Business Week Index

The production index declined during the week ended May 17. Before calculation

of the four-week moving average, the index was unchanged at 120.6. In the

latest week, seasonally adjusted output levels of autos and trucks bounced back

sharply after the end of a strike at Chrysler Corp. But those gains were offset

by drops in steel, electric power, crude-oil refining, and lumber production.

Rail-freight traffic was little changed in the week.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
      
                                             LATEST        WEEK      YEARLY
                                              WEEK         AGO        % CHG
      STEEL (5/24) thous. of net tons        2,154        2,058 #       8.6
      AUTOS (5/24) units                   127,063      131,974 r#     -7.5
      TRUCKS (5/24) units                  131,604      127,037 r#      8.1
      ELECTRIC POWER (5/24) millions of
         kilowatt-hrs.                          NA       57,177 #        NA
      CRUDE-OIL REFINING (5/24) thous. of
         bbl./day                               NA       14,819 #        NA
      COAL (5/17) thous. of net tons        21,199 #     20,588         4.2
      LUMBER (5/17) millions of ft.          502.0 #      502.9         9.5
      RAIL FREIGHT (5/17) billions of
         ton-miles                            26.3 #       26.1        -0.4
      
      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 (5/23) S&P 500           847.03       829.75        24.8
      CORPORATE BOND YIELD, Aaa (5/23)        7.60%        7.55%        0.9
      INDUSTRIAL MATERIALS PRICES (5/23)     106.3        106.4        -2.7
      BUSINESS FAILURES (5/16)                  NA           NA          NA
      REAL ESTATE LOANS (5/14) billions         NA           NA          NA
      MONEY SUPPLY, M2 (5/12) billions    $3,891.7     $3,894.0 r       4.4
      INITIAL CLAIMS, UNEMPLOYMENT (5/17)
         thous.                                322          317        -6.9
      
      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 (5/28) $/troy oz.               342.800      342.700       -12.3
      STEEL SCRAP (5/27) #1 heavy, $/ton    134.50       138.50        -5.6
      COPPER (5/23)  cents/lb.               119.9        116.7        -1.1
      ALUMINUM (5/23)  cents/lb.              79.8         79.8         9.3
      COTTON (5/24) strict low middling
         1-1/16 in.,  cents/lb.              69.46        69.63       -15.3
      OIL (5/27) $/bbl.                      20.46        20.77        -2.2
      CRB FOODSTUFFS (5/27) 1967=100        237.50       237.36       -11.9
      CRB RAW INDUSTRIALS (5/27) 1967=100   337.98       339.76         0.3
      
      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 (5/28)                   115.80       113.72      108.45
      GERMAN MARK (5/28)                      1.70         1.69        1.53
      BRITISH POUND (5/28)                    1.64         1.65        1.54
      FRENCH FRANC (5/28)                     5.76         5.70        5.19
      ITALIAN LIRA (5/28)                   1690.0       1666.5      1548.5
      CANADIAN DOLLAR (5/28)                  1.38         1.37        1.37
      MEXICAN PESO (5/28)3                   7.904        7.861       7.730
      TRADE-WEIGHTED DOLLAR INDEX (5/28)     103.1        102.2        98.4
      
      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 (5/27)                    5.59%        5.51%       5.33%
      COMMERCIAL PAPER (5/28) 3-month         5.67         5.69        5.37
      CERTIFICATES OF DEPOSIT (5/28) 3-month  5.69         5.68        5.34
      FIXED MORTGAGE (5/23) 30-year           8.08         8.08        8.20
      ADJUSTABLE MORTGAGE (5/23) one-year     6.01         6.08        5.89
      PRIME (5/23)                            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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