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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index continued to climb for the 11th consecutive week. Beforecalculation of the four-week moving average, the index dipped 0.1% to 132.9,from 133 a week ago. After seasonal adjustment, coal production was up 11.2%,filling 143,411 railroad cars. Output of steel, autos, electric power, andrail-freight traffic posted gains as well. Truck production was down 9.9%,crude oil was down 4.4%, and lumber was down 5.6%.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (1/24) thous. of net tons 2,221 2,250 # 11.4

AUTOS (1/24) units 100,548 115,607 r# -3.5

TRUCKS (1/24) units 108,733 122,128 r# -3.5

ELECTRIC POWER (1/24)

millions of kilowatt-hrs. 65,198 65,911 # -1.6

CRUDE-OIL REFINING (1/24)

thous. of bbl./day 14,322 14,512 # 5.8

COAL (1/17) thous. of net tons 22,773 # 20,081 19.2

LUMBER (1/17) millions of ft. 441.4 # 446.7 -5.3

RAIL FREIGHT (1/17)

billions of ton-miles 27.6 # 27.0 14.5

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 (1/23) S&P 500 957.59 961.51 24.3

CORPORATE BOND YIELD, Aaa (1/23) 6.67 % 6.55 % -10.0

INDUSTRIAL MATERIALS PRICES (1/23) 96.5 96.5 -10.9

MONEY SUPPLY, M2 (1/12) billions $4,024.3 $4,041.4 r 5.1

INITIAL CLAIMS, UNEMPLOYMENT (1/17) thous. 326 339 r -3.6

MORTGAGE APPLICATIONS, PURCHASE (1/23) 313.4 283.6 74.5

MORTGAGE APPLICATIONS, REFINANCE (1/23) 3,093.3 3,115.8 805.5

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

Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (1/28) $/troy oz. 300.000 291.000 -14.6

STEEL SCRAP (1/27) #1 heavy, $/ton 145.50 145.50 9.4

COPPER (1/23) cents/lb. 80.6 79.4 -29.4

ALUMINUM (1/23) cents/lb. 72.5 71.3 -7.1

COTTON (1/23) strict

low middling 1-1/16 in., cents/lb. 62.17 62.31 -11.5

OIL (1/27) $/bbl. 16.78 16.32 -29.1

CRB FOODSTUFFS (1/27) 1967=100 227.11 228.07 -4.4

CRB RAW INDUSTRIALS (1/27) 1967=100 300.31 298.81 -11.9

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 (1/28) 125.23 127.07 122.08

GERMAN MARK (1/28) 1.81 1.82 1.64

BRITISH POUND (1/28) 1.64 1.63 1.62

FRENCH FRANC (1/28) 6.06 6.10 5.54

ITALIAN LIRA (1/28) 1784.5 1790.5 1616.4

CANADIAN DOLLAR (1/28) 1.46 1.44 1.34

MEXICAN PESO (1/28)3 8.368 8.277 7.819

TRADE-WEIGHTED DOLLAR INDEX (1/28) 109.5 110.3 102.9

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 (1/27) 5.52 % 5.52 % 5.27 %

COMMERCIAL PAPER (1/27) 3-month 5.43 5.42 5.45

CERTIFICATES OF DEPOSIT (1/28) 3-month 5.55

5.50 5.42

FIXED MORTGAGE (1/23) 30-year 7.11 7.05 8.01

ADJUSTABLE MORTGAGE (1/23) one-year 5.64 5.72 5.77

PRIME (1/23) 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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