Business Week Index

PRODUCTION INDEX

The production index edged higher in the week ended July 13. Before calculation of the four-week moving average, the index increased to 132 from 130.9 in the week before. After seasonal adjustment, production gains in autos, trucks, coal, lumber, and rail-freight traffic more than offset declines in steel, electric power, and crude-oil refining. Paper and paperboard production data were not available.

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

BusinessWeek Index
PRODUCTION INDICATORS
                                                     LATEST     WEEK      YEARLY
                                                     WEEK       AGO%        CHG
      STEEL (7/20) thous. of net tons                1,939      1,941#      3.9
      AUTOS (7/20) units                           123,199    46,859r#     26.1
      TRUCKS (7/20) units                           96,740    29,810r#      4.4
      ELECTRIC POWER (7/20) millions of
       kilowatt-hrs.                                73,630     70,594#      0.4
      CRUDE-OIL REFINING (7/20) thous. of bbl./day  14,141     14,147#     -1.6
      COAL (7/13) thous. ef net tons                18,045#    13,554      -6.1
      PAPERBOARD (7/13) thous. of tons               872.9#     884.3r     -3.3
      PAPER (7/13) thous. of tons                    767.0#     771.0      -6.8
      LUMBER (7/13) millions of ft.                  457.2#     300.2      10.5
      RAIL FREIGHT (7/13) billions of ton-miles       24.7#      21.3       0.0
      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 (7/19) S&P 500                   638.73      646.19       14.9
      CORPORATE BOND YIELD, Aaa (7/19)                7.79%       7.89%       2.1
      INDUSTRIAL MATERIALS PRICES (7/19)            106.3       106.2        -7.6
      BUSINESS FAILURES (7/12)                        NA           NA          NA
      REAL ESTATE LOANS (7/10) billions            $521.8       $521.7r       6.2
      MONEY SUPPLY, M2 (7/8) billions                 NA           NA          NA
      INITIAL CLAIMS, UNEMPLOYMENT (7/6) thous.      370          351        -6.3
      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 (7/24) $/troy oz.            384.400     383.400      -0.5
      STEEL SCRAP (7/23) #1 heavy,
       $/ton                            133.50      133.50       -5.0
      COPPER (7/20)  cents/lb.           91.3        93.7       -35.4
      ALUMINUM (7/20)  cents/lb.         68.5        70.0       -23.9
      COTTON (7/20) strict low
       middling 1-1/16 in.,  cents/lb.   77.55       76.55      -15.2
      OIL (7/23) $/bbl.                  21.67       22.24       26.7
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis market, NYMEX
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK         YEAR
                                         WEEK           AGO          AGO
      JAPANESE YEN (7/24)               107.93       108.66         88.55
      GERMAN MARK (7/24)                  1.49         1.49          1.39
      BRITISH POUND (7/24)                1.55         1.55          1.60
      FRENCH FRANC (7/24)                 5.03         5.03          4.79
      ITALIAN LIRA (7/24)               1516.0       1522.0        1588.0
      CANADIAN DOLLAR (7/24)              1.37         1.37          1.36
      MEXICAN PESO (7/24)3               7.608        7.648         6.100
      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 (7/23)               5.25%          5.20%    5.75%
      COMMERCIAL PAPER (7/24) 3-month    5.50           5.55     5.80
      CERTIFICATES OF DEPOSIT (7/24)
       3-month                           5.51           5.54     5.77
      FIXED MORTGAGE (7/19) 30-year      8.44           8.55     7.95
      ADJUSTABLE MORTGAGE (7/19)
       one-year                          6.21           6.15     5.95
      PRIME (7/23)                       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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