. *Historical data 
      available from CIBCR.
      
      PRICES
                                              LATEST     WEEK       YEARLY
                                              WEEK       AGO        % CHG
      GOLD (1/25) $/troy oz.                  381.450    382.600    -0.7
      STEEL SCRAP (1/24) #1 heavy, $/ton      147.00     147.00      5.4
      COPPER (1/21)  cents/lb.                145.5      144.0      62.0
      ALUMINUM (1/21)  cents/lb.              100.5       98.0      73.3
      COTTON (1/21) strict
        low middling 1-1/16 in.,  cents/lb.    88.44      87.34     34.3
      OIL (1/24) $/bbl.                        18.66      18.35     20.8
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST     WEEK     YEAR
                                              WEEK       AGO      AGO
      FEDERAL FUNDS (1/24)                    5.45%      5.69%    2.97%
      COMMERCIAL PAPER (1/25) 3-month         6.26       6.09     3.15
      CERTIFICATES OF DEPOSIT (1/25) 3-month  6.27       6.22     3.12
      FIXED MORTGAGE (1/20) 30-year           9.25       9.35     7.14
      ADJUSTABLE MORTGAGE (1/20) one-year     6.90       6.88     4.24
      PRIME (1/25)                            8.50       8.50     6.00
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                             LATEST       WEEK         YEAR
                                             WEEK         AGO          AGO
      JAPANESE YEN (1/25)                    99.71        99.52       109.16
      GERMAN MARK (1/25)                      1.52         1.53         1.73
      BRITISH POUND (1/25)                    1.59         1.57         1.50
      FRENCH FRANC (1/25)                     5.26         5.29         5.90
      ITALIAN LIRA (1/25)                  1599.0       1616.5       1695.3
      CANADIAN DOLLAR (1/25)                  1.42         1.42         1.32
      MEXICAN PESO (1/25)3                    5.755        5.300        3.104
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      #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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