Business Week Index

The production index rose in the week ended June 6. The unaveraged index was

also up, to 134.9, from 133.6. After seasonal adjustment, rail freight jumped

by 1.9%, with strong increases in grain traffic, which had been weak this

year. Electric power was up 1.8%, with large increases in the South Central

and Southeast regions. Auto and truck production also rose, prior to General

Motors Corp.'s being hit by a strike at it's Flint, MI, plant. Lumber output

rose, as did steel and coal production.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                             LATEST        WEEK     YEARLY
                                              WEEK          AGO     % CHG
      
      STEEL (6/13) thous. of net tons         2,190        2,174 #    4.8
      AUTOS (6/13) units                    112,852      112,774 r#  -7.3
      TRUCKS (6/13) units                   124,136      144,285 r#  -4.3
      ELECTRIC POWER (6/13)
        millions of kilowatt-hrs.            64,274       66,333 #    3.8
      CRUDE-OIL REFINING (6/13)
        thous. of bbl./day                   15,507       15,245 #    2.8
      COAL (6/6) thous. of net tons          21,581 #     20,984      2.5
      LUMBER (6/6) millions of ft.            494.9 #      374.3     -0.4
      RAIL FREIGHT (6/6) billions of ton-miles 27.8 #       26.2      5.3
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA*, SFPA**, 
      Association of American Railroads
      
      LEADING INDICATORS
                                               LATEST         WEEK     YEARLY
                                                WEEK          AGO      % CHG
      
      STOCK PRICES (6/12) S&P 500               1098.84      1113.86     23.0
      CORPORATE BOND YIELD, Aaa (6/12)             6.52 %       6.59 %  -12.4
      MONEY SUPPLY, M2 (6/1) billions          $4,188.4     $4,169.1 r    7.2
      INITIAL CLAIMS, UNEMPLOYMENT (6/6) thous.     315          338 r   -6.5        
              MORTGAGE APPLICATIONS, PURCHASE (6/12)      262.1        272.1     
      24.8
      MORTGAGE APPLICATIONS, REFINANCE (6/12)   1,209.6      1,120.7    222.0
      
      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 (6/17) $/troy oz.                  290.000    293.000     -15.1
      STEEL SCRAP (6/16) #1 heavy, $/ton       134.50     134.50      -2.9
      COPPER (6/12)  cents/lb.                   80.0       79.0     -34.3
      ALUMINUM (6/12)  cents/lb.                 64.0       64.5     -16.9
      COTTON (6/13) strict low middling
          1-1/16 in.,  cents/lb.                72.11      71.94       1.8
      OIL (6/16) $/bbl.                         11.94      13.56     -36.7
      CRB FOODSTUFFS (6/16) 1967=100           240.14     238.13      -1.1
      CRB RAW INDUSTRIALS (6/16) 1967=100      297.83     302.29     -12.0
      
      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 (6/17)                   137.55    141.63     113.43
      GERMAN MARK (6/17)                      1.79      1.80       1.73
      BRITISH POUND (6/17)                    1.67      1.63       1.64
      FRENCH FRANC (6/17)                     5.99      6.03       5.85
      ITALIAN LIRA (6/17)                   1759.0    1770.5     1697.5
      CANADIAN DOLLAR (6/17)                  1.46      1.47       1.39
      MEXICAN PESO (6/17)***                 8.875     8.881      7.909
      TRADE-WEIGHTED DOLLAR INDEX (6/17)     112.9     113.8      103.4
      
      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 (6/16)                    5.55 %   5.38 %    5.46 %
      COMMERCIAL PAPER (6/16) 3-month         5.50     5.50      5.64
      CERTIFICATES OF DEPOSIT (6/17) 3-month  5.60     5.58      5.65
      FIXED MORTGAGE (6/12) 30-year           7.11     7.10      7.90
      ADJUSTABLE MORTGAGE (6/12) one-year     5.79     5.80      5.98
      PRIME (6/12)                            8.50     8.50      8.50
      
      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. * Western Wood Products Assn.   ** Southern 
      Forest Products Assn.    *** Free market value   NA=Not available   r=Revised  
       NM=Not meaningful
      
      
      
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