Business Week Index

PRODUCTION INDEX

The production index slipped slightly in the week ended Feb. 14. However,

before calculation of the four-week moving average, the index bounced back,

rising to 132.2, from 130.9 in the previous week. On a seasonally adjusted

basis, rail-freight traffic and production of steel, autos, trucks, and

crude-oil refining all increased. Output of electric power declined again as

warm weather across much of the nation lessened the demand for energy.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
      
                                             LATEST       WEEK       YEARLY 
                                              WEEK        AGO        % CHG 
      STEEL (2/21) thous. of net tons         2,282       2,232 #      8.2            
      
      AUTOS (2/21) units                    120,475     116,797 r#    -9.2            
      
      TRUCKS (2/21) units                   139,888     139,968 r#     5.8            
      
      ELECTRIC POWER (2/21)
        millions of kilowatt-hrs.            62,699      64,408 #      2.7            
      
      CRUDE-OIL REFINING (2/21) 
        thous. of bbl./day                   13,805      13,996 #      2.9            
      
      COAL (2/14) thous. of net tons         22,423 #    21,027        7.7            
      
      LUMBER (2/14) millions of ft.           479.9 #     471.1       -6.6            
      
      RAIL FREIGHT (2/14) 
        billions of ton-miles                  27.6 #      26.5        3.0            
      
      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 (2/20) S&P 500                1034.21     1020.90    29.0          
      
      CORPORATE BOND YIELD, Aaa (2/20)              6.71 %      6.69 %  -9.1          
      
      INDUSTRIAL MATERIALS PRICES (2/20)            95.4        95.7   -12.3          
      
      MONEY SUPPLY, M2 (2/9) billions           $4,081.1    $4,079.0 r   6.0          
      
      INITIAL CLAIMS, UNEMPLOYMENT (2/14) thous.     301         303    -1.6          
      
      MORTGAGE APPLICATIONS, PURCHASE (2/20)       250.8       222.5    22.2          
      
      MORTGAGE APPLICATIONS, REFINANCE (2/20)    2,005.6     1,685.7   260.7          
      
      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 (2/25) $/troy oz.                  292.250     298.150    -17.6            
      
      STEEL SCRAP (2/17) #1 heavy, $/ton       140.50      140.50     -3.4            
      
      COPPER (2/20)  cents/lb.                   78.0        79.4    -32.4            
      
      ALUMINUM (2/20)  cents/lb.                 70.3        72.0     -7.6            
      
      COTTON (2/20) strict low 
         middling 1-1/16 in.,  cents/lb.        62.89       64.41    -11.9            
      
      OIL (2/24) $/bbl.                         15.33       15.41    -25.0            
      
      CRB FOODSTUFFS (2/24) 1967=100           220.51      224.01     -8.2            
      
      CRB RAW INDUSTRIALS (2/24) 1967=100      299.18      299.21    -13.6            
      
      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 (2/25)                   128.65    126.29     120.60              
      GERMAN MARK (2/25)                      1.82      1.82       1.69               
      
      BRITISH POUND (2/25)                    1.64      1.64       1.63               
      
      FRENCH FRANC (2/25)                     6.09      6.10       5.71               
      
      ITALIAN LIRA (2/25)                   1793.5    1796.0     1688.9              
      CANADIAN DOLLAR (2/25)                  1.42      1.43       1.37               
      
      MEXICAN PESO (2/25)3                   8.573     8.531      7.950
      TRADE-WEIGHTED DOLLAR INDEX (2/25)     109.6     109.6      104.3               
      
      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 (2/24)                    5.49 %     6.00 %    5.28 %
      COMMERCIAL PAPER (2/24) 3-month         5.45       5.45      5.39               
      
      CERTIFICATES OF DEPOSIT (2/25) 3-month  5.56       5.53      5.35               
      
      FIXED MORTGAGE (2/20) 30-year           7.10       7.20      7.74               
      
      ADJUSTABLE MORTGAGE (2/20) one-year     5.71       5.76      5.65               
      
      PRIME (2/20)                            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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