Business Week Index

PRODUCTION INDEX

The production index rose modestly in the week ended Jan. 11. Before

calculation of the four-week moving average, the index also edged up, to 136.9

from 136.3. After two weeks in which holidays closed plants at midweek,

seasonally adjusted output is moving back to a smoother uptrend. In the latest

week, output of electric power was up sharply because of unusually cold weather

across parts of the nation.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                                 LATEST     WEEK      YEARLY
                                                   WEEK      AGO%       CHG
      STEEL (1/18) thous. of net tons             1,954    1,997   r#    -3.9
      AUTOS (1/18) units                        116,180    114,608 r#     8.3
      TRUCKS (1/18) units                       125,925    120,155 r#    27.6
      ELECTRIC POWER (1/18) millions of
      kilowatt-hrs.                                  NA    65,741#         NA
      CRUDE-OIL REFINING (1/18) thous. of bbl./day   NA    13,774#         NA
      COAL (1/11) thous. of net tons            20,253#    19,773        21.1
      LUMBER (1/11) millions of ft.              477.9#     298.9         4.3
      RAIL FREIGHT (1/11) billions of ton-miles   25.6#      22.9        10.8
      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 (1/17) S&P 500               776.17     759.50        27.9
      CORPORATE BOND YIELD, Aaa (1/17)            7.39%      7.42%        9.2
      INDUSTRIAL MATERIALS PRICES (1/17)         108.9      108.6        -1.2
      BUSINESS FAILURES (1/10)                      NA      NA            NA
      REAL ESTATE LOANS (1/8) billions              NA      NA            NA
      MONEY SUPPLY, M2 (1/6) billions         $3,841.7   $3,824.4r        4.5
      INITIAL CLAIMS, UNEMPLOYMENT (1/11) thous.   323        355r        2.2
      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 (1/22) $/troy oz.                   351.200    354.450       -12.7
      STEEL SCRAP (1/17)#1 heavy, $/ton         133.00     131.50        -8.0
      COPPER (1/17)  cents/lb.                   112.1      112.1        -5.4
      ALUMINUM (1/17)  cents/lb.                  77.0       75.0         2.0
      COTTON (1/18) strict low middling
      1-1/16 in.,  cents/lb.                     70.26      70.08       -12.5
      OIL (1/21) $/bbl.                          24.37      24.86        30.0
      CRB FOODSTUFFS (1/21) 1967=100            234.18     236.44         0.6
      CRB RAW INDUSTRIALS (1/21) 1967=100       340.34     340.11         3.3
      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 (1/22)                       118.85     117.24      106.60
      GERMAN MARK (1/22)                          1.64       1.59        1.49
      BRITISH POUND (1/22)                        1.65       1.68        1.51
      FRENCH FRANC (1/22)                         5.52       5.37        5.10
      ITALIAN LIRA (1/22)                       1594.5     1548.5      1604.5
      CANADIAN DOLLAR (1/22)                      1.34       1.34        1.38
      MEXICAN PESO (1/22)***                     7.792       7.809      7.400
      TRADE-WEIGHTED DOLLAR INDEX (1/22)         101.5       100.2       97.3
      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 (1/21)                    5.33%    5.14%    5.44%
      COMMERCIAL PAPER (1/22) 3-month         5.44     5.46     5.35
      CERTIFICATES OF DEPOSIT (1/22) 3-month  5.41     5.43     5.36
      FIXED MORTGAGE (1/17) 30-year           8.04     7.99     7.30
      ADJUSTABLE MORTGAGE (1/17) one-year     5.85     5.78     5.59
      PRIME (1/21)                            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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