Business Week Index

The production index was up slightly during the week ended Apr. 26. However,

before calculation of the four-week moving average, the index dropped to 122.4,

from 123.6. In the latest week, the seasonally adjusted output of autos and

trucks was down sharply because of the ongoing strike at Chrysler Corp.

Rail-freight traffic and the production levels for crude-oil refining, steel,

and electric power were also down for the week.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                      LATEST          WEEK      YEARLY
                                       WEEK            AGO%       CHG
      STEEL (5/3) thous. of net tons  2,112           2,057#      6.3
      AUTOS (5/3) units               126,181         131,923r#   -15.3
      TRUCKS (5/3) units              114,431         107,464r#   -10.0
      ELECTRIC POWER (5/3) millions   56,016          56,464#     -0.9
       of kilowatt-hrs.
      CRUDE-OIL REFINING (5/3) thous. 14,409          14,275#     1.2
       of bbl./day     
      COAL (4/26) thous. of net tons  20,481#         20,363      -0.1
      LUMBER (4/26) millions of ft.   515.3#          505.1       12.0
      RAIL FREIGHT (4/26) billions of 26.4#           26.2        -1.5
       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 (5/2) S&P 500              812.97     765.37     26.7
      CORPORATE BOND YIELD, Aaa (5/2)         7.64%      7.75%      0.3
      INDUSTRIAL MATERIALS PRICES (5/2)       104.7      105.1      -5.2
      BUSINESS FAILURES (4/25)                NA         NA         NA
      REAL ESTATE LOANS (4/23) billions       NA         NA         NA
      MONEY SUPPLY, M2 (4/21) billions        $3,917.7   $3,896.2r  5.1
      INITIAL CLAIMS, UNEMPLOYMENT (4/26)     347        319r       -0.6
       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 (5/7) $/troy oz.                   341.100      340.150  -13.6
      STEEL SCRAP (5/6) #1 heavy, $/ton       133.50       133.50   -4.6
      COPPER (5/2)  cents/lb.                 114.5        115.4    -9.1
      ALUMINUM (5/2)  cents/lb.               78.5         76.0     3.3
      COTTON (5/3) strict low middling        69.54        69.17    -18.6
       1-1/16 in.,  cents/lb. 
      OIL (5/6) $/bbl.                        19.35        20.15    -7.9
      CRB FOODSTUFFS (5/6) 1967=100           235.90       237.63   -9.5
      CRB RAW INDUSTRIALS (5/6) 1967=100      332.97       333.37   -2.1
      
      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 (5/7)                      124.97     126.95  104.75
      GERMAN MARK (5/7)                       1.72       1.73    1.52
      BRITISH POUND (5/7)                     1.64       1.62    1.53
      FRENCH FRANC (5/7)                      5.81       5.84    5.15
      ITALIAN LIRA (5/7)                      1703.0     1712.2  1558.7
      CANADIAN DOLLAR (5/7)                   1.38       1.40    1.37
      MEXICAN PESO (5/7)3                     7.921      7.944   7.480
      TRADE-WEIGHTED DOLLAR INDEX (5/7)       106.0      107.1   96.9
      
      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.
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      INTEREST RATES
                                              LATEST      WEEK    YEAR
                                               WEEK       AGO     AGO
      FEDERAL FUNDS (5/6)                     5.50%       5.53%   5.24%
      COMMERCIAL PAPER (5/7) 3-month          5.70        5.72    5.41
      CERTIFICATES OF DEPOSIT (5/7) 3-month   5.71        5.72    5.38
      FIXED MORTGAGE (5/2) 30-year            8.20        8.22    8.31
      ADJUSTABLE MORTGAGE (5/2) one-year      6.10        6.05    5.92
      PRIME (5/2)                             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