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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index continued its downward drift for the third week in a rowduring the week ended Sept. 6. Before calculation of the four-week movingaverage, the index rose to 125.9, from 124.6. In the latest week, seasonallyadjusted output of lumber fell sharply, and coal dipped moderately, because ofthe short Labor-Day week. Steel, autos, trucks, electric power, crude-oilrefining, and rail-freight traffic all posted small increases in output.BW production index copyright 1997 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (9/13) thous. of net tons 2,175 2,170 # 9.5

AUTOS (9/13) units 111,683 92,448 r# -14.3

TRUCKS (9/13) units 124,373 104,306 r# -1.3

ELECTRIC POWER (9/13)

millions of kilowatt-hrs. 68,226 69,145 # 0.9

CRUDE-OIL REFINING (9/13)

thous. of bbl./day 15,257 15,329 # 5.3

COAL (9/6) thous. of net tons 19,906 # 20,882 -2.7

LUMBER (9/6) millions of ft. 393.6 # 496.6 -3.0

RAIL FREIGHT (9/6) billions of ton-miles 24.6 # 27.3 0.8

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 (9/12) S&P 500 923.91 929.05 35.8

CORPORATE BOND YIELD, Aaa (9/12) 7.28 % 7.25 % -4.6

INDUSTRIAL MATERIALS PRICES (9/12) 106.9 106.9 -2.9

BUSINESS FAILURES (9/5) NA NA NA

REAL ESTATE LOANS (9/3) billions NA NA NA

MONEY SUPPLY, M2 (9/1) billions $3,989.7 $3,971.7 r 5.9

INITIAL CLAIMS, UNEMPLOYMENT (9/6) thous. 310 324 r -6.3

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

Federal Reserve, Labor Dept.

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (9/17) $/troy oz. 320.450 320.800 -16.3

STEEL SCRAP (9/16) #1 heavy, $/ton 137.50 139.50 0.7

COPPER (9/12) cents/lb. 98.6 100.2 6.8

ALUMINUM (9/12) cents/lb. 76.8 76.0 12.9

COTTON (9/13) strict

low middling 1-1/16 in., cents/lb. 70.76 70.51 -6.2

OIL (9/16) $/bbl. 19.43 19.19 -17.4

CRB FOODSTUFFS (9/16) 1967=100 240.60 238.87 -9.2

CRB RAW INDUSTRIALS (9/16) 1967=100 336.08 337.14 -2.0

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 (9/17) 120.85 119.15 109.09

GERMAN MARK (9/17) 1.77 1.80 1.51

BRITISH POUND (9/17) 1.60 1.59 1.56

FRENCH FRANC (9/17) 5.95 6.04 5.14

ITALIAN LIRA (9/17) 1729.8 1755.3 1523.5

CANADIAN DOLLAR (9/17) 1.39 1.38 1.37

MEXICAN PESO (9/17)3 7.752 7.773 7.483

TRADE-WEIGHTED DOLLAR INDEX (9/17) 106.2 106.3 97.7

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 (9/16) 5.52 % 5.50 % 5.02 %

COMMERCIAL PAPER (9/16) 3-month 5.51 5.51 5.52

CERTIFICATES OF DEPOSIT (9/17) 3-month 5.58 5.60 5.53

FIXED MORTGAGE (9/12) 30-year 7.71 7.68 8.46

ADJUSTABLE MORTGAGE (9/12) one-year 5.79 5.73 6.14

PRIME (9/12) 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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