Business Week Index

The production index dipped during the week ended Feb. 1. Before calculation of

the four-week moving average, the index fell sharply, to 135.5, from 136.9 in

the previous week. On a seasonally adjusted basis, auto and truck production

were down quite a bit. Electric power and crude-oil refining output increased

in the week. For the entire month of January, the index stood at 135.5, up

modestly from a 135.1 reading in December.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                               LATEST       WEEK       YEARLY
                                                WEEK        AGO         %CHG
      STEEL (2/8) thous. of net tons            2,033        2,019#      2.3
      AUTOS (2/8) units                       126,932      126,347 r#   -4.1
      TRUCKS (2/8) units                      128,273      130,948 r#    8.5
      ELECTRIC POWER (2/8) millions of
      kilowatt-hrs.                                NA       66,073#       NA
      CRUDE-OIL REFINING (2/8) thous.
      of bbl./day                              13,235       13,711#      -2.8
      COAL (2/1) thous. of net tons            20,248#      19,950       14.8
      LUMBER (2/1) millions of ft.              507.3#       487.2       29.2
      RAIL FREIGHT (2/1) billions of ton-miles   26.4#        26.1       11.9
      
      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 (2/7) S&P 500               789.56       786.16       21.5
      CORPORATE BOND YIELD, Aaa (2/7)            7.34%        7.48%       6.8
      INDUSTRIAL MATERIALS PRICES (2/7)         109.2        107.8       -0.7
      BUSINESS FAILURES (1/31)                     NA           NA         NA
      REAL ESTATE LOANS (1/29) billions            NA           NA         NA
      MONEY SUPPLY, M2 (1/27) billions       $3,857.8     $3,856.2 r      5.0
      INITIAL CLAIMS, UNEMPLOYMENT (2/1)
      thous.                                      325          337      -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 (2/12) $/troy oz.                  337.700      343.400      -16.2
      STEEL SCRAP (2/7)#1 heavy, $/ton         146.50       131.00        1.4
      COPPER (2/7)  cents/lb.                   110.8        111.1       -8.5
      ALUMINUM (2/7)  cents/lb.                  77.5         77.8        3.3
      COTTON (2/8) strict low middling 1-1/16
      in.,  cents/lb.                           70.86        71.27      -13.6
      OIL (2/11) $/bbl.                         22.42        23.62       18.6
      CRB FOODSTUFFS (2/11) 1967=100           235.18       234.28        0.8
      CRB RAW INDUSTRIALS (2/11) 1967=100      343.47       340.27        5.5
      
      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 (2/12)                      123.83       123.37     105.76
      GERMAN MARK (2/12)                         1.68         1.65       1.47
      BRITISH POUND (2/12)                       1.63         1.64       1.54
      FRENCH FRANC (2/12)                        5.68         5.56       5.05
      ITALIAN LIRA (2/12)                      1649.0       1622.7     1583.2
      CANADIAN DOLLAR (2/12)                     1.36         1.34       1.38
      MEXICAN PESO (2/12)***                    7.790        7.820      7.540
      TRADE-WEIGHTED DOLLAR INDEX (2/12)        104.3        103.2       96.3
      
      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 (2/11)                       5.07%        5.18%      5.09%
      COMMERCIAL PAPER (2/12) 3-month            5.40         5.43       5.12
      CERTIFICATES OF DEPOSIT (2/12) 3-month     5.36         5.40       5.45
      FIXED MORTGAGE (2/7) 30-year               7.89         8.05       7.29
      ADJUSTABLE MORTGAGE (2/7) one-year         5.74         5.83       5.39
      PRIME (2/11)                               8.25         8.25       8.25
      
      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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