Business Week Index

PRODUCTION INDEX

The production index edged up slightly during the week ended June 22. However,

before calculation of the four-week moving average, the index dropped by 0.7%

to 130.7, from 131.6. In the latest week, a decline in the seasonally adjusted

output of coal also brought down rail freight traffic. Truck, steel, crude-oil

refining, and paper production declined as well.

The leading index will be unavailable for an indefinite period.

BusinessWeek Index
PRODUCTION INDICATORS
      
                                                     LATEST     WEEK      YEARLY
                                                     WEEK       AGO       % CHG
      STEEL (6/29) thous. of net tons                1,986      1,983#      6.1
      AUTOS (6/29) units                           133,237    143,282r#     7.2
      TRUCKS (6/29) units                          111,338    118,800r#    -7.8
      ELECTRIC POWER (6/29)
       millions of kilowatt-hrs.                        NA    70,688#        NA
      CRUDE-OIL REFINING (6/29)
       thous. of bbl./day                               NA    14,252#        NA
      COAL (6/22) thous. of net tons                18,470#   20,189       -7.5
      PAPERBOARD (6/22) thous. of tons               884.0#    874.4r      -8.3
      PAPER (6/22) thous. of tons                    819.0#    820.0r      -1.8
      LUMBER (6/22) millions of ft.                  471.9#    480.8       11.4
      RAIL FREIGHT (6/22) billions of ton-miles       24.6#     25.5       -0.4
      
      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 (6/28) S&P 500                   670.63    666.84       23.3
      CORPORATE BOND YIELD, Aaa (6/28)                7.83%     7.90%       5.4
      INDUSTRIAL MATERIALS PRICES (6/28)             105.8     106.0       -8.2
      BUSINESS FAILURES (6/21)                          NA        NA         NA
      REAL ESTATE LOANS (6/19) billions             $508.7    $507.8        4.9
      MONEY SUPPLY, M2 (6/17) billions                  NA        NA         NA
      INITIAL CLAIMS, UNEMPLOYMENT (6/15) thous.       357       360r     -13.1
      
      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 (7/2) $/troy oz.             381.950      383.800     -0.9
      STEEL SCRAP (7/1)#1 heavy, $/ton   138.50       138.50     -1.4
      COPPER (6/29)  cents/lb.            99.3         105.1    -30.3
      ALUMINUM (6/29)  cents/lb.          70.0          69.8    -17.2
      COTTON (6/29) strict low middling
       1-1/16 in.,  cents/lb.            77.64         79.88    -12.1
      OIL (7/1) $/bbl.                   21.30         19.88     22.4
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
      
                                        LATEST          WEEK     YEAR
                                         WEEK           AGO       AGO
      FEDERAL FUNDS (7/1)                7.80%          5.15%    6.21%
      COMMERCIAL PAPER (7/1) 3-month     5.50           5.50     5.86
      CERTIFICATES OF DEPOSIT (7/1)
       3-month                           5.45           5.48     5.85
      FIXED MORTGAGE (6/28) 30-year      8.49           8.50     7.80
      ADJUSTABLE MORTGAGE (6/28)
       one-year                          6.11           6.08     5.83
      PRIME (7/1)                        8.25           8.25     9.00
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK     YEAR
                                         WEEK           AGO      AGO
      JAPANESE YEN (7/2)                110.13        109.55    85.99
      GERMAN MARK (7/2)                   1.53          1.53     1.39
      BRITISH POUND (7/2)                 1.56          1.54     1.60
      FRENCH FRANC (7/2)                  5.16          5.17     4.84
      ITALIAN LIRA (7/2)                1535.5        1534.9   1618.3
      CANADIAN DOLLAR (7/2)               1.36          1.36     1.37
      MEXICAN PESO (7/2)3                7.583         7.603    6.220
      
      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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