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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index plunged during the last week of January. Brutal winterstorms in the East caused coal production to fall 17% and rail-freight trafficto drop 5.8%. The unaveraged index also fell, to 133.1, from 133.3 a week ago.Steel, auto, and oil production were down considerably, while electric powerand lumber production posted small increases. The monthly index for January was133.1, up 1.1% from December's figure of 131.6.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (2/7) thous. of net tons 2,167 2,251 # 6.7

AUTOS (2/7) units 119,546 118,759 r# -3.2

TRUCKS (2/7) units 140,452 137,657 r# 7.2

ELECTRIC POWER (2/7)

millions of kilowatt-hrs. 64,943 65,547 # 3.0

CRUDE-OIL REFINING (2/7)

thous. of bbl./day 14,154 14,060 # 6.9

COAL (1/31) thous. of net tons 20,564 # 23,543 -2.4

LUMBER (1/31) millions of ft. 477.8 # 485.8 -5.8

RAIL FREIGHT (1/31)

billions of ton-miles 26.8 # 28.0 2.7

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 (2/6) S&P 500 1012.46 980.28 28.2

CORPORATE BOND YIELD, Aaa (2/6) 6.69 % 6.70 % -8.9

INDUSTRIAL MATERIALS PRICES (2/6) 96.0 96.5 -12.1

MONEY SUPPLY, M2 (1/26) billions $4,070.4 $4,065.1r 5.9

INITIAL CLAIMS, UNEMPLOYMENT (1/31) thous. 303 300 -6.5

MORTGAGE APPLICATIONS, PURCHASE (2/6) 249.4 253.8 40.3

MORTGAGE APPLICATIONS, REFINANCE (2/6) 2,028.7 2,038.6 435.0

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 (2/11) $/troy oz. 298.450 298.150 -11.6

STEEL SCRAP (2/10) #1 heavy, $/ton 140.50 145.50 -4.1

COPPER (2/6) cents/lb. 80.2 76.0 -27.6

ALUMINUM (2/6) cents/lb. 72.8 73.5 -6.1

COTTON (2/6) strict low middling

1-1/16 in., cents/lb. 63.65 62.30 -10.2

OIL (2/10) $/bbl. 16.18 16.24 -27.8

CRB FOODSTUFFS (2/10) 1967=100 225.34 227.20 -4.2

CRB RAW INDUSTRIALS (2/10) 1967=100 295.52 296.79 -14.0

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 (2/11) 123.67 123.75 123.83

GERMAN MARK (2/11) 1.82 1.80 1.68

BRITISH POUND (2/11) 1.63 1.66 1.63

FRENCH FRANC (2/11) 6.10 6.05 5.68

ITALIAN LIRA (2/11) 1795.5 1779.5 1649.0

CANADIAN DOLLAR (2/11) 1.44 1.45 1.36

MEXICAN PESO (2/11)3 8.435 8.419 7.790

TRADE-WEIGHTED DOLLAR INDEX (2/11) 108.9 108.8 104.3

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 (2/10) 5.44 % 5.47 % 5.07 %

COMMERCIAL PAPER (2/10) 3-month 5.42 5.44 5.40

CERTIFICATES OF DEPOSIT (2/11) 3-month 5.55 5.54 5.36

FIXED MORTGAGE (2/6) 30-year 7.16 7.25 7.89

ADJUSTABLE MORTGAGE (2/6) one-year 5.70 5.73 5.74

PRIME (2/6) 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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