Business Week Index

Business Week Index

BusinessWeek Index

The production index rose modestly in the latest week, while the unaveragedindex slipped to 133.0, from 133.1. Seasonally adjusted data on coal, autos,and trucks declined. The latest production index reflects an annual revisionincorporating updated weights for some components, annual revisions to theFederal Reserve's production data, and new seasonal factors. The revisions goback to 1992. The historical data are available online at www.businessweek.com.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (1/17) thous. of net tons 2,250 2,223 # 14.8

AUTOS (1/17) units 111,792 103,294 r# 3.4

TRUCKS (1/17) units 120,884 115,569 r# -2.2

ELECTRIC POWER (1/17)

millions of kilowatt-hrs. NA 61,852 # NA

CRUDE-OIL REFINING (1/17)

thous. of bbl./day NA 14,879 # NA

COAL (1/10) thous. of net tons 20,081 # 20,469 -3.7

LUMBER (1/10) millions of ft. 446.7 # 282.8 -6.5

RAIL FREIGHT (1/10)

billions of ton-miles 27.0 # 23.4 5.9

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 (1/16) S&P 500 961.51 927.69 23.9

CORPORATE BOND YIELD, Aaa (1/16) 6.55 % 6.55 % -11.4

INDUSTRIAL MATERIALS PRICES (1/16) 96.5 96.2 -11.3

BUSINESS FAILURES (1/9) NA NA NA

REAL ESTATE LOANS (1/7) billions NA NA NA

MONEY SUPPLY, M2 (1/5) billions $4,043.1 $4,034.3 r 5.5

INITIAL CLAIMS, UNEMPLOYMENT (1/10)

thous. 335 332 r 3.4

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

Federal Reserve, Labor Dept.

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (1/21) $/troy oz. 291.000 282.500 -17.1

STEEL SCRAP (1/20) #1 heavy, $/ton 145.50 143.50 9.4

COPPER (1/16) cents/lb. 79.4 78.2 -29.2

ALUMINUM (1/16) cents/lb. 71.3 72.3 -7.4

COTTON (1/16) strict

low middling 1-1/16 in., cents/lb. 62.31 63.93 -11.3

OIL (1/20) $/bbl. 16.32 16.25 -33.0

CRB FOODSTUFFS (1/20) 1967=100 228.07 226.39 -2.6

CRB RAW INDUSTRIALS (1/20) 1967=100 298.81 295.58 -12.2

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 (1/21) 127.07 131.19 118.85

GERMAN MARK (1/21) 1.82 1.82 1.64

BRITISH POUND (1/21) 1.63 1.63 1.65

FRENCH FRANC (1/21) 6.10 6.11 5.52

ITALIAN LIRA (1/21) 1790.5 1794.5 1594.5

CANADIAN DOLLAR (1/21) 1.44 1.43 1.34

MEXICAN PESO (1/21)3 8.277 8.178 7.792

TRADE-WEIGHTED DOLLAR INDEX (1/21) 110.3 110.9 101.5

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 (1/20) 5.52 % 5.42 % 5.33 %

COMMERCIAL PAPER (1/20) 3-month 5.42 5.37 5.44

CERTIFICATES OF DEPOSIT (1/21) 3-month 5.50 5.53 5.41

FIXED MORTGAGE (1/16) 30-year 7.05 7.08 8.04

ADJUSTABLE MORTGAGE (1/16) one-year 5.72 5.68 5.85

PRIME (1/16) 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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