Business Week Index

PRODUCTION INDEX

The production index continued to fall in the week ended July 11. Before

calculation of the four-week moving average, the index climbed to 131, from

129 in the previous week. After seasonal adjustment, truck production was down

41.3%, as the strike affecting General Motors continues. Electric power was

also down, but with the heat wave hovering across most of the U.S., it's sure

to bounce back up. Output of steel, autos, oil, coal, lumber, and rail freight

posted gains.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                                       LATEST     WEEK      YEARLY
                                                        WEEK      AGO       % CHG
      STEEL (7/18) thous. of net tons                   1,962     2,010#     -4.2
      AUTOS (7/18) units                               74,416    33,073r#   -28.2
      TRUCKS (7/18) units                              68,974    22,707r#   -16.7
      ELECTRIC POWER (7/18) millions of kilowatt-hrs.  77,565    73,856#      0.1
      CRUDE-OIL REFINING (7/18) thous. of bbl./day     15,675    15,601#      5.1
      COAL (7/11) thous. of net tons                   19,270#   18,122       0.5
      LUMBER (7/11) millions of ft.                     464.2#    391.3      -3.3
      RAIL FREIGHT (7/11) billions of ton-miles          24.3#     23.5       0.0
      
      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 (7/17) S&P 500                       1186.75   1164.33     29.7
      CORPORATE BOND YIELD, Aaa (7/17)                  6.58%     6.49%       -8.0
      MONEY SUPPLY, M2 (7/6) billions                  $4,213.7  $4,192.7r     7.5
      INITIAL CLAIMS, UNEMPLOYMENT (7/11) thous.        336       394r        -2.3
      MORTGAGE APPLICATIONS, PURCHASE (7/17)            255.0     262.5        22.4
      MORTGAGE APPLICATIONS, REFINANCE (7/17)           1,292.2   1,305.5      138.1
      
      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 (7/22) $/troy oz.                          293.950   293.150     -9.5
      STEEL SCRAP (7/21) #1 heavy, $/ton              130.50    130.50      -3.0
      COPPER (7/17)  cents/lb.                         79.0      75.4      -29.5
      ALUMINUM (7/17)  cents/lb.                       63.0      62.0      -16.0
      COTTON (7/18) strict low middling 1-1/16
       in.,  cents/lb.                                 73.66     77.01       2.8
      OIL (7/21) $/bbl.                                13.53     14.43      -27.9
      CRB FOODSTUFFS (7/21) 1967=100                  229.16    227.69       -4.0
      CRB RAW INDUSTRIALS (7/21) 1967=100             296.90    294.45      -10.8
      
      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 (7/21)                              5.51%     5.45%     5.44%
      COMMERCIAL PAPER (7/21) 3-month                   5.50      5.49      5.54
      CERTIFICATES OF DEPOSIT (7/22) 3-month            5.60      5.59      5.57
      FIXED MORTGAGE (7/17) 30-year                     7.07      7.03      7.65
      ADJUSTABLE MORTGAGE (7/17) one-year               5.82      5.78      5.81
      PRIME (7/17)                                      8.50      8.50      8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                              LATEST     WEEK       YEAR
                                              WEEK        AGO       AGO
      JAPANESE YEN (7/22)                     140.98    140.67      115.76
      GERMAN MARK (7/22)                      1.79      1.80        1.82
      BRITISH POUND (7/22)                    1.64      1.63        1.68
      FRENCH FRANC (7/22)                     6.00      6.04        6.14
      ITALIAN LIRA (7/22)                     1766.0    1776.2      1773.0
      CANADIAN DOLLAR (7/22)                  1.50      1.49        1.38
      MEXICAN PESO (7/22)3                    8.865     8.850       7.834
      TRADE-WEIGHTED DOLLAR INDEX (7/22)      114.0     114.0       105.3
      
      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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