Business Week Index

PRODUCTION INDICATORS
                                                     LATEST      WEEK    YEARLY
                                                       WEEK       AGO     % CHG
      STEEL 5/15 thous. of net tons                    1,957    1,911 #     -8.7
      AUTOS 5/15 units                               121,408  120,487 r#    -0.4
      TRUCKS 5/15 units                              160,894  163,756 r#     4.9
      ELECTRIC POWER 5/15 millions of kilowatt-hrs.   60,227   59,075 #     -1.0
      CRUDE-OIL REFINING 5/15 thous. of bbl./day      14,914   14,862 #     -0.8
      COAL 5/8 thous. of net tons                     21,174#  20,767       -1.6
      LUMBER 5/8 millions of ft.                       523.2#   515.7       13.9
      RAIL FREIGHT 5/8 billions of ton-miles            27.0#    27.1        1.1
      
      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
      ECRI LEADING INDEX 5/7 1992=100                 123.9     124.4        0.2
      STOCK PRICES 5/14 S&P 500                     1337.80   1345.00       20.7
      CORPORATE BOND YIELD, Aaa 5/14                   6.98 %    6.92 %      3.6%
      MONEY SUPPLY, M2 5/3 billions                $4,488.0  $4,513.9 r      7.5
      INITIAL CLAIMS, UNEMPLOYMENT 5/7 thous.           303       303 r     -1.3
      MORTGAGE APPLICATIONS, PURCHASE 5/14            271.1     289.0        6.4
      MORTGAGE APPLICATIONS, REFINANCE 5/14           867.1   1,042.1      -23.9
      
      Sources: Economic Cycle Research Institute, 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 5/19 $/troy oz.                            272.5   277.550       -9.0
      STEEL SCRAP 5/18 #1 heavy, $/ton                 77.00    77.00      -43.2
      COPPER 5/14 cents/lb.                            74.7      75.4       -8.5
      ALUMINUM 5/14 cents/lb.                          65.5      65.5       -1.5
      COTTON 5/14 strict low middling 1-1/16 in        58.47    59.96       -9.7
      OIL 5/18 $/bbl.                                  16.89    17.80       32.6
      CRB FOODSTUFFS 5/18 1967=100                    192.31   192.04      -20.0
      CRB RAW INDUSTRIALS 5/18 1967=100               260.88   257.84      -14.6
      
      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 5/19                             1.6690   1.6560     1.1482
      BRITISH POUND 5/19                                1.62     1.62       1.63
      CANADIAN DOLLAR 5/19                              1.47     1.46       1.45
      EUROPEAN EURO 5/19                              1.0644   1.0646        NA
      JAPANESE YEN 5/19                               124.35   120.93     136.08
      KOREAN WON 5/19                                 1204.5   1190.0     1410.0
      MEXICAN PESO 5/19 (***)                          9.289    9.320      8.555
      TRADE-WEIGHTED DOLLAR INDEX 5/19                 110.4    109.3      111.3
      
      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.
      
      INTEREST RATES
                                                     LATEST      WEEK      YEAR
                                                       WEEK       AGO       AGO
      FEDERAL FUNDS 5/18                                4.78%    4.69 %     5.35%
      COMMERCIAL PAPER 5/18 3-month                     4.81     4.79       5.51
      CERTIFICATES OF DEPOSIT 5/19 3-month              4.95     4.88       5.59
      FIXED MORTGAGE 5/14 30-year                       7.19     7.10       7.22
      ADJUSTABLE MORTGAGE 5/14 one-year                 5.86     5.78       5.87
      PRIME 5/14                                        7.75     7.75       8.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #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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