Business Week Index

PRODUCTION INDEX

The production index was up solidly during the week ended June 7. Before

calculation of the four-week moving average, the index also increased strongly,

rising to 123.3, from 122.1. In the latest week, the seasonally adjusted output

levels of autos, trucks, and lumber were up strongly, while steel and crude-oil

refining fell sharply. Electric power production was also down, reflecting

relatively cool weather for early June.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                            LATEST    WEEK     YEARLY
                                             WEEK      AGO      % CHG
      
      STEEL (6/14) thous. of net tons       2,092     2,084#      1.9
      AUTOS (6/14) units                  125,018  131,724r#    -13.1
      TRUCKS (6/14) units                 132,618  131,514r#      7.5
      ELECTRIC POWER (6/14)
       millions of kilowatt-hrs.           61,893    59,520#     -6.7
      CRUDE-OIL REFINING (6/14)
       thous. of bbl./day                  15,080    15,171#      5.8
      COAL (6/7) thous. of net tons       20,628#     19,809     -0.7
      LUMBER (6/7) millions of ft.         496.7#      414.0      5.9
      RAIL FREIGHT (6/7)
       billions of ton-miles                26.5#       24.6      0.0
      
      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 (6/13) S&P 500           893.27    858.01    34.2
      CORPORATE BOND YIELD, Aaa (6/13)       7.44%     7.51%    -4.4
      INDUSTRIAL MATERIALS PRICES (6/13)     106.5     106.6    -0.1
      BUSINESS FAILURES (6/6)                   NA        NA      NA
      REAL ESTATE LOANS (6/4) billions          NA        NA      NA
      MONEY SUPPLY, M2 (6/2) billions     $3,910.6  $3,910.4r    4.8
      INITIAL CLAIMS,
       UNEMPLOYMENT (6/7) thous.               339      338r    -5.8
      
      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 (6/18) $/troy oz.               341.600   343.800   -11.6
      STEEL SCRAP (6/17) #1 heavy, $/ton    138.50    134.50     3.0
      COPPER (6/13)  cents/lb.               121.7     118.4     8.2
      ALUMINUM (6/13)  cents/lb.              77.0      76.3     9.5
      COTTON (6/14) strict low
       middling 1-1/16 in.,  cents/lb.       70.82     69.88   -13.3
      OIL (6/17) $/bbl.                      18.87     18.67   -11.2
      CRB FOODSTUFFS (6/17) 1967=100        242.89    240.16   -12.2
      CRB RAW INDUSTRIALS (6/17) 1967=100   338.52    338.01     1.9
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      INTEREST RATES
                                             LATEST    WEEK     YEAR
                                             WEEK      AGO     AGO
      FEDERAL FUNDS (6/17)                    5.46%    5.54%    5.27%
      COMMERCIAL PAPER (6/18) 3-month         5.64     5.67     5.50
      CERTIFICATES OF DEPOSIT (6/18) 3-month  5.65     5.67     5.46
      FIXED MORTGAGE (6/13) 30-year           7.90     8.01     8.57
      ADJUSTABLE MORTGAGE (6/13) one-year     5.98     5.97     6.15
      PRIME (6/13)                            8.50     8.50     8.25
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                            LATEST    WEEK     YEAR
                                             WEEK      AGO     AGO
      JAPANESE YEN (6/18)                   113.43   111.38   107.97
      GERMAN MARK (6/18)                      1.73     1.71     1.52
      BRITISH POUND (6/18)                    1.64     1.64     1.54
      FRENCH FRANC (6/18)                     5.85     5.80     5.16
      ITALIAN LIRA (6/18)                   1697.5   1690.0   1535.2
      CANADIAN DOLLAR (6/18)                  1.39     1.39     1.37
      MEXICAN PESO (6/18)3                   7.909    7.970    7.522
      TRADE-WEIGHTED DOLLAR INDEX (6/18)     103.4    102.6     97.9
      
      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.
      
      #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