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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index edged slightly higher during the week ended May 31. Beforecalculation of the four-week moving average, the index increased to 122.1, from121.9. In the latest week, seasonally adjusted crude-oil refining and steeloutput increased sharply. Lumber, auto, and truck production were down. Becauseof the effects of an auto strike, the production index for the entire month ofMay stood at 121.3, down from the 122.4 reading of April.BW production index copyright 1997 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (6/7) thous. of net tons 2,084 2,138# 1.8

AUTOS (6/7) units 125,060 103,690r# -14.1

TRUCKS (6/7) units 129,053 108,165r# -0.8

ELECTRIC POWER (6/7)

millions of kilowatt-hrs. NA 58,024# NA

CRUDE-OIL REFINING (6/7)

thous. of bbl./day 15,171 15,209# 5.3

COAL (5/31) thous. of net tons 19,809# 21,362 1.4

LUMBER (5/31) millions of ft. 414.0# 500.5 4.7

RAIL FREIGHT (5/31)

billions of ton-miles 24.6# 26.8 1.7

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 (6/6) S&P 500 858.01 848.28 27.4

CORPORATE BOND YIELD, Aaa (6/6) 7.51% 7.64% -2.1

INDUSTRIAL MATERIALS PRICES (6/6) 106.6 106.7 -0.8

BUSINESS FAILURES (5/30) NA NA NA

REAL ESTATE LOANS (5/28) billions NA NA NA

MONEY SUPPLY, M2 (5/26) billions $3,909.6 $3,900.7r 4.9

INITIAL CLAIMS,

UNEMPLOYMENT (5/31) thous. 337 318r -4.8

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 (6/11) $/troy oz. 343.800 341.750 -10.7

STEEL SCRAP (6/10) #1 heavy, $/ton 134.50 134.50 -2.9

COPPER (6/6) cents/lb. 118.4 120.4 3.4

ALUMINUM (6/6) cents/lb. 76.3 78.8 6.3

COTTON (6/7) strict low middling

1-1/16 in., cents/lb. 69.88 69.76 -14.4

OIL (6/10) $/bbl. 18.67 19.96 -6.7

CRB FOODSTUFFS (6/10) 1967=100 240.16 241.49 -13.5

CRB RAW INDUSTRIALS (6/10) 1967=100 338.01 338.12 -0.7

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 (6/11) 111.38 116.30 108.25

GERMAN MARK (6/11) 1.71 1.73 1.52

BRITISH POUND (6/11) 1.64 1.63 1.54

FRENCH FRANC (6/11) 5.80 5.84 5.17

ITALIAN LIRA (6/11) 1690.0 1699.0 1544.5

CANADIAN DOLLAR (6/11) 1.39 1.38 1.37

MEXICAN PESO (6/11)3 7.970 7.919 7.615

TRADE-WEIGHTED DOLLAR INDEX (6/11) 102.6 103.9 98.3

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 (6/10) 5.54% 5.42% 5.24%

COMMERCIAL PAPER (6/11) 3-month 5.67 5.67 5.49

CERTIFICATES OF DEPOSIT (6/11) 3-month 5.67 5.67 5.47

FIXED MORTGAGE (6/6) 30-year 8.01 8.12 8.45

ADJUSTABLE MORTGAGE (6/6) one-year 5.97 6.06 6.01

PRIME (6/6) 8.50 8.50 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. 3=Free market value NA=Not available r=revised NM=Not

meaningful

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