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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index edged up slightly during the week ended July 5. But beforecalculation of the four-week moving average, the index slipped to 123.5, from123.9 in the previous week. Seasonally adjusted output of autos and trucks weredown sharply, but that partly reflects plant closings during the entire weekendfor the Fourth of July holiday and for model changeovers. Steel and crude-oilrefining production were up significantly for the week.BW production index copyright 1997 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (7/12) thous. of net tons 2,056 2,080 # 4.9

AUTOS (7/12) units 37,121 6,394 r# NM

TRUCKS (7/12) units 9,525 13,702 r# NM

ELECTRIC POWER (7/12) millions of kilowatt-hrs. 69,507 69,519 # -1.5

CRUDE-OIL REFINING (7/12) thous. of bbl./day 14,914 14,762 # 5.4

COAL (7/5) thous. of net tons 17,531 # 20,412 7.4

LUMBER (7/5) millions of ft. 349.7 # 508.5 16.5

RAIL FREIGHT (7/5) billions of ton-miles 22.1 # 26.5 2.8

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 (7/10) S&P 500 913.78 916.92 41.4

CORPORATE BOND YIELD, Aaa (7/11) 7.19 % 7.35 % -7.0

INDUSTRIAL MATERIALS PRICES (7/11) 105.5 105.9 -0.8

BUSINESS FAILURES (7/4) NA NA NA

REAL ESTATE LOANS (7/2) billions NA NA NA

MONEY SUPPLY, M2 (6/30) billions $3,923.8 $3,919.3 r 4.7

INITIAL CLAIMS, UNEMPLOYMENT (7/5) thous. 377 337 2.7

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

Federal Reserve, Labor Dept.

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (7/16) $/troy oz. 319.500 317.300 -16.7

STEEL SCRAP (7/15) #1 heavy, $/ton 143.50 138.50 7.5

COPPER (7/11) cents/lb. 111.1 116.6 18.6

ALUMINUM (7/11) cents/lb. 75.0 76.0 7.1

COTTON (7/12) strict low

middling 1-1/16 in., cents/lb. 70.86 72.10 -7.4

OIL (7/15) $/bbl. 19.43 19.34 -12.6

CRB FOODSTUFFS (7/15) 1967=100 239.60 235.45 -14.4

CRB RAW INDUSTRIALS (7/15) 1967=100 332.75 332.51 -0.1

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 (7/16) 116.10 112.82 108.48

GERMAN MARK (7/16) 1.80 1.76 1.49

BRITISH POUND (7/16) 1.67 1.69 1.54

FRENCH FRANC (7/16) 6.07 5.95 5.06

ITALIAN LIRA (7/16) 1745.8 1717.8 1517.8

CANADIAN DOLLAR (7/16) 1.37 1.37 1.37

MEXICAN PESO (7/16)3 7.916 7.885 7.625

TRADE-WEIGHTED DOLLAR INDEX (7/16) 104.9 103.2 97.2

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 (7/15) 5.47 % 5.46 % 5.20 %

COMMERCIAL PAPER (7/16) 3-month 5.57 5.58 5.55

CERTIFICATES OF DEPOSIT (7/16) 3-month 5.60 5.60 5.54

FIXED MORTGAGE (7/11) 30-year 7.67 7.83 8.55

ADJUSTABLE MORTGAGE (7/11) one-year 5.78 5.85 6.15

PRIME (7/11) 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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