Business Week Index

The production index edged down for the second week in a row by falling in the

week ended Feb. 8. However, before calculation of the four-week moving average,

the index rose to 135.7, from 135.5. On a seasonally adjusted basis, output

levels of coal, rail-freight traffic, and steel increased. Milder weather

during the latest week contributed to a sharp decline in electric power output,

and a work slowdown caused a decline in auto production.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                              LATEST      WEEK      YEARLY
                                               WEEK        AGO       % CHG
      STEEL (2/15) thous. of net tons         2,078        2,033#      1.2
      AUTOS (2/15) units                    128,604      125,596 r#    5.7
      TRUCKS (2/15) units                   128,390      131,018 r#    5.7
      ELECTRIC POWER (2/15) millions of
      kilowatt-hrs.                         NA            63,054#       NA
      CRUDE-OIL REFINING (2/15) thous. of
      bbl./day                              NA            13,235#       NA
      COAL (2/8) thous. of net tons          21,398#      20,248      20.9
      LUMBER (2/8) millions of ft.            496.9#       507.3      22.8
      RAIL FREIGHT (2/8) billions of
      ton-miles                                27.2#        26.4      14.3
      
      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 (2/14) S&P 500           808.48      789.56        23.4
      CORPORATE BOND YIELD, Aaa (2/14)        7.26%       7.34%        5.8
      INDUSTRIAL MATERIALS PRICES (2/14)     108.0       109.2        -1.8
      BUSINESS FAILURES (2/7)                 NA         NA             NA
      REAL ESTATE LOANS (2/5) billions        NA         NA             NA
      MONEY SUPPLY, M2 (2/3) billions     $3,860.8    $3,858.2 r       4.9
      INITIAL CLAIMS, UNEMPLOYMENT
      (2/8) thous.                             309          324r     -18.9
      
      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 (2/19) $/troy oz.               346.250      337.700      -12.7
      STEEL SCRAP (2/14) #1 heavy, $/ton    146.50       146.50        1.3
      COPPER (2/14)  cents/lb.               111.5        110.8       -5.7
      ALUMINUM (2/14)  cents/lb.              74.8         77.5       -1.6
      COTTON (2/15) strict low middling
      1-1/16 in.,  cents/lb.                 69.98        70.86      -14.4
      OIL (2/18) $/bbl.                      22.14        22.04r       5.2
      CRB FOODSTUFFS (2/18) 1967=100        238.28       235.18        1.9
      CRB RAW INDUSTRIALS (2/18) 1967=100   345.19       343.47        5.3
      
      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 (2/19)                  124.39     123.83      105.16
      GERMAN MARK (2/19)                     1.70       1.68        1.46
      BRITISH POUND (2/19)                   1.61       1.63        1.54
      FRENCH FRANC (2/19)                    5.74       5.68        5.01
      ITALIAN LIRA (2/19)                  1690.4     1649.0      1569.3
      CANADIAN DOLLAR (2/19)                 1.36       1.36        1.37
      MEXICAN PESO (2/19)***                7.777      7.790       7.535
      TRADE-WEIGHTED DOLLAR INDEX (2/19)      105      104.3        95.1
      
      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 (2/18)                       5.55%     5.07%    5.20%
      COMMERCIAL PAPER (2/19) 3-month            5.38      5.40     5.16
      CERTIFICATES OF DEPOSIT (2/19) 3-month     5.34      5.36     5.17
      FIXED MORTGAGE (2/14) 30-year              7.85      7.89     7.24
      ADJUSTABLE MORTGAGE (2/14) one-year        5.81      5.74     5.40
      PRIME (2/18)                               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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