Business Week Index

PRODUCTION INDEX

The production index increased moderately during the week ended June 15.

However, before calculation of the four-week moving average, the index slipped

to 131.6, from 131.9. In the latest week, declines in the seasonally adjusted

output levels of autos, trucks, and steel, as well as in rail-freight traffic,

offset production gains in coal, lumber, paper, and electric power.

The leading index will be unavailable for an indefinite period of time.

BusinessWeek Index
PRODUCTION INDICATORS
      
                                                   LATEST     WEEK      YEARLY
                                                   WEEK       AGO       % CHG
      STEEL (6/22) thous. of net tons              1,983      2,051#       1.6
      AUTOS (6/22) units                           139,418    142,178r#   11.6
      TRUCKS (6/22) units                          119,427    123,349r#   -4.0
      ELECTRIC POWER (6/22) millions of            70,688     66,360#      4.8
       kilowatt-hrs.
      CRUDE-OIL REFINING (6/22) thous. of bbl./day 14,250     14,252#     -3.3
      COAL (6/15) thous. of net tons               20,189#    19,828       9.1
      PAPERBOARD (6/15) thous. of tons             878.9#     886.0       -7.4
      PAPER (6/15) thous. of tons                  815.0#     816.0r      -1.2
      LUMBER (6/15) millions of ft.                480.8#     469.0        8.3
      RAIL FREIGHT (6/15) billions of ton-miles    25.5#      25.5         4.9
      
      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 (6/21) S&P 500                   666.84     665.85     21.9
      CORPORATE BOND YIELD, Aaa (6/21)              7.90%      7.93%       6.8
      INDUSTRIAL MATERIALS PRICES (6/21)            106.0      106.9      -7.4
      BUSINESS FAILURES (6/14)                      NA         NA          NA
      REAL ESTATE LOANS (6/12) billions             $507.8     $506.1r     4.9
      MONEY SUPPLY, M2 (6/10) billions              NA         NA          NA
      INITIAL CLAIMS, UNEMPLOYMENT (6/8) thous.     361        354        -4.2
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun 
      & Bradstreet (failures of large companies), Federal Reserve, Labor Dept.
      
      PRICES
      
                                        LATEST       WEEK       YEARLY
                                        WEEK         AGO        % CHG
      GOLD (6/26) $/troy oz.            383.800      386.300    -1.4
      STEEL SCRAP (6/25)#1 heavy, $/ton 138.50       136.50     -1.4
      COPPER (6/22)  cents/lb.          105.1        112.5      -27.9
      ALUMINUM (6/22)  cents/lb.        69.8         70.3       -18.2
      COTTON (6/22) strict low middling 79.88        81.67      -25.1
       1-1/16 in.,  cents/lb.
      OIL (6/25) $/bbl.                 19.88        21.26       11.1
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      FOREIGN EXCHANGE
      
                                LATEST       WEEK       YEAR
                                WEEK         AGO        AGO
      JAPANESE YEN (6/26)       109.55       107.97     84.79
      GERMAN MARK (6/26)        1.53         1.52       1.38
      BRITISH POUND (6/26)      1.54         1.54       1.59
      FRENCH FRANC (6/26)       5.17         5.16       4.86
      ITALIAN LIRA (6/26)       1534.9       1535.2     1640.0
      CANADIAN DOLLAR (6/26)    1.36         1.37       1.38
      MEXICAN PESO (6/26)3      7.603        7.522      6.270
      INTEREST RATES
      
      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 (6/25)                       5.15%       5.27%       5.95%
      COMMERCIAL PAPER (6/25) 3-month            5.50        5.50        5.94
      CERTIFICATES OF DEPOSIT (6/26) 3-month     5.48        5.46        5.91
      FIXED MORTGAGE (6/21) 30-year              8.50        8.57        7.74
      ADJUSTABLE MORTGAGE (6/21) one-year        6.08        6.15        5.84
      PRIME (6/26)                               8.25        8.25        9.00
      
      #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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