Busines Week Index

BUSINES WEEK INDEX
The production index was flat for the week ended Mar. 29. For all of March, the 
      index was unchanged at 122.2. The index has been revised to reflect the 
      benchmark revision to the Federal Reserve's index of industrial production and 
      new component weights. Historical data are available at Business Week Online at 
      http://www.businessweek.com or on America Online at keyword: bw. Look for the 
      production index on the current issue's table of contents.
      
      BW production index copyright 1997 Bloomberg L.P.
      
      PRODUCTION INDICATORS
                                                LATEST        WEEK     YEARLY
                                                 WEEK         AGO      % CHG
      STEEL (4/5) thous. of metric tons         1,950        1,950#      4.3
      AUTOS (4/5) units                       111,089      108,675 r#    0.5
      TRUCKS (4/5) units                      112,933      100,428 r#   11.4
      ELECTRIC POWER (4/5) millions of
      kilowatt-hrs.                            55,754       56,950#      0.7
      CRUDE-OIL REFINING (4/5) thous. of
      bbl./day                                 14,338       14,290#      3.4
      COAL (3/29) thous. of metric tons        19,410#      19,363       2.7
      LUMBER (3/29) millions of meters          148.3#       155.4       3.1
      RAIL FREIGHT (3/29) billions of ton-
      kilometers                                 40.1#        40.8       1.1
      
      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 (4/4) S&P 500               757.90       757.12      15.7
      CORPORATE BOND YIELD, Aaa (4/4)            7.71%        7.63%      4.0
      INDUSTRIAL MATERIALS PRICES (4/4)         105.9        106.2      -3.8
      BUSINESS FAILURES (3/28)                     NA           NA        NA
      REAL ESTATE LOANS (3/26) billions            NA           NA        NA
      MONEY SUPPLY, M2 (3/24) billions       $3,880.2     $3,877.2 r     4.4
      INITIAL CLAIMS, UNEMPLOYMENT (3/29)
      thous.                                      314          313     -22.1
      
      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 (4/9) $/troy oz.                   347.800      351.050     -11.8
      STEEL SCRAP (4/4)#1 heavy, $/ton         136.50       136.50      -2.2
      COPPER (4/4)  cents/lb.                   115.0        119.8      -1.8
      ALUMINUM (4/4)  cents/lb.                  78.5         79.3       1.9
      COTTON (4/5) strict low middling 1-1/16 in.,
      cents/lb.                                 68.82        69.67     -18.3
      OIL (4/8) $/bbl.                          19.05        19.95     -17.2
      CRB FOODSTUFFS (4/8) 1967=100            243.65       245.32       0.7
      CRB RAW INDUSTRIALS (4/8) 1967=100       333.88       337.92       0.7
      
      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 (4/9)                       126.74       122.72    108.46
      GERMAN MARK (4/9)                          1.72         1.67      1.50
      BRITISH POUND (4/9)                        1.62         1.64      1.51
      FRENCH FRANC (4/9)                         5.80         5.63      5.09
      ITALIAN LIRA (4/9)                       1699.3       1659.0    1571.0
      CANADIAN DOLLAR (4/9)                      1.39         1.39      1.36
      MEXICAN PESO (4/9)3                       7.884        7.939     7.483
      TRADE-WEIGHTED DOLLAR INDEX (4/9)         106.6        104.6      97.5
      
      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 (4/8)                     5.34%       6.18%        5.07%
      COMMERCIAL PAPER (4/9) 3-month          5.69        5.71         5.41
      CERTIFICATES OF DEPOSIT (4/9) 3-month   5.70        5.70         5.37
      FIXED MORTGAGE (4/4) 30-year            8.30        8.21         7.99
      ADJUSTABLE MORTGAGE (4/4) one-year      6.04        6.02         5.76
      PRIME (4/4)                             8.50        8.50         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.    3=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      

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