Business Week Index

PRODUCTION INDICATORS
                                        LATEST    WEEK       YEARLY
                                        WEEK      AGO        % CHG
      STEEL (9/16) thous. of net tons   1,965     1,984#     12.7
      AUTOS (9/16) units                115,881   102,705r#  -12.4
      TRUCKS (9/16) units               106,209   94,668r#   -11.0
      ELECTRIC POWER (9/16)
       millions of kilowatt-hrs.        64,211    66,148#    0.6
      CRUDE-OIL REFINING (9/16)
       thous. of bbl./day               14,529    14,730#    3.3
      COAL (9/9) thous. of net tons     19,939#   20,705     4.4
      PAPERBOARD (9/9) thous. of tons   823.0#    846.2r     -7.9
      PAPER (9/9) thous. of tons        839.0#    848.0r     0.0
      LUMBER (9/9) millions of ft.      389.9#    457.2      -2.2
      RAIL FREIGHT (9/9)
       billions of ton-miles            23.2#     25.7       5.9
      
      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 (9/16) S&P 500       579.23    570.58     23.3
      CORPORATE BOND YIELD,
       Aaa (9/16)                       7.29%     7.33%      -12.4
      INDUSTRIAL MATERIALS
       PRICES (9/16)                    113.0     113.5      NA*
      BUSINESS FAILURES (9/8)           380       332        9.8
      REAL ESTATE LOANS (9/6) billions  $496.4    $495.4     11.9
      MONEY SUPPLY, M2 (9/4) billions   $3,714.0  $3,709.6r  3.9
      INITIAL CLAIMS,
       UNEMPLOYMENT (9/2) thous.        341       348r       3.3
      
      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 (9/20) $/troy oz.            384.500   384.900    -1.7
      STEEL SCRAP (9/19)
       #1 heavy, $/ton                  143.50    143.50     6.7
      COPPER (9/15)  cents/lb.          133.5     136.2      7.2
      ALUMINUM (9/15)  cents/lb.        82.0      82.5       5.8
      COTTON (9/15) strict low
       middling 1-1/16 in.,  cents/lb.  90.04     88.56      23.7
      OIL (9/19) $/bbl.                 19.00     18.73      10.5
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                        LATEST    WEEK       YEAR
                                        WEEK      AGO        AGO
      FEDERAL FUNDS (9/19)              5.73%     5.65%      4.73%
      COMMERCIAL PAPER (9/20) 3-month   5.69      5.72       5.07
      CERTIFICATES OF DEPOSIT
       (9/20) 3-month                   5.69      5.71       5.08
      FIXED MORTGAGE (9/15) 30-year     7.81      7.84       8.80
      ADJUSTABLE MORTGAGE
       (9/15) one-year                  5.90      5.85       5.68
      PRIME (9/20)                      8.75      8.75       7.75
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                        LATEST    WEEK       YEAR
                                        WEEK      AGO        AGO
      JAPANESE YEN (9/20)               103.34    102.59     97.74
      GERMAN MARK (9/20)                1.47      1.50       1.55
      BRITISH POUND (9/20)              1.55      1.55       1.58
      FRENCH FRANC (9/20)               5.07      5.15       5.28
      ITALIAN LIRA (9/20)               1617.3    1617.0     1565.0
      CANADIAN DOLLAR (9/20)            1.36      1.35       1.34
      MEXICAN PESO (9/20)3              6.300     6.285      3.408
      
      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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