Business Week Index

PRODUCTION INDEX

The production index increased slightly during the week ended Sept. 21. Before

calculation of the four-week moving average, the index declined sharply to

133.4, from 134.7. Seasonally adjusted output levels of autos, trucks, steel,

lumber, and electric power all dropped off in the latest week. Rail-freight

traffic as well as coal and crude-oil refining production edged higher.

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

BW production index copyright 1996 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
      
                                                     LATEST     WEEK      YEARLY
                                                     WEEK       AGO       % CHG
      STEEL (9/28) thous. of net tons                1,972      1,942#       1.8
      AUTOS (9/28) units                             125,847    129,596r#  -11.3
      TRUCKS (9/28) units                            130,394    120,735r#    2.1
      ELECTRIC POWER (9/28) millions of kilowatt-hrs.61,355     62,096#      4.0
      CRUDE-OIL REFINING (9/28) thous. of bbl./day   14,534     14,518#      1.8
      COAL (9/21) thous. of net tons                 22,453#    21,444       8.2
      LUMBER (9/21) millions of ft.                  495.6#     502.6        3.7
      RAIL FREIGHT (9/21) billions of ton-miles      26.5#      26.0        -0.4
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA*, SFPA**, Association of American Railroads
      
      LEADING INDICATORS
      
                                                    LATEST     WEEK       YEARLY
                                                     WEEK       AGO        % CHG
      STOCK PRICES (9/27) S&P 500                   686.19     687.02      17.7
      CORPORATE BOND YIELD, Aaa (9/27)              7.75%      7.80%       3.7
      INDUSTRIAL MATERIALS PRICES (9/27)            108.8      109.2      -3.0
      BUSINESS FAILURES (9/20)                      NA         NA          NA
      REAL ESTATE LOANS (9/18) billions            $525.8     $526.7       5.7
      MONEY SUPPLY, M2 (9/16) billions              NA         NA          NA
      INITIAL CLAIMS, UNEMPLOYMENT (9/21) thous.    340        329        -0.6
      
      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 (10/2) $/troy oz.             380.300    382.400      -0.7
      STEEL SCRAP (10/1) #1 heavy, $/ton 136.50     136.00       -4.9
      COPPER (9/27)  cents/lb.           94.3       92.8         -30.5
      ALUMINUM (9/27)  cents/lb.         65.5       66.5         -20.1
      COTTON (9/28) strict low middling
       1-1/16 in.,  cents/lb.            75.07      75.04        -18.9
      OIL (10/1) $/bbl.                  24.37      24.67         40.6
      CRB FOODSTUFFS INDEX (10/1)
       1967=100                          259.58     264.22         7.7
      CRB RAW INDUSTRIALS INDEX (10/1)
       1967=100                          338.60     339.79         1.8
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                        LATEST         WEEK     YEAR
                                         WEEK           AGO      AGO
      JAPANESE YEN (10/2)               111.85         110.38   99.95
      GERMAN MARK (10/2)                1.53           1.51     1.42
      BRITISH POUND (10/2)              1.57           1.56     1.58
      FRENCH FRANC (10/2)               5.19           5.11     4.95
      ITALIAN LIRA (10/2)               1522.0         1514.0   1616.6
      CANADIAN DOLLAR (10/2)            1.36           1.37     1.34
      MEXICAN PESO (10/2)***            7.511          7.525    6.535
      
      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 (10/1)               5.53%          5.28%    6.00%
      COMMERCIAL PAPER (10/2) 3-month    5.48           5.48     5.81
      CERTIFICATES OF DEPOSIT (10/2)
       3-month                           5.50           5.44     5.79
      FIXED MORTGAGE (9/27) 30-year      8.32           8.33     7.89
      ADJUSTABLE MORTGAGE (9/27)
       one-year                          6.04           6.04     5.79
      PRIME (10/1)                       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. *=Western Wood Products Assn. **=Southern Forest 
      Products Assn. ***=Free market value NA=Not available r=revised NM=Not 
      meaningful
      
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