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Business Week Index

BusinessWeek Index

The production index edged down for the second week in a row by falling in theweek ended Feb. 8. However, before calculation of the four-week moving average,the index rose to 135.7, from 135.5. On a seasonally adjusted basis, outputlevels of coal, rail-freight traffic, and steel increased. Milder weatherduring the latest week contributed to a sharp decline in electric power output,and a work slowdown caused a decline in auto production.BW production index copyright 1997 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (2/15) thous. of net tons 2,078 2,033# 1.2

AUTOS (2/15) units 128,604 125,596 r# 5.7

TRUCKS (2/15) units 128,390 131,018 r# 5.7

ELECTRIC POWER (2/15) millions of

kilowatt-hrs. NA 63,054# NA

CRUDE-OIL REFINING (2/15) thous. of

bbl./day NA 13,235# NA

COAL (2/8) thous. of net tons 21,398# 20,248 20.9

LUMBER (2/8) millions of ft. 496.9# 507.3 22.8

RAIL FREIGHT (2/8) billions of

ton-miles 27.2# 26.4 14.3

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison

Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2,

Association of American Railroads

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STOCK PRICES (2/14) S&P 500 808.48 789.56 23.4

CORPORATE BOND YIELD, Aaa (2/14) 7.26% 7.34% 5.8

INDUSTRIAL MATERIALS PRICES (2/14) 108.0 109.2 -1.8

BUSINESS FAILURES (2/7) NA NA NA

REAL ESTATE LOANS (2/5) billions NA NA NA

MONEY SUPPLY, M2 (2/3) billions $3,860.8 $3,858.2 r 4.9

INITIAL CLAIMS, UNEMPLOYMENT

(2/8) thous. 309 324r -18.9

Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun

& Bradstreet (failures of large companies), Federal Reserve, Labor Dept.

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (2/19) $/troy oz. 346.250 337.700 -12.7

STEEL SCRAP (2/14) #1 heavy, $/ton 146.50 146.50 1.3

COPPER (2/14) cents/lb. 111.5 110.8 -5.7

ALUMINUM (2/14) cents/lb. 74.8 77.5 -1.6

COTTON (2/15) strict low middling

1-1/16 in., cents/lb. 69.98 70.86 -14.4

OIL (2/18) $/bbl. 22.14 22.04r 5.2

CRB FOODSTUFFS (2/18) 1967=100 238.28 235.18 1.9

CRB RAW INDUSTRIALS (2/18) 1967=100 345.19 343.47 5.3

Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis

market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR

WEEK AGO AGO

JAPANESE YEN (2/19) 124.39 123.83 105.16

GERMAN MARK (2/19) 1.70 1.68 1.46

BRITISH POUND (2/19) 1.61 1.63 1.54

FRENCH FRANC (2/19) 5.74 5.68 5.01

ITALIAN LIRA (2/19) 1690.4 1649.0 1569.3

CANADIAN DOLLAR (2/19) 1.36 1.36 1.37

MEXICAN PESO (2/19)*** 7.777 7.790 7.535

TRADE-WEIGHTED DOLLAR INDEX (2/19) 105 104.3 95.1

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.

INTEREST RATES

LATEST WEEK YEAR

WEEK AGO AGO

FEDERAL FUNDS (2/18) 5.55% 5.07% 5.20%

COMMERCIAL PAPER (2/19) 3-month 5.38 5.40 5.16

CERTIFICATES OF DEPOSIT (2/19) 3-month 5.34 5.36 5.17

FIXED MORTGAGE (2/14) 30-year 7.85 7.89 7.24

ADJUSTABLE MORTGAGE (2/14) one-year 5.81 5.74 5.40

PRIME (2/18) 8.25 8.25 8.25

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. 1=Western Wood Products Assn. 2=Southern Forest

Products Assn. ***=Free market value NA=Not available r=revised NM=Not

meaningful

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