Business Week Index

PRODUCTION INDEX

The production index edged up slightly during the week ended July 5. But before

calculation of the four-week moving average, the index slipped to 123.5, from

123.9 in the previous week. Seasonally adjusted output of autos and trucks were

down sharply, but that partly reflects plant closings during the entire weekend

for the Fourth of July holiday and for model changeovers. Steel and crude-oil

refining production were up significantly for the week.

BW production index copyright 1997 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                                      LATEST    WEEK    YEARLY
      
                                                       WEEK     AGO      % CHG
      STEEL (7/12) thous. of net tons                 2,056     2,080 #    4.9
      AUTOS (7/12) units                              37,121    6,394 r#   NM
      TRUCKS (7/12) units                             9,525     13,702 r#  NM
      ELECTRIC POWER (7/12) millions of kilowatt-hrs. 69,507    69,519 #  -1.5
      CRUDE-OIL REFINING (7/12) thous. of bbl./day    14,914    14,762 #   5.4
      COAL (7/5) thous. of net tons                   17,531 #  20,412     7.4
      LUMBER (7/5) millions of ft.                    349.7 #   508.5      16.5
      RAIL FREIGHT (7/5) billions of ton-miles        22.1 #    26.5       2.8
      
      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 (7/10) S&P 500               913.78      916.92       41.4
      CORPORATE BOND YIELD, Aaa (7/11)          7.19 %      7.35 %      -7.0
      INDUSTRIAL MATERIALS PRICES (7/11)        105.5       105.9       -0.8
      BUSINESS FAILURES (7/4)                   NA          NA           NA
      REAL ESTATE LOANS (7/2) billions          NA          NA           NA
      MONEY SUPPLY, M2 (6/30) billions          $3,923.8    $3,919.3 r   4.7
      INITIAL CLAIMS, UNEMPLOYMENT (7/5) thous. 377         337          2.7
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                              LATEST    WEEK     YEARLY
                                               WEEK      AGO      % CHG
      GOLD (7/16) $/troy oz.                  319.500   317.300   -16.7
      STEEL SCRAP (7/15) #1 heavy, $/ton      143.50    138.50     7.5
      COPPER (7/11)  cents/lb.                111.1     116.6      18.6
      ALUMINUM (7/11)  cents/lb.              75.0      76.0       7.1
      COTTON (7/12) strict low
         middling 1-1/16 in.,  cents/lb.      70.86     72.10     -7.4
      OIL (7/15) $/bbl.                       19.43     19.34     -12.6
      CRB FOODSTUFFS (7/15) 1967=100          239.60    235.45    -14.4
      CRB RAW INDUSTRIALS (7/15) 1967=100     332.75    332.51    -0.1
      
      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 (7/16)                  116.10   112.82     108.48
      GERMAN MARK (7/16)                   1.80     1.76       1.49
      BRITISH POUND (7/16)                 1.67     1.69       1.54
      FRENCH FRANC (7/16)                  6.07     5.95       5.06
      ITALIAN LIRA (7/16)                  1745.8   1717.8     1517.8
      CANADIAN DOLLAR (7/16)               1.37     1.37       1.37
      MEXICAN PESO (7/16)3                 7.916    7.885      7.625
      TRADE-WEIGHTED DOLLAR INDEX (7/16)   104.9    103.2      97.2
      
      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 (7/15)                    5.47 %    5.46 %    5.20 %
      COMMERCIAL PAPER (7/16) 3-month         5.57      5.58      5.55
      CERTIFICATES OF DEPOSIT (7/16) 3-month  5.60      5.60      5.54
      FIXED MORTGAGE (7/11) 30-year           7.67      7.83      8.55
      ADJUSTABLE MORTGAGE (7/11) one-year     5.78      5.85      6.15
      PRIME (7/11)                            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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