Business Week Index

PRODUCTION AND LEADING INDEXES
      The production index rose for the week ended Feb. 4, but before calculation of 
      the four-week moving average, the index slid to 124.3, from 125.3. For January, 
      the monthly index increased to 122.8, from 121 in December.
      The leading index also rose for the latest week, and the unaveraged index stood 
      at 258.6, up from a revised 257.6. For the month of January, the leading index 
      increased sharply to 256.8, from December's 253.3.
      BW production index copyright 1994 Bloomberg L.P.
      BW leading index copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
                                              LATEST          WEEK         YEARLY
                                              WEEK            AGO          % CHG
      STEEL (2/11) thous. of net tons         1,956           2,040#       7.9
      AUTOS (2/11) units                      143,356         138,043r#    3.2
      TRUCKS (2/11) units                     117,469         119,615r#    1.0
      ELECTRIC POWER (2/11)
        millions of kilowatt-hrs.             NA              61,394#      NA
      CRUDE-OIL REFINING (2/11)
        thous. of bbl./day                    13,413          13,438#      0.0
      COAL (2/4) thous. of net tons           22,049#         21,269       8.4
      PAPERBOARD (2/4) thous. of tons         929.7#          932.0r       7.5
      PAPER (2/4) thous. of tons              836.0#          836.0r      -0.7
      LUMBER (2/4) millions of ft.            452.0#          476.6       -7.4
      RAIL FREIGHT (2/4)
        billions of ton-miles                 24.4#           24.0        10.9
      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 (2/10) S&P 500             480.96          472.15      2.1
      CORPORATE BOND YIELD, Aaa (2/10)        8.28%           8.33%       17.8
      INDUSTRIAL MATERIALS PRICES (2/10)      112.8           114.3r      NA*
      BUSINESS FAILURES (2/3)                 276             302         -14.6
      REAL ESTATE LOANS (2/1) billions        $414.0          $411.8r     11.1
      MONEY SUPPLY, M2 (1/30) billions        $3,589.1        $3,594.2r   1.5
      INITIAL CLAIMS, UNEMPLOYMENT
        (1/28) thous.                         326             325         -21.1
      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 (2/15) $/troy oz.                  376.600         374.600     -1.7
      STEEL SCRAP (2/14) #1 heavy, $/ton      144.00          144.50      3.2
      COPPER (2/11)  cents/lb.                136.7           140.0       50.4
      ALUMINUM (2/11)  cents/lb.              95.5            101.5       55.3
      COTTON (2/11) strict low middling
        1-1/16 in.,  cents/lb.                87.86           89.50       22.1
      OIL (2/14) $/bbl.                       18.42           18.43       32.0
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST          WEEK        YEAR
                                              WEEK            AGO         AGO
      FEDERAL FUNDS (2/14)                    5.82%           5.94%       3.25%
      COMMERCIAL PAPER (2/14) 3-month         6.19            6.14        3.54
      CERTIFICATES OF DEPOSIT (2/15) 3-month  6.14            6.15        3.47
      FIXED MORTGAGE (2/10) 30-year           9.04            9.15        7.29
      ADJUSTABLE MORTGAGE (2/10) one-year     6.73            6.76        4.32
      PRIME (2/15)                            9.00            9.00        6.00
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                              LATEST          WEEK        YEAR
                                              WEEK            AGO         AGO
      JAPANESE YEN (2/15)                     98.43           98.92       104.55
      GERMAN MARK (2/15)                      1.51            1.53        1.72
      BRITISH POUND (2/15)                    1.56            1.56        1.48
      FRENCH FRANC (2/15)                     5.24            5.30        5.84
      ITALIAN LIRA (2/15)                     1606.6          1617.0      1673.5
      CANADIAN DOLLAR (2/15)                  1.40            1.40        1.34
      MEXICAN PESO (2/15)3                    5.945           5.325       3.106
      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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