Business Week Index

PRODUCTION INDICATORS
                                              LATEST    WEEK       YEARLY
                                              WEEK      AGO        % CHG
      STEEL (7/8) thous. of net tons          1,919     1,859#       1.3
      AUTOS (7/8) units                       11,924    124,295r#   -43.9
      TRUCKS (7/8) units                      20,070    120,702r#   -12.9
      ELECTRIC POWER (7/8) millions of
       kilowatt-hrs.                          63,775    66,514#     -7.0
      CRUDE-OILREFINING (7/8) thous. of
       bbl./day                               14,400    14,570#      1.4
      COAL (7/1) thous. of net tons           18,615#   20,064      -0.1
      PAPERBOARD (7/1) thous. of tons         926.8#    941.2r       4.1
      PAPER (7/1) thous. of tons              842.0#    833.0r       1.7
      LUMBER (7/1) millions of ft.            411.4#    423.7       -10.9
      RAIL FREIGHT (7/1) billions of
       ton-miles                              23.4#     23.7         3.5
      
      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 (7/7) S&P 500              551.18    543.98       23.1
      CORPORATE BOND YIELD, Aaa (7/7)         7.29%     7.29%       -10.9
      INDUSTRIAL MATERIALS PRICES (7/7)       115.0     115.3        NA*
      BUSINESS FAILURES (6/30)                NA        NA           NA
      REAL ESTATE LOANS (6/28) billions       $485.8    $485.0       12.2
      MONEY SUPPLY, M2 (6/26) billions        $3,663.5  $3,660.5r    2.6
      INITIAL CLAIMS, UNEMPLOYMENT (6/24)
       thous.                                 369       396          4.5
      
      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 (7/12) $/troy oz.                  386.700   384.250     0.5
      STEEL SCRAP (7/11)#1 heavy, $/ton       140.50    140.50      20.6
      COPPER (7/8)  cents/lb.                 141.5     142.5       23.8
      ALUMINUM (7/8)  cents/lb.               85.0      84.5        17.2
      COTTON (7/8) strict low middling
       1-1/16 in.,  cents/lb.                 100.60    105.38      40.8
      OIL (7/11) $/bbl.                       17.25     17.40      -6.0
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST    WEEK       YEAR
                                              WEEK      AGO        AGO
      FEDERAL FUNDS (7/11)                    5.75%     5.89%      4.30%
      COMMERCIAL PAPER (7/12) 3-month         5.73      5.94       4.80
      CERTIFICATES OF DEPOSIT (7/12) 3-month  5.73      5.88       4.78
      FIXED MORTGAGE (7/7) 30-year            7.86      7.80       8.81
      ADJUSTABLE MORTGAGE (7/7) one-year      5.86      5.83       5.55
      PRIME (7/12)                            8.75      9.00       7.25
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                              LATEST         WEEK             YEAR
                              WEEK            AGO             AGO
      JAPANESE YEN (7/12)     87.53           84.96           97.99
      GERMAN MARK (7/12)      1.40            1.38            1.55
      BRITISH POUND (7/12)    1.59            1.59            1.56
      FRENCH FRANC (7/12)     4.88            4.84            5.33
      ITALIAN LIRA (7/12)     1619.0          1622.9          1544.5
      CANADIAN DOLLAR (7/12)  1.35            1.37            1.38
      MEXICAN PESO (7/12)3    6.110           6.240           3.398
      
      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 availabler=revised   NM=Not 
      meaningful
      

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