Business Week Index

The production index increased during the week ended Mar. 2, but the index

before calculation of the four-week moving average dropped slightly, to 127.1,

from a revised 127.2. A drop in seasonally adjusted output of autos led the

decline.

The leading index fell in the latest week. The unaveraged index dropped to

256.9, from 257.8. A drop in stock prices and higher bond yields contributed to

the slower reading of future economic growth.

BW production index copyright 1996 Bloomberg L.P.

BW leading index copyright 1996 by CIBCR

BusinessWeek Index
PRODUCTION INDICATORS
                                         LATEST       WEEK       YEARLY
                                         WEEK         AGO        % CHG
      STEEL (3/9) thous. of net tons     2,101        2,085#     4.4
      AUTOS (3/9) units                  114,593      123,394r#  -23.2
      TRUCKS (3/9) units                 129,517      126,824r#  5.7
      ELECTRIC POWER (3/9) millions of
       kilowatt-hrs.                     62,056       60,553#    6.4
      CRUDE-OIL REFINING (3/9)
       thous. of bbl./day                13,647       13,794#    -0.3
      COAL (3/2) thous. of net tons      21,615#      21,246     5.0
      PAPERBOARD (3/2) thous. of tons    NA#          NA         NA
      PAPER (3/2) thous. of tons         NA#          NA         NA
      LUMBER (3/2) millions of ft.       440.1#       450.2      -2.1
      RAIL FREIGHT (3/2) billions
       of ton-miles                      25.9#        25.2       2.4
      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 (3/8) S&P 500         649.15       645.45     33.9
      CORPORATE BOND YIELD, Aaa (3/8)    7.21%        7.20%      -12.3
      INDUSTRIAL MATERIALS PRICES (3/8)  108.8        110.6      -4.2
      BUSINESS FAILURES (3/1)            326          191        12.8
      REAL ESTATE LOANS (2/28) billions  $505.2       $504.4     7.9
      MONEY SUPPLY, M2 (2/26) billions   $3,673.0     $3,665.1r  2.4
      INITIAL CLAIMS, UNEMPLOYMENT
       (2/24) thous.                     357          382        7.5
      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.
      
      PRICES
                                         LATEST       WEEK       YEARLY
                                         WEEK         AGO        % CHG
      GOLD (3/13) $/troy oz.             396.500      393.600    3.3
      STEEL SCRAP (3/12)
        #1 heavy, $/ton                  139.00       144.50     1.1
      COPPER (3/9)  cents/lb.            122.2        120.0      -13.2
      ALUMINUM (3/9)  cents/lb.          75.3         74.3       -16.4
      COTTON (3/9) strict low middling
       1-1/16 in., cents/lb.             79.85        80.28      -25.8
      OIL (3/12) $/bbl.                  20.46        19.54      14.6
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                         LATEST       WEEK       YEAR
                                         WEEK         AGO        AGO
      FEDERAL FUNDS (3/12)               5.25%        5.13%      5.94%
      COMMERCIAL PAPER (3/13) 3-month    5.34         5.19       6.15
      CERTIFICATES OF DEPOSIT
       (3/13) 3-month                    5.30         5.17       6.14
      FIXED MORTGAGE (3/8) 30-year       7.63         7.69       8.86
      ADJUSTABLE MORTGAGE (3/8) one-year 5.48         5.50       6.53
      PRIME (3/13)                       8.25         8.25       9.00
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                         LATEST       WEEK       YEAR
                                         WEEK         AGO        AGO
      JAPANESE YEN (3/13)                105.34       105.32     89.29
      GERMAN MARK (3/13)                 1.47         1.48       1.39
      BRITISH POUND (3/13)               1.52         1.53       1.59
      FRENCH FRANC (3/13)                5.04         5.05       4.96
      ITALIAN LIRA (3/13)                1564.8       1557.1     1701.5
      CANADIAN DOLLAR (3/13)             1.37         1.37       1.42
      MEXICAN PESO (3/13)3               7.590        7.593      7.120
      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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