Business Week Index

PRODUCTION INDEX

The production index declined slightly during the week ended Oct. 5. Before

calculation of the four-week moving average, the production index was unchanged

at 132.2. For the latest week, drops in the seasonally adjusted output levels

of autos, steel, trucks, and electric power offset increases in the production

of crude oil, coal, and lumber and rail-freight traffic.

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 (10/12) thous. of net tons               2,029      1,985#     8.7
      AUTOS (10/12) units                            127,372    120,282r# -2.7
      TRUCKS (10/12) units                           131,732    127,106r#  10.5
      ELECTRIC POWER (10/12) millions of
       kilowatt-hrs.                                 59,063     59,531#    2.7
      CRUDE-OIL REFINING (10/12) thous. of bbl./day  14,100     14,442#    5.6
      COAL (10/5) thous. of net tons                 22,604#    21,663     9.2
      LUMBER (10/5) millions of ft.                  483.0#     486.9      6.9
      RAIL FREIGHT (10/5) billions of ton-miles      26.6#      26.2       6.8
      
      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 (10/11) S&P 500                  700.66     701.46      20.7
      CORPORATE BOND YIELD, Aaa (10/11)             7.61%      7.64%       4.5
      INDUSTRIAL MATERIALS PRICES (10/11)           107.8      108.4      -3.0
      BUSINESS FAILURES (10/4)                       NA         NA          NA
      REAL ESTATE LOANS (10/2) billions              NA       $523.3        NA
      MONEY SUPPLY, M2 (9/30) billions               NA         NA          NA
      INITIAL CLAIMS, UNEMPLOYMENT (10/5) thous.    319        341r       -11.4
      
      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 (10/16) $/troy oz.           381.500       381.350    -0.6
      STEEL SCRAP (10/15) #1
       heavy, $/ton                     133.50        133.50     -5.0
      COPPER (10/11)  cents/lb.         95.5          93.4       -27.2
      ALUMINUM (10/11)  cents/lb.       63.5          64.5       -19.1
      COTTON (10/12) strict low
       middling 1-1/16 in.,  cents/lb.  73.87         74.77      -13.2
      OIL (10/15) $/bbl.                25.38         25.62r      43.9
      CRB FOODSTUFFS INDEX (10/15)
       1967=100                         254.82        257.58      5.1
      CRB RAW INDUSTRIALS INDEX
       (10/15) 1967=100                 336.66        339.73      1.5
      
      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 (10/16)              112.13     111.47   100.51
      GERMAN MARK (10/16)               1.54       1.53     1.41
      BRITISH POUND (10/16)             1.58       1.56     1.57
      FRENCH FRANC (10/16)              5.20       5.17     4.96
      ITALIAN LIRA (10/16)              1536.5     1521.6   1607.0
      CANADIAN DOLLAR (10/16)           1.36       1.35     1.34
      MEXICAN PESO (10/16)***           7.785      7.565    6.675
      
      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 (10/15)              5.41%          5.11%    5.71%
      COMMERCIAL PAPER (10/16) 3-month   5.42           5.43     5.80
      CERTIFICATES OF DEPOSIT (10/16)
       3-month                           5.40           5.40     5.78
      FIXED MORTGAGE (10/11) 30-year     8.09           8.20     7.72
      ADJUSTABLE MORTGAGE (10/11)
       one-year                          5.92           5.94     5.79
      PRIME (10/15)                      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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