Business Week Index

The production index dipped in the week ended May 2, and so did the unaveraged

index which fell 0.3%, to 132.4 from 132.8. After seasonal adjustment, coal

production was up 3.8%, with large increases in output in Utah and Colorado.

Production of steel, oil, and trucks also increased, as did rail-freight

traffic. Auto output posted a 10.7% decrease, and electricity and lumber

production were also down. The index for April was 132.5, up 1.1%, from March.

BusinessWeek Index
PRODUCTION INDICATORS
                                         LATEST          WEEK       YEARLY
                                          WEEK           AGO       % CHG
      STEEL (5/9) thous. of net tons      2,193          2,228 #     4.6
      AUTOS (5/9) units                 120,832        112,987 r#   -2.8
      TRUCKS (5/9) units                148,684        148,118 r#   32.5
      ELECTRIC POWER (5/9)
        millions of kilowatt-hrs.        58,363         56,601  #    3.0
      CRUDE-OIL REFINING (5/9)
        thous. of bbl./day               14,920         15,265  #    1.2
      COAL (5/2) thous. of net tons      21,876 #       21,164       1.6
      LUMBER (5/2) millions of ft.        494.1 #        496.3      -0.9
      RAIL FREIGHT (5/2)
       billions of ton-miles               27.8 #         27.4       6.5
      
      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 (5/8) S&P 500                 1108.14    1121.00      34.4
      CORPORATE BOND YIELD, Aaa (5/8)               6.72 %     6.78 %   -11.1
      MONEY SUPPLY, M2 (4/27) billions          $4,162.5   $4,171.6 r     7.0
      INITIAL CLAIMS, UNEMPLOYMENT (5/2) thous.      308        319 r   -11.2
      MORTGAGE APPLICATIONS, PURCHASE (5/8)        279.2      282.5      36.1
      MORTGAGE APPLICATIONS, REFINANCE (5/8)     1,297.0    1,326.5     327.5
      
      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 (5/13) $/troy oz.                  299.100    301.000     -14.3
      STEEL SCRAP (5/12) #1 heavy, $/ton       135.50     133.50      -2.2
      COPPER (5/8)  cents/lb.                    85.0       87.6     -24.8
      ALUMINUM (5/8)  cents/lb.                  68.5       70.0     -13.1
      COTTON (5/9) strict low middling
            1-1/16 in.,  cents/lb.              63.71      63.42      -7.4
      OIL (5/12) $/bbl.                         15.16      15.36     -27.5
      CRB FOODSTUFFS (5/12) 1967=100           239.07     239.98      -0.1
      CRB RAW INDUSTRIALS (5/12) 1967=100      304.79     306.08      -9.9
      
      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 (5/13)                   134.10     132.75    118.45
      GERMAN MARK (5/13)                      1.78       1.77      1.70
      BRITISH POUND (5/13)                    1.63       1.66      1.64
      FRENCH FRANC (5/13)                     5.96       5.92      5.72
      ITALIAN LIRA (5/13)                   1754.0     1741.8    1674.0
      CANADIAN DOLLAR (5/13)                  1.44       1.44      1.39
      MEXICAN PESO (5/13)3                   8.516      8.475     7.892
      TRADE-WEIGHTED DOLLAR INDEX (5/13)     110.9      110.0     103.9
      
      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 (5/12)                    5.54 %    5.22 %    5.42 %
      COMMERCIAL PAPER (5/12) 3-month         5.50      5.50      5.69
      CERTIFICATES OF DEPOSIT (5/13) 3-month  5.59      5.58      5.70
      FIXED MORTGAGE (5/8) 30-year            7.18      7.28      8.08
      ADJUSTABLE MORTGAGE (5/8) one-year      5.80      5.80      6.04
      PRIME (5/8)                             8.50      8.50      8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      BW production index copyright 1998 Bloomberg L.P.
      #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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