Business Week Index

PRODUCTION INDEX

The production index edged down during the week ended July 6. Before calculation of the four-week moving average, the index fell to 130.9, from 132.1. Auto and truck plants were closed for most of the week in observance of Independence Day, and many lumber mills shut down for yearly maintenance. Seasonally adjusted output of steel and rail-freight traffic increased for the week.

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

BusinessWeek Index
PRODUCTION INDICATORS
                                                     LATEST     WEEK      YEARLY
                                                     WEEK       AGO       % CHG
      STEEL (7/13) thous. of net tons                1,941      2,005#      0.8
      AUTOS (7/13) units                            50,646    11,904r#     26.8
      TRUCKS (7/13) units                           32,446    10,522r#    122.6
      ELECTRIC POWER (7/13)
       millions of kilowatt-hrs.                    70,594     69,553#     -5.1
      CRUDE-OIL REFINING (7/13)
       thous. of bbl./day                           14,147     14,160#     -2.7
      COAL (7/6) thous. of net tons                13,554#     17,815      14.1
      PAPERBOARD (7/6) thous. of tons               883.7#     910.0r      -0.7
      PAPER (7/6) thous. of tons                    771.0#     800.0r      -7.4
      LUMBER (7/6) millions of ft.                  300.2#     474.0       29.2
      RAIL FREIGHT (7/6)
       billions of ton-miles                         21.3#      24.3        2.9
      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 (7/12) S&P 500                   646.19      657.44       15.6
      CORPORATE BOND YIELD, Aaa (7/12)                7.89%       7.79%       6.8
      INDUSTRIAL MATERIALS PRICES (7/12)             106.2       105.6       -8.1
      BUSINESS FAILURES (7/5)                          NA          NA         NA
      REAL ESTATE LOANS (7/3) billions              $521.8      $508.2        6.6
      MONEY SUPPLY, M2 (7/1) billions                  NA          NA         NA
      INITIAL CLAIMS, UNEMPLOYMENT
       (6/29) thous.                                   351        354r       -4.6
      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 (7/17) $/troy oz.            383.400      383.000     -1.5
      STEEL SCRAP (7/16)
       #1 heavy, $/ton                  133.50       133.50      -5.0
      COPPER (7/13)  cents/lb.           93.7         92.5      -35.8
      ALUMINUM (7/13)  cents/lb.         70.0         69.5      -19.5
      COTTON (7/13) strict low middling
       1-1/16 in.,  cents/lb.            76.55        76.43     -20.9
      OIL (7/16) $/bbl.                  22.24        21.30      28.3
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis market, NYMEX
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK         YEAR
                                         WEEK           AGO          AGO
      JAPANESE YEN (7/17)              108.66         110.08        87.48
      GERMAN MARK (7/17)                 1.49           1.52         1.39
      BRITISH POUND (7/17)               1.55           1.55         1.59
      FRENCH FRANC (7/17)                5.03           5.16         4.82
      ITALIAN LIRA (7/17)              1522.0         1534.3       1604.4
      CANADIAN DOLLAR (7/17)             1.37           1.37         1.36
      MEXICAN PESO (7/17)3              7.648          7.611        6.140
      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 (7/16)               5.20%          5.14%     5.72%
      COMMERCIAL PAPER (7/17)
       3-month                           5.55           5.54      5.77
      CERTIFICATES OF DEPOSIT (7/17)
       3-month                           5.54           5.55      5.75
      FIXED MORTGAGE (7/12) 30-year      8.55           8.36      7.64
      ADJUSTABLE MORTGAGE (7/12)
       one-year                          6.15           6.07      5.78
      PRIME (7/16)                       8.25           8.25      8.75
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #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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