Business Week Index

PRODUCTION INDEX

The production index continued to rebound during the week ended Aug. 29.

Before calculation of the four-week moving average, the index jumped to 136.2

from 134.8, as auto, truck, and electric power production increased strongly.

For the month of August, the index surged 2.7% to 135.2, from July's reading

of 131.7. The month's robust advance mostly reflected a bounceback in vehicle

production following the strike at the General Motors Corp.

BW production index copyright 1998 Bloomberg L.P.

BusinessWeek Index
PRODUCTION INDICATORS
                                                 LATEST     WEEK      YEARLY
                                                  WEEK      AGO       % CHG
      STEEL (9/5) thous. of net tons             2,112     2,040#      -2.7
      AUTOS (9/5) units                          111,726   130,121r#   20.9
      TRUCKS (9/5) units                         118,641   132,976r#   13.9
      ELECTRIC POWER (9/5)
       millions of kilowatt-hrs.                   NA      80,335#       NA
      CRUDE-OIL REFINING (9/5)
       thous. of bbl./day                          NA      15,688#       NA
      COAL (8/29) thous. of net tons             22,258#   21,973       6.6
      LUMBER (8/29) millions of ft.              494.4#    493.4       -0.4
      RAIL FREIGHT (8/29) billions of ton-miles  27.2#     27.3         2.6
      
      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 (9/4) S&P 500                973.89     1027.40     4.8
      CORPORATE BOND YIELD, Aaa (9/4)           6.44%      6.52%      -11.2
      MONEY SUPPLY, M2 (8/24) billions          $4,237.1   $4,232.7r   7.0
      INITIAL CLAIMS, UNEMPLOYMENT
       (8/28) thous.                            302        301r       -6.8
      MORTGAGE APPLICATIONS, PURCHASE (9/4)     305.1      269.4      42.1
      MORTGAGE APPLICATIONS, REFINANCE (9/4)    1,924.0    1,331.5    272.7
      
      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 (9/9) $/troy oz.                   283.450      280.150    -11.6
      STEEL SCRAP (9/8)#1 heavy, $/ton        91.00        91.00r     -34.8
      COPPER (9/4)  cents/lb.                 78.4         77.4       -21.8
      ALUMINUM (9/4)  cents/lb.               66.5         64.5       -12.5
      COTTON (9/5) strict low middling
       1-1/16 in.,  cents/lb.                 72.43        72.81       2.7
      OIL (9/8) $/bbl.                        14.18        13.67      -26.1
      CRB FOODSTUFFS (9/8) 1967=100           219.51       213.55     -8.1
      CRB RAW INDUSTRIALS (9/8) 1967=100      285.19       283.33     -15.4
      
      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 (9/8)                     5.66%     5.75%     5.50%
      COMMERCIAL PAPER (9/8) 3-month          5.43      5.44      5.51
      CERTIFICATES OF DEPOSIT (9/9) 3-month   5.48      5.52      5.60
      FIXED MORTGAGE (9/4) 30-year            6.90      7.02      7.68
      ADJUSTABLE MORTGAGE (9/4) one-year      5.69      5.72      5.73
      PRIME (9/9)                             8.50      8.50      8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      FOREIGN EXCHANGE
                                              LATEST     WEEK       YEAR
                                              WEEK       AGO        AGO
      JAPANESE YEN (9/9)                      137.30     137.70     119.15
      GERMAN MARK (9/9)                       1.73       1.75       1.80
      BRITISH POUND (9/9)                     1.66       1.67       1.59
      FRENCH FRANC (9/9)                      5.79       5.88       6.04
      ITALIAN LIRA (9/9)                      1704.5     1732.0     1755.3
      CANADIAN DOLLAR (9/9)                   1.52       1.54       1.38
      MEXICAN PESO (9/9)***                   10.320     9.965      7.773
      TRADE-WEIGHTED DOLLAR INDEX (9/9)       112.1      113.4      106.3
      
      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. *=Western Wood Products Assn.   **=Southern 
      Forest Products Assn.    ***=Free market value   NA=Not available   r=revised  
       NM=Not meaningful
      
      
      
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