Business Week Index

The production index continued to climb in the week ended Jan. 3. The

unaveraged index was up to 132.9, from 131.6, and the monthly index for

December soared 2% to 130.3, from 127.7 in November. The auto and truck makers

were closed down for New Year's Day, but after seasonal adjustment,

rail-freight traffic was up 7.4% with big increases in carloads of lumber,

motor vehicles, and equipment. Steel and oil production were also up, but

electric power output fell 2.8%.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                             LATEST         WEEK     YEARLY
                                              WEEK          AGO      % CHG
      
      STEEL (1/10) thous. of net tons         2,223        2,254 #    11.4
      AUTOS (1/10) units                    109,076        1,593 r#   -3.2
      TRUCKS (1/10) units                   125,339            0 #     4.3
      ELECTRIC POWER (1/10)
         millions of kilowatt-hrs.           61,852       61,946 #    -5.9
      CRUDE-OIL REFINING (1/10)
         thous. of bbl./day                  14,879       14,861 #     8.0
      COAL (1/3) thous. of net tons            NA #       17,566        NA
      LUMBER (1/3) millions of ft.            282.8 #      288.8      -5.4
      RAIL FREIGHT (1/3) billions of ton-miles 23.4 #       20.7       1.7
      
      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 (1/9) S&P 500                927.69     975.00     22.1
      CORPORATE BOND YIELD, Aaa (1/9)             6.55 %     6.70 %  -11.7
      INDUSTRIAL MATERIALS PRICES (1/9)           96.2       97.6    -11.4
      BUSINESS FAILURES (1/2)                     NA          NA       NA
      REAL ESTATE LOANS (1/1) billions            NA          NA       NA
      MONEY SUPPLY, M2 (12/29) billions       $4,034.9   $4,022.1 r    5.6
      INITIAL CLAIMS, UNEMPLOYMENT (1/3) thous.    334        314 r   -8.5
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                             LATEST       WEEK     YEARLY
                                              WEEK        AGO      % CHG
      
      GOLD (1/14) $/troy oz.                 282.500    281.600    -20.3
      STEEL SCRAP (1/13) #1 heavy, $/ton      143.50     143.50      9.1
      COPPER (1/9)  cents/lb.                   78.2       80.0    -30.2
      ALUMINUM (1/9)  cents/lb.                 72.3       73.5     -3.6
      COTTON (1/9) strict low
           middling 1-1/16 in.,  cents/lb.     63.93      63.80     -8.8
      OIL (1/13) $/bbl.                        16.25      16.64    -34.6
      CRB FOODSTUFFS (1/13) 1967=100          226.39     231.01     -4.3
      CRB RAW INDUSTRIALS (1/13) 1967=100     295.58     304.05    -13.1
      
      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 (1/14)                   131.19    131.63     117.24
      GERMAN MARK (1/14)                      1.82      1.82       1.59
      BRITISH POUND (1/14)                    1.63      1.63       1.68
      FRENCH FRANC (1/14)                     6.11      6.10       5.37
      ITALIAN LIRA (1/14)                   1794.5    1789.5     1548.5
      CANADIAN DOLLAR (1/14)                  1.43      1.43       1.34
      MEXICAN PESO (1/14)3                   8.178     8.055      7.809
      TRADE-WEIGHTED DOLLAR INDEX (1/14)     110.9     111.0      100.2
      
      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 (1/13)                    5.42 %     5.35 %     5.14 %
      COMMERCIAL PAPER (1/13) 3-month         5.37       5.51       5.46
      CERTIFICATES OF DEPOSIT (1/14) 3-month  5.53       5.58       5.43
      FIXED MORTGAGE (1/9) 30-year            7.08       7.26       7.99
      ADJUSTABLE MORTGAGE (1/9) one-year      5.68       5.75       5.78
      PRIME (1/9)                             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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