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Business Week Index

BusinessWeek Index

The production index continued to edge higher in the week ended June 14. Beforecalculation of the four-week moving average, however, the production indexdropped to 122.1, from 123.3 in the previous week. In the latest week,seasonally adjusted auto output was down sharply, and there were declines inenergy-related production: electric power, coal, and crude-oil refining. Outputof trucks and lumber increased for the week.BW production index copyright 1997 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (6/21) thous. of net tons 2,149 2,092# 7.3

AUTOS (6/21) units 134,077 121,769 r# -3.8

TRUCKS (6/21) units 127,244 129,462 r# 6.5

ELECTRIC POWER (6/21) millions of

kilowatt-hrs. 67,042 61,893# -5.2

CRUDE-OIL REFINING (6/21) thous.

of bbl./day 15,052 15,080# 5.6

COAL (6/14) thous. of net tons 20,428# 20,628 -3.4

LUMBER (6/14) millions of ft. 516.3# 496.7 7.4

RAIL FREIGHT (6/14) billions of

ton-miles 26.4# 26.5 -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 (6/20) S&P 500 898.70 893.27 34.8

CORPORATE BOND YIELD, Aaa (6/20) 7.33% 7.44% -5.3

INDUSTRIAL MATERIALS PRICES (6/20) 105.9 106.5 0.5

BUSINESS FAILURES (6/13) NA NA NA

REAL ESTATE LOANS (6/11) billions NA NA NA

MONEY SUPPLY, M2 (6/9) billions $3,907.0 $3,909.7 r 4.5

INITIAL CLAIMS, UNEMPLOYMENT (6/14)

thous. 347 339 r -2.3

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

Federal Reserve, Labor Dept.

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (6/25) $/troy oz. 338.450 341.600 -11.8

STEEL SCRAP (6/24) #1 heavy, $/ton 138.50 138.50 0.0

COPPER (6/20) cents/lb. 124.1 121.7 18.1

ALUMINUM (6/20) cents/lb. 75.6 77.0 8.3

COTTON (6/21) strict low middling

1-1/16 in., cents/lb. 71.15 70.82 -10.9

OIL (6/24) $/bbl. 18.47 18.87 -7.1

CRB FOODSTUFFS (6/24) 1967=100 241.95 242.89 -12.4

CRB RAW INDUSTRIALS (6/24) 1967=100 335.36 338.52 1.4

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 (6/25) 114.03 113.43 109.98

GERMAN MARK (6/25) 1.73 1.73 1.53

BRITISH POUND (6/25) 1.66 1.64 1.55

FRENCH FRANC (6/25) 5.82 5.85 5.15

ITALIAN LIRA (6/25) 1683.5 1697.5 1535.6

CANADIAN DOLLAR (6/25) 1.39 1.39 1.37

MEXICAN PESO (6/25)3 7.940 7.909 7.603

TRADE-WEIGHTED DOLLAR INDEX (6/25) 103.4 103.4 97.9

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 (6/24) 5.39% 5.46% 5.15%

COMMERCIAL PAPER (6/25) 3-month 5.63 5.64 5.80

CERTIFICATES OF DEPOSIT (6/25) 3-month 5.66 5.65 5.48

FIXED MORTGAGE (6/20) 30-year 7.81 7.90 8.50

ADJUSTABLE MORTGAGE (6/20) one-year 5.87 5.98 6.08

PRIME (6/20) 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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