Business Week Index

The production index increased slightly during the week ended Mar. 27. But

before calculation of the four-week moving average, the index slipped to

143.2, from 143.9 in the previous week, as the factory sector continues to

stagnate. On a seasonally adjusted basis, production of autos, trucks, steel,

crude-oil refining, coal, and electric power were down. Rail-freight traffic

and lumber production increased.

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

ECRI LEADING INDEX (3/26) 1992=100 121.5 121.1r 0.8

STOCK PRICES (4/2) S&P 500 1293.72 1282.80 15.2

CORPORATE BOND YIELD, Aaa (4/2) 6.68% 6.67% 0.1

MONEY SUPPLY, M2 (3/22) billions $4,464.0 $4,443.8r 8.0

INITIAL CLAIMS, UNEMPLOYMENT (3/26) thous. 289 295r -5.9

MORTGAGE APPLICATIONS, PURCHASE (4/2) 269.0 263.2 8.1

MORTGAGE APPLICATIONS, REFINANCE (4/2) 1,086.2 1,177.2 -10.0

Sources: Economic Cycle Research Institute, 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 (4/6) 4.70% 4.77% 5.40%

COMMERCIAL PAPER (4/6) 3-month 4.82 4.82 5.45

CERTIFICATES OF DEPOSIT (4/7) 3-month 4.88 4.90 5.56

FIXED MORTGAGE (4/2) 30-year 7.09 7.05 7.23

ADJUSTABLE MORTGAGE (4/2) one-year 5.75 5.73 5.79

PRIME (4/7) 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 (4/3) thous. of net tons                    2,051       1,972#    -7.7
      AUTOS (4/3) units                               100,853     123,132r#  -14.9
      TRUCKS (4/3) units                              121,585     160,559r#  -20.2
      ELECTRIC POWER (4/3) millions of kilowatt-hrs.   58,622      60,520     -0.1
      CRUDE-OIL REFINING (4/3) thous. of bbl./day      14,640      14,549      0.0
      COAL (3/27) thous. of net tons                   21,597#     21,363     -2.4
      LUMBER (3/27) millions of ft.                     535.3#      517.8     12.5
      RAIL FREIGHT (3/27) billions of ton-miles          27.2#       26.6      1.9
      
      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 (4/7) $/troy oz.                                280.150  279.450   -9.3
      STEEL SCRAP (4/6) #1 heavy, $/ton                      76.80    77.00  -42.9
      COPPER (4/2)  cents/lb.                                 64.6     68.3  -20.1
      ALUMINUM (4/2)  cents/lb.                               58.7     61.5  -14.8
      COTTON (4/2) strict low middling 1-1/16 in., cents/lb. 59.98    61.53   -8.0
      OIL (4/6) $/bbl.                                       16.62    16.60   11.3
      CRB FOODSTUFFS (4/6) 1967=100                         186.11   190.29  -18.6
      CRB RAW INDUSTRIALS (4/6) 1967=100                    255.85   257.81  -14.3
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                                    LATEST       WEEK     YEARLY
                                                      WEEK        AGO      % CHG
      BRAZILIAN REAL (4/7)                           1.7325    1.7175    1.1394
      BRITISH POUND (4/7)                              1.60      1.61      1.67
      CANADIAN DOLLAR (4/7)                            1.50      1.51      1.42
      EUROPEAN EURO (4/7)                            1.0798    1.0800      NA
      JAPANESE YEN (4/7)                             121.14    118.46    131.21
      KOREAN WON (4/7)                               1222.6    1227.0    1410.0
      MEXICAN PESO (4/7)3                             9.505     9.515     8.510
      TRADE-WEIGHTED DOLLAR INDEX (4/7)               110.1     109.3     110.8
      
      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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