Business Week Index

PRODUCTION AND LEADING INDEXES
      The production index was little changed in the week ended May 27. Before 
      calculation of the four-week moving average, the index rose to 121.5, from 
      120.3. Rebounds in the seasonally adjusted output of autos, trucks, and rail 
      freight helped to lift the index.
      The leading index also was hardly higher in the latest week. The unaveraged 
      index rose to 254.6, from 254.3. Rising stock prices and faster growth in M2 
      are signaling better growth ahead.
      BW production index copyright 1994 Bloomberg L.P.
      BW leading index copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
      
                                              LATEST      WEEK        YEARLY
                                              WEEK        AGO         % CHG
      STEEL (6/3) thous. of net tons          1,925       1,909#      3.6
      AUTOS (6/3) units                       97,574      131,170r#   -15.0
      TRUCKS (6/3) units                      81,196      114,689r#   -16.5
      ELECTRIC POWER (6/3)
       millions of kilowatt-hrs.              58,336      58,283#     1.8
      CRUDE-OIL REFINING (6/3)
       thous. of bbl./day                     14,536      14,532#     2.3
      COAL (5/27) thous. of net tons          19,157#     19,038      -4.0
      PAPERBOARD (5/27) thous. of tons        947.5#      937.8r      8.7
      PAPER (5/27) thous. of tons             836.0#      830.0r      2.5
      LUMBER (5/27) millions of ft.           415.0#      431.2       -14.4
      RAIL FREIGHT (5/27)
       billions of ton-miles                  23.6#       23.7        0.9
      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 (6/2) S&P 500              530.75      526.62      15.9
      CORPORATE BOND YIELD, Aaa (6/2)         7.33%       7.51%       -7.9
      INDUSTRIAL MATERIALS PRICES (6/2)       114.1       113.9       NA*
      BUSINESS FAILURES (5/26)                NA          NA          NA
      REAL ESTATE LOANS (5/24) billions       $477.7      $477.3      11.7
      MONEY SUPPLY, M2 (5/22) billions        $3,624.6    $3,617.1r   1.3
      INITIAL CLAIMS, UNEMPLOYMENT
       (5/20) thous.                          380         367         3.8
      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 (6/7) $/troy oz.                   385.900     384.300     1.2
      STEEL SCRAP (6/6) #1 heavy, $/ton       141.50      142.50      26.9
      COPPER (6/3) cents/lb.                  136.8       135.5       28.5
      ALUMINUM (6/3) cents/lb.                87.0        87.0        35.9
      COTTON (6/3) strict low
       middling 1-1/16 in., cents/lb.         108.86      108.57      36.9
      OIL (6/6) $/bbl.                        19.14       18.78       4.3
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
      
                                              LATEST      WEEK        YEAR
                                              WEEK        AGO         AGO
      FEDERAL FUNDS (6/6)                     5.96%       6.07%       4.13%
      COMMERCIAL PAPER (6/6) 3-month          5.87        6.02        4.52
      CERTIFICATES OF DEPOSIT (6/7) 3-month   5.86        5.96        4.43
      FIXED MORTGAGE (6/2) 30-year            7.89        8.04        8.69
      ADJUSTABLE MORTGAGE (6/2) one-year      5.95        6.03        5.54
      PRIME (6/7)                             9.00        9.00        7.25
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
      
                                              LATEST      WEEK        YEAR
                                              WEEK        AGO         AGO
      JAPANESE YEN (6/7)                      84.40       84.43       104.05
      GERMAN MARK (6/7)                       1.41        1.41        1.67
      BRITISH POUND (6/7)                     1.59        1.59        1.51
      FRENCH FRANC (6/7)                      4.95        4.96        5.68
      ITALIAN LIRA (6/7)                      1638.5      1639.5      1613.5
      CANADIAN DOLLAR (6/7)                   1.38        1.37        1.37
      MEXICAN PESO (6/7)3                     6.085       6.153       3.348
      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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