Business Week Index

PRODUCTION INDICATORS
                                              LATEST    WEEK       YEARLY
                                              WEEK      AGO        % CHG
      STEEL (8/19) thous. of net tons         1,873     1,922#     3.6
      AUTOS (8/19) units                      95,717    103,549r#  -24.5
      TRUCKS (8/19) units                     112,079   107,665r#  -8.4
      ELECTRIC POWER (8/19)
       millions of kilowatt-hrs.              79,332    74,474#    16.7
      CRUDE-OIL REFINING (8/19)
       thous. of bbl./day                     14,157    14,236#    -1.4
      COAL (8/12) thous. of net tons          19,853#   18,505     -2.6
      PAPERBOARD (8/12) thous. of tons        902.4#    906.8r     2.9
      PAPER (8/12) thous. of tons             847.0#    852.0r     0.4
      LUMBER (8/12) millions of ft.           438.7#    435.1      -8.2
      RAIL FREIGHT (8/12)
       billions of ton-miles                  24.2#     23.6       0.8
      
      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 (8/18) S&P 500             559.31    558.54     20.6
      CORPORATE BOND YIELD, Aaa (8/18)        7.64%     7.58%      -5.3
      INDUSTRIAL MATERIALS PRICES (8/18)      113.8     114.0      NA*
      BUSINESS FAILURES (8/11)                NA        NA         NA
      REAL ESTATE LOANS (8/9) billions        $493.2    $491.6r    12.0
      MONEY SUPPLY, M2 (8/7) billions         $3,695.7  $3,687.0r  3.3
      INITIAL CLAIMS, UNEMPLOYMENT
       (8/5) thous.                           332       321        2.2
      
      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 (8/23) $/troy oz.                  382.750   382.000    0.2
      STEEL SCRAP (8/22) #1 heavy, $/ton      146.50    146.50     8.9
      COPPER (8/18)  cents/lb.                143.4     140.1      27.0
      ALUMINUM (8/18)  cents/lb.              88.8      88.5       25.0
      COTTON (8/18) strict low middling
       1-1/16 in.,  cents/lb.                 84.99     81.68      24.9
      OIL (8/22) $/bbl.                       18.54     17.42      5.9
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST    WEEK       YEAR
                                              WEEK      AGO        AGO
      FEDERAL FUNDS (8/22)                    5.68%     5.90%      4.66%
      COMMERCIAL PAPER (8/22) 3-month         5.83      5.86       4.90
      CERTIFICATES OF DEPOSIT (8/23) 3-month  5.78      5.80       4.87
      FIXED MORTGAGE (8/18) 30-year           8.20      8.02       8.69
      ADJUSTABLE MORTGAGE (8/18) one-year     6.05      5.91       5.66
      PRIME (8/23)                            8.75      8.75       7.75
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                              LATEST    WEEK       YEAR
                                              WEEK      AGO        AGO
      JAPANESE YEN (8/23)                     96.36     97.75      99.36
      GERMAN MARK (8/23)                      1.48      1.48       1.54
      BRITISH POUND (8/23)                    1.54      1.55       1.56
      FRENCH FRANC (8/23)                     5.07      5.06       5.29
      ITALIAN LIRA (8/23)                     1617.5    1623.5     1571.3
      CANADIAN DOLLAR (8/23)                  1.36      1.36       1.37
      MEXICAN PESO (8/23)3                    6.270     6.165      3.355
      
      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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