Business Week Index

The production index was unchanged during the week ended Feb. 15. That's

another sign that the industrial sector is slowing down this quarter. Before

calculation of the four-week moving average, the index fell slightly to 135.5,

from 135.7 in the previous week. On a seasonally adjusted basis, increases in

auto, electric power, steel, and lumber production nearly offset the declines

in the output of trucks and coal and rail-freight traffic.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                      LATEST          WEEK        YEARLY
                                      WEEK            AGO         % CHG
      STEEL (2/22) thous. of net tons 2,115           2,078#       0.8
      AUTOS (2/22) units              132,444         127,374r#   -3.0
      TRUCKS (2/22) units             135,930         126,482r#    10.2
      ELECTRIC POWER (2/22) millions  61,026          65,844#      1.9
       of kilowatt-hrs.
      CRUDE-OIL REFINING (2/22)       13,422          13,392#     -0.8
       thous. of bbl./day
      COAL (2/15) thous. of net tons  20,817#         21,398      -2.6
      LUMBER (2/15) millions of ft.   513.6#          496.9        17.9
      RAIL FREIGHT (2/15) billions of 27.1#           27.2         1.9
       ton-miles
      
      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 (2/21) S&P 500             801.77          808.48          23.0
      CORPORATE BOND YIELD, Aaa (2/21)        7.23%           7.26%           1.4
      INDUSTRIAL MATERIALS PRICES (2/21)      108.2           108.0          -1.9
      BUSINESS FAILURES (2/14)                NA              NA              NA
      REAL ESTATE LOANS (2/12) billions       NA              NA              NA
      MONEY SUPPLY, M2 (2/10) billions        $3,859.7        $3,860.2r       4.7
      INITIAL CLAIMS, UNEMPLOYMENT (2/15)     309             308r           -18.3
       thous.
      
      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 (2/26) $/troy oz.                  354.800      346.250    -10.8
      STEEL SCRAP (2/21)#1 heavy, $/ton       145.50       146.50      0.7
      COPPER (2/21)  cents/lb.                115.4        111.5      -4.2
      ALUMINUM (2/21)  cents/lb.              76.0         74.8        0.0
      COTTON (2/22) strict low middling       69.75        69.98      -14.2
       1-1/16 in.,  cents/lb.
      OIL (2/25) $/bbl.                       20.45        22.14       4.2
      CRB FOODSTUFFS (2/25) 1967=100          241.98       238.28      3.5
      CRB RAW INDUSTRIALS (2/25) 1967=100     345.06       345.19      4.9
      
      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 (2/26)                  122.61       124.39      104.44
      GERMAN MARK (2/26)                   1.69         1.70        1.47
      BRITISH POUND (2/26)                 1.63         1.61        1.53
      FRENCH FRANC (2/26)                  5.71         5.74        5.02
      ITALIAN LIRA (2/26)                  1681.5       1690.4      1547.5
      CANADIAN DOLLAR (2/26)               1.37         1.36        1.37
      MEXICAN PESO (2/26)3                 7.782        7.777       7.545
      TRADE-WEIGHTED DOLLAR INDEX (2/26)   104.3        105.0       95
      
      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 (2/25)                      5.28%     5.55%    5.20%
      COMMERCIAL PAPER (2/26) 3-month           5.39      5.38     5.16
      CERTIFICATES OF DEPOSIT (2/26) 3-month    5.35      5.34     5.16
      FIXED MORTGAGE (2/21) 30-year             7.74      7.85     7.24
      ADJUSTABLE MORTGAGE (2/21) one-year       5.65      5.81     5.39
      PRIME (2/18)                              8.25      8.25     8.25
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      #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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