Business Week Index

PRODUCTION AND LEADING INDEXES
      
      The production index was flat for the week ended Mar. 11. Increased seasonally 
      adjusted output of autos and trucks offset declines in coal and electric power. 
      Before calculation of the four-week moving average, the index fell to 122.9, 
      from 123.5.
      
      The leading index fell slightly in the latest week. Large-business 
      failuresrose, and the growthrate of M2 slowed. The unaveraged index dropped to 
      253.6, from 254.6.
      
      BW production index copyright 1994 Bloomberg L.P.   BW leading index 
      copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
                                                      LATEST     WEEK         YEARLY
                                                      WEEK       AGO          % CHG
      STEEL (3/18) thous. of net tons                 2,082      2,015#        12.0
      AUTOS (3/18) units                              144,686    149,291r#      7.6
      TRUCKS (3/18) units                             123,194    122,513r#      7.9
      ELECTRIC POWER (3/18) millions of kilowatt-hrs. 54,412     58,329#       -2.5
      CRUDE-OILrEFINING (3/18) thous. of bbl./day     13,400     13,686#        4.5
      COAL (3/11) thous. of net tons                  20,320#    21,198        -2.9
      PAPERBOARD (3/11) thous. of tons                887.8#     939.1r         2.8
      PAPER (3/11) thous. of tons                     846.0#     864.0r         3.3
      LUMBER (3/11) millions of ft.                   452.8#     449.4         -9.3
      RAIL FREIGHT (3/11) billions of ton-miles       23.2 #     24.2           1.8
      
      Sources: American Iron & Steel Institute, Ward's Automotivereports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA1, SFPA2, Association of Americanrailroads
      
      LEADING INDICATORS
                                                LATEST          WEEK         YEARLY
                                                WEEK            AGO          % CHG
      STOCK PRICES (3/17) S&P 500               493.15          484.73         5.1
      CORPORATE BOND YIELD, Aaa (3/17)          8.04%           8.22%          7.8
      INDUSTRIAL MATERIALS PRICES (3/17)        114.0           113.5          NA*
      BUSINESS FAILURES (3/10)                  318             312           -3.3
      REAL ESTATE LOANS (3/8) billions         $468.1          $468.3         11.4
      MONEY SUPPLY, M2 (3/6) billions          $3,583.1        $3,585.6r       1.2
      INITIAL CLAIMS, UNEMPLOYMENT (3/4) thous. 338             332           -3.4
      
      Sources: Center for International Business Cycleresearch (CIBCR), Standard & 
      Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun & Bradstreet 
      (failures of large companies), Federalreserve, Labor Dept. CIBCR seasonally 
      adjusts data on business failures andreal estate loans. *Historical data 
      available from CIBCR.
      
      PRICES
                                                               LATEST  WEEK   YEARLY
                                                               WEEK    AGO     % CHG
      GOLD (3/22) $/troy oz.                                   382.250 386.150  -1.2
      STEEL SCRAP (3/21)#1 heavy, $/ton                        137.50  137.50   -1.4
      COPPER (3/18)  cents/lb.                                 143.7   140.8    49.7
      ALUMINUM (3/18)  cents/lb.                               88.5    90.0     42.7
      COTTON (3/18) strict low middling 1-1/16 in.,  cents/lb. 108.62  107.58   50.3
      OIL (3/21) $/bbl.                                        18.43   17.85    23.7
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      FOREIGN EXCHANGE
                              LATEST          WEEK            YEAR
                              WEEK            AGO             AGO
      JAPANESE YEN (3/22)     88.84           89.57           104.70
      GERMAN MARK (3/22)      1.40            1.39            1.66
      BRITISH POUND (3/22)    1.59            1.60            1.50
      FRENCH FRANC (3/22)     4.98            4.94            5.70
      ITALIAN LIRA (3/22)     1714.5          1680.3          1656.8
      CANADIAN DOLLAR (3/22)  1.40            1.42            1.37
      MEXICAN PESO (3/22)3    7.210           6.725           3.153
      
      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 (3/21)                    5.97%           5.93%           3.31%
      COMMERCIAL PAPER (3/22) 3-month         6.14            6.14            3.88
      CERTIFICATES OF DEPOSIT (3/22) 3-month  6.12            6.15            3.81
      FIXED MORTGAGE (3/17) 30-year           8.62            8.86            7.85
      ADJUSTABLE MORTGAGE (3/17) one-year     6.55            6.53            4.67
      PRIME (3/22)                            9.00            9.00            6.00
      
      Sources: Federalreserve, 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 availabler=revised   NM=Not 
      meaningful
      
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