business

Business Week Index

The production index fell in the week ended Jan. 16, and the unaveraged index was down to 141.6, from 141.7 a week ago. After seasonal adjustment, electric-power output dropped 5.7%, with the largest decreases in available energy in the southeast and mid-Atlantic regions. Crude-oil refining plunged 22.4%, with substantial dips in operations on the West Coast. Output of autos, trucks, coal, lumber, and rail-freight traffic increased during the week.

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHG STOCK PRICES (1/22) S&P 500 1225.19 1243.26 27.9

CORPORATE BOND YIELD, Aaa (1/22) 6.17% 6.16% -7.5

MONEY SUPPLY, M2 (1/11) billions $4,425.4 $4,430.7r 8.9

INITIAL CLAIMS, UNEMPLOYMENT (1/15) thous. 346 360r 6.8

MORTGAGE APPLICATIONS, PURCHASE (1/22) 278.3 276.4 -11.2 MORTGAGE APPLICATIONS, REFINANCE (1/22) 1,572.2 1,634.4 -49.2

Sources: Standard & Poor's, Moody's, Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

INTEREST RATES LATEST WEEK YEAR WEEK AGO AGO FEDERAL FUNDS (1/26) 4.84% 4.55% 5.52%

COMMERCIAL PAPER (1/26) 3-month 4.75 4.77 5.43

CERTIFICATES OF DEPOSIT (1/27) 3-month 4.86 4.88 5.55

FIXED MORTGAGE (1/22) 30-year 6.87 6.93 7.11

ADJUSTABLE MORTGAGE (1/22) one-year 5.70 5.79 5.64

PRIME (1/22) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

BusinessWeek Index
PRODUCTION INDICATORS
                                                          LATEST     WEEK   YEARLY
                                                          WEEK       AGO    % CHG
      STEEL (1/23) thous. of net tons                     2,002     1,865#  -11.6
      AUTOS (1/23) units                                104,329   106,333r#   3.5
      TRUCKS (1/23) units                               125,445   134,999r#  11.3
      ELECTRIC POWER (1/23) millions of kilowatt-hrs.    63,563    68,436#   -2.5
      CRUDE-OIL REFINING (1/23) thous. of bbl./day       14,175    14,832#    0.1
      COAL (1/16) thous. of net tons                     21,397#   19,351    -6.1
      LUMBER (1/16) millions of ft.                       484.1#    401.2     9.7
      RAIL FREIGHT (1/16) billions of ton-miles            25.6#     23.6    -3.8
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2,
      Association of American Railroads
      
      PRICES
                                                          LATEST     WEEK    YEARLY
                                                          WEEK       AGO     % CHG
      GOLD (1/27) $/troy oz.                              283.800   286.000    -5.4
      STEEL SCRAP (1/26) #1 heavy, $/ton                    84.00     84.00   -42.3
      COPPER (1/22)  cents/lb.                               69.2      69.6   -14.1
      ALUMINUM (1/22)  cents/lb.                             59.3      60.0   -18.2
      COTTON (1/22) strict low middling 
         1-1/16 in., cents/lb.                              57.54     57.67    -7.4
      OIL (1/26) $/bbl.                                     11.86     11.89   -29.3
      CRB FOODSTUFFS (1/26) 1967=100                       205.92    210.02    -9.3
      CRB RAW INDUSTRIALS (1/26) 1967=100                  262.80    264.16   -12.5
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                                      LATEST     WEEK    YEAR
                                                      WEEK       AGO     AGO
      BRAZILIAN REAL (1/27)                           1.9050    1.5750  1.1223
      BRITISH POUND (1/27)                              1.65      1.65    1.64
      CANADIAN DOLLAR (1/27)                            1.52      1.52    1.46
      EUROPEAN EURO (1/27)                            1.1454    1.1567      NA
      JAPANESE YEN (1/27)                             115.75    113.52  124.97
      KOREAN WON (1/27)                               1176.1    1166.5  1550.0
      MEXICAN PESO (1/27)3                            10.165    10.195   8.310
      TRADE-WEIGHTED DOLLAR INDEX (1/27)               106.5     105.6   109.5
      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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