Business Week Index

The production index fell in the week ended June 20. The unaveraged index also

dipped, to 132.3, from 133.6. After seasonal adjustment, both auto and truck

production plummeted 10%, as the UAW strike at GM's Flint, Mich. plant has

brought company-wide production to a stand-still. Cumulative output losses at

General Motors topped the 100,000-vehicle mark this week. Output of steel,

oil, coal, and rail freight were also down. Electricity and lumber production

posted small gains.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                             LATEST      WEEK       YEARLY
                                              WEEK        AGO%        CHG
      STEEL (6/27) thous. of net tons         1,888      2,067#      -8.3
      AUTOS (6/27) units                      81,883     96,798R#    -25.1
      TRUCKS (6/27) units                     93,805     103,867R#   -21.2
      ELECTRIC POWER (6/27)
       millions of kilowatt-hrs.              77,400     70,713#      6.3
      CRUDE-OIL REFINING (6/27)
       thous. of bbl./day                     15,333     15,443#      2.3
      COAL (6/20) thous. of net tons          20,689#    21,279       3.4
      LUMBER (6/20) millions of ft.           486.0#     494.9        0.1
      RAIL FREIGHT (6/20)
       billions of ton-miles                  26.8#      27.5         3.1
      
      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 (6/26) S&P 500             1133.20    1100.65     27.7
      CORPORATE BOND YIELD, Aaa (6/26)        6.53%      6.49%      -11.3
      MONEY SUPPLY, M2 (6/15) billions        $4,192.2   $4,183.7R    7.4
      INITIAL CLAIMS, UNEMPLOYMENT
       (6/20) thous.                          364        330R        10.3
      MORTGAGE APPLICATIONS, PURCHASE (6/26)  241.3      274.6       16.0
      MORTGAGE APPLICATIONS, REFINANCE (6/26) 1,202.7    1,406.2     184.7
      
      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 (7/1) $/troy oz.                  296.800    293.850    -10.7
      STEEL SCRAP (6/30)#1 heavy, $/ton      135.50     135.50     -2.2
      COPPER (6/26)  cents/lb.                78.2      77.7       -33.0
      ALUMINUM (6/26)  cents/lb.              63.8      63.5       -15.3
      COTTON (6/27) strict
       low middling 1-1/16 in.,  cents/lb.    75.55     73.04        4.7
      OIL (6/30) $/bbl.                       14.05     14.16      -29.1
      CRB FOODSTUFFS (6/30) 1967=100          233.81    240.00     -1.5
      CRB RAW INDUSTRIALS (6/30) 1967=100     296.20    296.84     -11.7
      
      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 (6/30)                    7.06%    5.36%     6.24%
      COMMERCIAL PAPER (6/30) 3-month         5.51     5.50      5.64
      CERTIFICATES OF DEPOSIT (7/1) 3-month   5.60     5.60      5.67
      FIXED MORTGAGE (6/26) 30-year           7.07     7.08      7.81
      ADJUSTABLE MORTGAGE (6/26) one-year     5.78     5.83      5.88
      PRIME (6/26)                            8.50     8.50      8.50
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      FOREIGN EXCHANGE
                                            LATEST     WEEK       YEAR
                                             WEEK      AGO        AGO
      JAPANESE YEN (7/1)                    138.28     141.13     114.41
      GERMAN MARK (7/1)                     1.82       1.80       1.75
      BRITISH POUND (7/1)                   1.66       1.67       1.67
      FRENCH FRANC (7/1)                    6.10       6.04       5.91
      ITALIAN LIRA (7/1)                    1790.2     1774.2     1705.8
      CANADIAN DOLLAR (7/1)                 1.46       1.47       1.38
      MEXICAN PESO (7/1)***                 8.941      8.932      7.947
      TRADE-WEIGHTED DOLLAR INDEX (7/1)     113.3      113.5      103.7
      
      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. * Western Wood Products Assn.   ** Southern 
      Forest Products Assn.    *** Free market value   NA=Not available   r=revised  
       NM=Not meaningful
      
      
      
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