Business Week Index

The production index increased modestly during the weeks ended Dec. 14 and Dec.

21. Before calculation of the four-week moving average, the index rose to 135.4

in the week of Dec. 14 and 136.7 in the week of Dec. 21. For the latest week,

seasonally adjusted auto and truck production fell, but electric power output

and rail-freight traffic increased.

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

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                              LATEST      WEEK      YEARLY
                                                WEEK      AGO%        CHG
      STEEL (12/28) thous. of net tons         1,998      2,004   #   10.2
      AUTOS (12/28) units                          0    125,842 #       NM
      TRUCKS (12/28) units                         0    132,499 #       NM
      ELECTRIC POWER (12/28) millions of
      kilowatt-hrs.                               NA     66,837  #      NA
      CRUDE-OIL REFINING (12/28) thous. of
      bbl./day                                    NA     14,210  #      NA
      COAL (12/21) thous. of net tons         21,239  #  21,939        7.1
      LUMBER (12/21) millions of ft.           464.6 #    478.1        9.8
      RAIL FREIGHT (12/21) billions of
      ton-miles                                 25.6  #    26.9        4.9
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      LEADING INDICATORS
                                              LATEST      WEEK       YEARLY
                                               WEEK       AGO%        CHG
      STOCK PRICES (12/27) S&P 500            756.79     748.87       23.1
      CORPORATE BOND YIELD, Aaa (12/27)         7.23%      7.28%       6.6
      INDUSTRIAL MATERIALS PRICES (12/27)      107.1      107.1       -3.9
      BUSINESS FAILURES (12/20)                   NA         NA         NA
      REAL ESTATE LOANS (12/18) billions          NA         NA         NA
      MONEY SUPPLY, M2 (12/16) billions     $3,822.6   $3,820.3        4.4
      INITIAL CLAIMS, UNEMPLOYMENT (12/21)
      thous.                                     335        350      -10.4
      
      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 (12/30) $/troy oz.                369.250    368.900       -5.3
      STEEL SCRAP (12/27) #1 heavy, $/ton     116.50     116.50      -13.7
      COPPER (12/27)  cents/lb.                102.0      104.6      -21.9
      ALUMINUM (12/27)  cents/lb.               72.5       72.5       -9.1
      COTTON (12/28) strict low
      middling 1-1/16 in.,  cents/lb.          72.32      72.17       -9.0
      OIL (12/30) $/bbl.                       25.19      27.95       27.2
      CRB FOODSTUFFS (12/27) 1967=100         233.22     232.46       -1.1
      CRB RAW INDUSTRIALS (12/27) 1967=100    335.32     333.49        1.1
      
      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 (12/30)                  115.85      114.48     105.05
      GERMAN MARK (12/30)                     1.56        1.56       1.45
      BRITISH POUND (12/30)                   1.69        1.67       1.55
      FRENCH FRANC (12/30)                    5.25        5.25       4.95
      ITALIAN LIRA (12/30)                  1531.5      1528.5     1579.6
      CANADIAN DOLLAR (12/30)                 1.37        1.37       1.36
      MEXICAN PESO (12/30)***                7.853       7.836      7.580
      TRADE-WEIGHTED DOLLAR INDEX (12/30)     99.7        99.3       97.9
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars. Trade-weighted dollar via J.P. Morgan.
      
      INTEREST RATES
                                               LATEST     WEEK        YEAR
                                                WEEK       AGO        AGO
      FEDERAL FUNDS (12/27)                     4.77%      5.25%      5.35%
      COMMERCIAL PAPER (12/30) 3-month          5.65       5.60       5.50
      CERTIFICATES OF DEPOSIT (12/30) 3-month   5.51       5.44       5.44
      FIXED MORTGAGE (12/27) 30-year            7.85       7.92       7.40
      ADJUSTABLE MORTGAGE (12/27) one-year      5.73       5.73       5.63
      PRIME (12/30)                             8.25       8.25       8.50
      
      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.    ***=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      
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