Business Week Index

PRODUCTION INDEX

The production index rose in the week ended Jan. 24. The unaveraged index was

up 1%, to 134.2, from 132.9 a week ago. After seasonal adjustment,

rail-freight traffic, led by a strong gain in coal loadings, was up sharply.

And production of bituminous coal was up 5.2%, with the highest increases in

Oklahoma, Louisiana, and Ohio. Output of steel, trucks, crude oil, and lumber

also increased. Both auto and electric-power production dipped 0.4%.

BW production index copyright 1998 Bloomberg L.P.

PRODUCTION INDICATORS
                                             LATEST      WEEK      YEARLY
                                              WEEK        AGO       % CHG
      
      STEEL (1/31) thous. of net tons         2,251      2,221  #    11.7
      AUTOS (1/31) units                    117,370     99,815 r#    -5.9
      TRUCKS (1/31) units                   137,596    112,703 r#     5.1
      ELECTRIC POWER (1/31)
        millions of kilowatt-hrs.            65,547     65,198 #     -0.8
      CRUDE-OIL REFINING (1/31)
        thous. of bbl./day                   14,060     14,166 #      2.5
      COAL (1/24) thous. of net tons         23,543 #   22,773       13.3
      LUMBER (1/24) millions of ft.           485.8 #    441.4       -0.3
      RAIL FREIGHT (1/24)
        billions of ton-miles                  28.0 #     27.6        7.7
      
      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 (1/30) S&P 500                980.28      957.59       24.7
      CORPORATE BOND YIELD, Aaa (1/30)             6.70 %      6.67 %    -10.4
      INDUSTRIAL MATERIALS PRICES (1/30)           96.5        96.5      -10.6
      MONEY SUPPLY, M2 (1/19) billions         $4,045.2    $4,026.9 r      5.2
      INITIAL CLAIMS, UNEMPLOYMENT (1/24) thous.    300         327 r     -9.6
      MORTGAGE APPLICATIONS, PURCHASE (1/30)      253.8       313.4       43.7
      MORTGAGE APPLICATIONS, REFINANCE (1/30)   2,038.6     3,093.3      502.4
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (Index: 1990=100), 
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 
      1990=100)
      
      PRICES
                                              LATEST      WEEK      YEARLY
                                               WEEK        AGO       % CHG
      
      GOLD (2/4) $/troy oz.                   298.150    300.000    -13.2
      STEEL SCRAP (2/3) #1 heavy, $/ton        145.50     145.50     11.1
      COPPER (1/30)  cents/lb.                   76.0       80.6    -31.6
      ALUMINUM (1/30)  cents/lb.                 73.5       72.5     -5.5
      COTTON (1/30) strict
         low middling 1-1/16 in.,  cents/lb.    62.30      62.17    -12.6
      OIL (2/3) $/bbl.                          16.24      16.78    -31.2
      CRB FOODSTUFFS (2/3) 1967=100            227.20     227.11     -3.0
      CRB RAW INDUSTRIALS (2/3) 1967=100       296.79     300.31    -12.8
      
      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 (2/4)                  123.75      125.23    123.37
      GERMAN MARK (2/4)                     1.80        1.81      1.65
      BRITISH POUND (2/4)                   1.66        1.64      1.64
      FRENCH FRANC (2/4)                    6.05        6.06      5.56
      ITALIAN LIRA (2/4)                  1779.5      1784.5    1622.7
      CANADIAN DOLLAR (2/4)                 1.45        1.46      1.34
      MEXICAN PESO (2/4)3                  8.419       8.368     7.820
      TRADE-WEIGHTED DOLLAR INDEX (2/4)    108.8       109.5     103.2
      
      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 (2/3)                     5.47 %   5.52 %    5.18 %
      COMMERCIAL PAPER (2/3) 3-month          5.44     5.43      5.43
      CERTIFICATES OF DEPOSIT (2/4) 3-month   5.54     5.55      5.40
      FIXED MORTGAGE (1/30) 30-year           7.25     7.11      8.05
      ADJUSTABLE MORTGAGE (1/30) one-year     5.73     5.64      5.83
      PRIME (1/30)                            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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