Business Week Index

BusinessWeek Index

The production index edged slightly higher during the week ended Mar. 8, as theindex continues to show little movement in the first quarter after its runup inthe fourth. Before calculation of the four-week moving average, the indexincreased to 136.1, from 135.4. On a seasonally adjusted basis, increases inoutput of lumber, steel, electric power, and crude-oil refining offset drops inauto, truck and coal production as well as in rail-freight traffic.BW production index copyright 1997 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (3/15) thous. of net tons 2,102 2,138 # 2.1

AUTOS (3/15) units 123,233 131,876 r# 56.2

TRUCKS (3/15) units 140,185 139,822 r# 40.4

ELECTRIC POWER (3/15) millions of

kilowatt-hrs. 59,387 60,388 # 0.1

CRUDE-OIL REFINING (3/15) thous.

of bbl./day 13,715 13,578 # 0.3

COAL (3/8) thous. of net tons 20,443 # 21,245 -3.2

LUMBER (3/8) millions of ft. 510.6 # 482.1 13.9

RAIL FREIGHT (3/8) billions of ton-miles 26.9 # 27.6 1.5

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 (3/14) S&P 500 793.17 804.97 24.0

CORPORATE BOND YIELD, Aaa (3/14) 7.42% 7.47% -1.3

INDUSTRIAL MATERIALS PRICES (3/14) 108.3 108.2 -0.3

BUSINESS FAILURES (3/7) NA NA NA

REAL ESTATE LOANS (3/5) billions NA NA NA

MONEY SUPPLY, M2 (3/3) billions $3,871.4 $3,869.3 r 4.5

INITIAL CLAIMS, UNEMPLOYMENT (3/8)

thous. 307 312 -12.8

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 (3/19) $/troy oz. 349.100 351.400 -11.6

STEEL SCRAP (3/14) #1 heavy, $/ton 136.50 139.50 -1.8

COPPER (3/14) cents/lb. 117.0 118.5 -5.0

ALUMINUM (3/14) cents/lb. 80.5 81.5 5.9

COTTON (3/15) strict low middling 1-1/16

in., cents/lb. 72.74 71.65 -9.8

OIL (3/18) $/bbl. 21.77 19.75 -10.6

CRB FOODSTUFFS (3/18) 1967=100 243.36 247.61 4.5

CRB RAW INDUSTRIALS (3/18) 1967=100 339.92 341.60 3.0

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 (3/19) 122.72 122.43 106.77

GERMAN MARK (3/19) 1.68 1.70 1.48

BRITISH POUND (3/19) 1.60 1.60 1.53

FRENCH FRANC (3/19) 5.67 5.73 5.07

ITALIAN LIRA (3/19) 1687.8 1693.0 1566.2

CANADIAN DOLLAR (3/19) 1.38 1.36 1.32

MEXICAN PESO (3/19)*** 7.925 7.975 7.550

TRADE-WEIGHTED DOLLAR INDEX (3/19) 104.8 104.8 96.44

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 (3/18) 5.42% 5.21% 5.20%

COMMERCIAL PAPER (3/19) 3-month 5.53 5.46 5.36

CERTIFICATES OF DEPOSIT (3/19) 3-month 5.52 5.44 5.33

FIXED MORTGAGE (3/14) 30-year 7.98 7.97 8.06

ADJUSTABLE MORTGAGE (3/14) one-year 5.86 5.78 5.82

PRIME (3/14) 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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