Business Week Index

PRODUCTION INDICATORS
                                                        LATEST   WEEK   YEARLY
                                                        WEEK     AGO     % CHG
      STEEL (9/30) thous. of net tons                  1,934    1,955#    1.4
      AUTOS (9/30) units                             139,170  132,228r#  16.4
      TRUCKS (9/30) units                            125,337  117,406r#  10.5
      ELECTRIC POWER (9/30) millions of kilowatt-hrs. 58,979    61,631#   1.8
      CRUDE-OIL REFINING (9/30) thous. of bbl./day    14,280    14,298#   1.5
      COAL (9/23) thous. of net tons                  20,650#   20,842    3.2
      PAPERBOARD (9/23) thous. of tons                 858.9     867.6r  -4.6
      PAPER (9/23) thous. of tons                      843.0     835.0r   1.7
      LUMBER (9/23) millions of ft.                    477.7#    475.1   -3.9
      RAIL FREIGHT (9/23) billions of ton-miles         25.3#     25.6    5.0
      
      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 (9/30) S&P 500                    582.91    583.69  26.0
      CORPORATE BOND YIELD, Aaa (9/30)               7.33 %    7.31 % -13.6
      INDUSTRIAL MATERIALS PRICES (9/30)             112.2     112.8    NA*
      BUSINESS FAILURES (9/22)                       313       307     -1.3
      REAL ESTATE LOANS (9/20) billions             $497.0    $499.3   11.7
      MONEY SUPPLY, M2 (9/18) billions            $3,717.8  $3,713.2r   4.0
      INITIAL CLAIMS, UNEMPLOYMENT (9/16) thous.     366       364     14.0
      
      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 (10/4) $/troy oz.              382.500    383.750    -2.9
      STEEL SCRAP (10/3) #1 heavy, $/ton  143.50     143.50      7.5
      COPPER (9/29)  cents/lb.            136.7      135.6       8.5
      ALUMINUM (9/29)  cents/lb.           82.0       82.0       3.8
      COTTON (9/29) strict low middling    88.65      92.53     28.8
      1-1/16 in.,  cents/lb.
      OIL (10/3) $/bbl.                    17.57      17.33     -0.7
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      FOREIGN EXCHANGE
                                          LATEST     WEEK       YEAR
                                           WEEK      AGO        AGO
      
      JAPANESE YEN (10/4)                 101.17     100.15     99.94
      GERMAN MARK (10/4)                    1.44       1.43      1.54
      BRITISH POUND (10/4)                  1.58       1.57      1.59
      FRENCH FRANC (10/4)                   4.96       4.92      5.27
      ITALIAN LIRA (10/4)                 1613.3     1605.5    1570.4
      CANADIAN DOLLAR (10/4)                1.33       1.35      1.35
      MEXICAN PESO (10/4)3                 6.535      6.395     3.417
      
      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 (10/3)                   5.75%    5.73%   5.07%
      COMMERCIAL PAPER (10/3) 3-month        5.81     5.76    5.49
      CERTIFICATES OF DEPOSIT (10/4) 3-month 5.78     5.78    5.51
      FIXED MORTGAGE (9/29) 30-year          7.89     7.82    8.91
      ADJUSTABLE MORTGAGE (9/29) one-year    5.79     5.80    5.69
      PRIME (10/4)                           8.75     8.75    7.75
      
      Sources: Federal Reserve, 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 available   r=revised   NM=Not 
      meaningful
      

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