Business Week Index

The production index rose during the week that ended Apr. 25. The unaveraged

index was also up, to 132.8 from 131.5. After seasonal adjustment, truck

production was up 12.6%. During 1997, trucks accounted for 54.1% of the Big

Three's registered new vehicles. This week, there were huge increases in the

output of the Dodge Ram Pickup, Ford Explorer, and Chrysler's Town and

Country. All other index components showed increases except for crude-oil

refining and lumber production.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                                        LATEST    WEEK      YEARLY
                                                        WEEK      AGO       % CHG
      STEEL (5/2) thous. of net tons                    2,228     2,200#      5.8
      AUTOS (5/2) units                                 116,409   120,240r#  -10.3
      TRUCKS (5/2) units                                147,847   150,453r#   29.9
      ELECTRIC POWER (5/2) millions of kilowatt-hrs.    56,601    56,527#     1.0
      CRUDE-OIL REFINING (5/2) thous. of bbl./day       15,265    14,895#     5.9
      COAL (4/25) thous. of net tons                    21,184#   20,156      1.2
      LUMBER (4/25) millions of ft.                     496.3#    498.4      -3.7
      RAIL FREIGHT (4/25) billions of ton-miles         27.4#     26.5        2.2
      
      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 (5/1) S&P 500                 1121.00      1107.90     37.9
      CORPORATE BOND YIELD, Aaa (5/1)            6.78%        6.72%      -11.3
      MONEY SUPPLY, M2 (4/20) billions           $4,170.7     $4,147.3r   7.0
      INITIAL CLAIMS, UNEMPLOYMENT (4/25) thous. 319          318r       -7.3
      MORTGAGE APPLICATIONS, PURCHASE (5/1)      282.5        241.4       49.2
      MORTGAGE APPLICATIONS, REFINANCE (5/1)     1,326.5      1,157.0     357.7
      
      Sources: Standard & Poor's, Moody's, Federal Reserve, Labor Dept., Mortgage 
      Bankers Assn. (Index: March 16, 1990=100)
      
      PRICES
                                              LATEST         WEEK      YEARLY
                                               WEEK          AGO       % CHG
      GOLD (5/6) $/troy oz.                   301.000        308.250   -11.8
      STEEL SCRAP (5/5) #1 heavy, $/ton       133.50         133.50     0.0
      COPPER (5/1)  cents/lb.                 87.6           87.6      -23.5
      ALUMINUM (5/1)  cents/lb.               70.0           69.8      -10.8
      COTTON (5/2) strict low middling
        1-1/16 in.,  cents/lb.                63.42          61.62     -8.8
      OIL (5/5) $/bbl.                        15.36          15.49     -20.6
      CRB FOODSTUFFS (5/5) 1967=100           239.98         233.24     1.7
      CRB RAW INDUSTRIALS (5/5) 1967=100      306.08         306.21    -8.1
      
      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 (5/5)                    5.22%       5.28%      5.50%
      COMMERCIAL PAPER (5/5) 3-month         5.50        5.51       5.70
      CERTIFICATES OF DEPOSIT (5/6) 3-month  5.58        5.61       5.71
      FIXED MORTGAGE (5/1) 30-year           7.28        7.19       8.20
      ADJUSTABLE MORTGAGE (5/1) one-year     5.80        5.77       6.10
      PRIME (5/1)                            8.50        8.50       8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                            LATEST      WEEK       YEAR
                                             WEEK       AGO         AGO
      JAPANESE YEN (5/6)                    132.75      132.05     124.97
      GERMAN MARK (5/6)                     1.77        1.79       1.72
      BRITISH POUND (5/6)                   1.66        1.67       1.64
      FRENCH FRANC (5/6)                    5.92        6.01       5.81
      ITALIAN LIRA (5/6)                    1741.8      1773.0     1703.0
      CANADIAN DOLLAR (5/6)                 1.44        1.44       1.38
      MEXICAN PESO (5/6)3                   8.475       8.499      7.921
      TRADE-WEIGHTED DOLLAR INDEX (5/6)     110.0       110.4      106.0
      
      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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