Business Week Index

The production index increased during the week ended Jan. 23. The unaveraged index rebounded to 143.0, a 1% advance over last week's figure of 141.6. After seasonal adjustment, steel production soared 12.6%, with a capacity-utilization rate of 81.2%--the highest it has been since Oct. 24, 1998. More moderate increases were noted in the production of autos, trucks, oil, coal, lumber, and rail-freight traffic. Only electric-power output was down.

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHG STOCK PRICES (1/29) S&P 500 1279.64 1225.19 30.5

CORPORATE BOND YIELD, Aaa (1/29) 6.16% 6.17% -8.1

MONEY SUPPLY, M2 (1/18) billions $4,440.8 $4,430.8r 9.1

INITIAL CLAIMS, UNEMPLOYMENT (1/22) thous. 301 316r 0.7

MORTGAGE APPLICATIONS, PURCHASE (1/29) 272.9 278.3 7.5 MORTGAGE APPLICATIONS, REFINANCE (1/29) 1,741.7 1,572.2 -14.6

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 (2/2) 4.56% 4.84% 5.47%

COMMERCIAL PAPER (2/2) 3-month 4.76 4.75 5.44

CERTIFICATES OF DEPOSIT (2/3) 3-month 4.88 4.86 5.54

FIXED MORTGAGE (1/29) 30-year 6.84 6.87 7.25

ADJUSTABLE MORTGAGE (1/29) one-year 5.68 5.70 5.73

PRIME (1/29) 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 (1/30) thous. of net tons                     2,011       2,002#  -9.3
      AUTOS (1/30) units                                125,942    102,651r#   6.0
      TRUCKS (1/30) units                               151,923    128,357r#  10.5
      ELECTRIC POWER (1/30) millions of kilowatt-hrs.    64,258      63,563#  -0.4
      CRUDE-OIL REFINING (1/30) thous. of bbl./day       14,223      14,175#   1.2
      COAL (1/23) thous. of net tons                     22,005#     21,397   -6.7
      LUMBER (1/23) millions of ft.                       502.0#      484.1    3.4
      RAIL FREIGHT (1/23) billions of ton-miles            26.6#       25.6   -1.1
      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 (2/3) $/troy oz.                             286.850    283.800     -3.8
      STEEL SCRAP (2/2) #1 heavy, $/ton                   84.00      84.00    -42.3
      COPPER (1/29)  cents/lb.                             68.0       69.2    -10.5
      ALUMINUM (1/29)  cents/lb.                           59.0       59.3    -19.7
      COTTON (1/29) strict low middling 1-1/16 in.,
                                      cents/lb.           57.76      57.54     -7.3
      OIL (2/2) $/bbl.                                    12.04      11.86    -25.4
      CRB FOODSTUFFS (2/2) 1967=100                      200.24     205.92    -11.9
      CRB RAW INDUSTRIALS (2/2) 1967=100                 262.14     262.80    -11.7
      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 (2/3)                              1.7800     1.9050    1.1237
      BRITISH POUND (2/3)                                 1.64     1.65        1.66
      CANADIAN DOLLAR (2/3)                               1.51     1.52        1.45
      EUROPEAN EURO (2/3)                               1.1345     1.1454    NA
      JAPANESE YEN (2/3)                                112.34     115.75    123.70
      KOREAN WON (2/3)                                  1170.0     1176.1    1608.0
      MEXICAN PESO (2/3)3                               10.108     10.165    8.425
      TRADE-WEIGHTED DOLLAR INDEX (2/3)                  106.0     106.5     108.8
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar,
      except for British Pound and European Euro 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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