Business Week Index

The production index was unchanged in the week ended Mar. 21, while the

unaveraged index was up a full 1%. The seasonally adjusted figures showed a

5.1% increase in truck production this week, and Ward's Automotive Reports

noted that truck exports rose 53.9% in 1997, with General Motors Corp. posting

the biggest gain in truck shipments. Increases in the output of coal, steel,

autos, oil, lumber, and rail-freight traffic were also strong. Electric power

posted a 3.1% decline.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                             LATEST     WEEK        YEARLY
                                              WEEK      AGO         % CHG
      STEEL (3/28) thous. of net tons        2,246      2,250#      4.7
      AUTOS (3/28) units                     120,775    120,579r#   11.2
      TRUCKS (3/28) units                    147,379    145,402r#   46.7
      ELECTRIC POWER (3/28) millions         59,649     61,674#     4.7
        of kilowatt-hrs.
      CRUDE-OIL REFINING (3/28) thous.       14,601     14,734#     2.2
        of bbl./day
      COAL (3/21) thous. of net tons         21,902#    20,171      -1.4
      LUMBER (3/21) millions of ft.          481.6#     475.0       -5.6
      RAIL FREIGHT (3/21) billions of        27.0#      25.4        -0.7
        ton-miles
      
      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 (3/27) S&P 500                1095.44     1099.16    44.7
      CORPORATE BOND YIELD, Aaa (3/27)           6.69%       6.66%      -12.3
      MONEY SUPPLY, M2 (3/16) billions           $4,123.2    $4,118.9r  6.7
      INITIAL CLAIMS, UNEMPLOYMENT (3/21) thous. 313         309r       0.3
      MORTGAGE APPLICATIONS, PURCHASE (3/27)     222.2       234.1      -13.6
      MORTGAGE APPLICATIONS, REFINANCE (3/27)    1,297.1     1,421.4    140.9
      
      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 (4/1) $/troy oz.                    301.000    299.250   -14.3
      STEEL SCRAP (3/31) #1 heavy, $/ton       135.50     135.50    -0.7
      COPPER (3/27)  cents/lb.                 82.4       83.8      -31.2
      ALUMINUM (3/27)  cents/lb.               69.5       69.8      -12.4
      COTTON (3/28) strict low middling        67.44      67.78     -3.2
        1-1/16 in.,  cents/lb.
      OIL (3/31) $/bbl.                        15.33      15.40     -23.2
      CRB FOODSTUFFS (3/31) 1967=100           229.17     230.47    -6.6
      CRB RAW INDUSTRIALS (3/31) 1967=100      300.51     304.07    -11.1
      
      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 (3/31)                    5.88%    5.41%   6.18%
      COMMERCIAL PAPER (3/31) 3-month         5.50     5.48    5.71
      CERTIFICATES OF DEPOSIT (4/1) 3-month   5.60     5.58    5.70
      FIXED MORTGAGE (3/27) 30-year           7.17     7.15    8.21
      ADJUSTABLE MORTGAGE (3/27) one-year     5.77     5.76    6.02
      PRIME (3/27)                            8.50     8.50    8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                          LATEST   WEEK      YEAR
                                           WEEK     AGO      AGO
      JAPANESE YEN (4/1)                  133.75   129.06    122.72
      GERMAN MARK (4/1)                   1.85     1.83      1.67
      BRITISH POUND (4/1)                 1.67     1.67      1.64
      FRENCH FRANC (4/1)                  6.21     6.13      5.63
      ITALIAN LIRA (4/1)                  1826.8   1800.0    1659.0
      CANADIAN DOLLAR (4/1)               1.42     1.41      1.39
      MEXICAN PESO (4/1)3                 8.505    8.517     7.939
      TRADE-WEIGHTED DOLLAR INDEX (4/1)   111.5    109.6     104.6
      
      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
      
      
      
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