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Business Week Index

BusinessWeek Index

The production index declined in the week ended Feb. 21, thefourth-consecutive drop. Before calculation of the four-week moving average,the index fell slightly to 132.1, from 132.2 in the previous week. In thelatest week, the index was dragged down by declines in seasonally-adjustedtruck output and crude-oil refinery runs. Production of steel, autos, electricpower, lumber, and rail-freight traffic posted gains, while coal output wasunchanged.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (2/28) thous. of net tons 2,294 2,282# 8.5

AUTOS (2/28) units 113,454 121,685r# -14.7

TRUCKS (2/28) units 146,115 140,426r# 5.3

ELECTRIC POWER (2/28) millions of

kilowatt-hrs. 61,327 62,699# 0.2

CRUDE-OIL REFINING (2/28) thous. of

bbl./day 13,847 13,805# 3.4

COAL (2/21) thous. of net tons 22,663# 22,423 2.4

LUMBER (2/21) millions of ft. 481.8# 479.9 -3.4

RAIL FREIGHT (2/21) billions of ton-miles 27.4# 27.6 1.9

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 (2/27) S&P 500 1049.34 1034.21 32.7

CORPORATE BOND YIELD, Aaa (2/27) 6.71% 6.71% -9.1

INDUSTRIAL MATERIALS PRICES (2/27) 95.4 95.4 -12.1

MONEY SUPPLY, M2 (2/16) billions $4,090.1 $4,082.9r 6.1

INITIAL CLAIMS, UNEMPLOYMENT (2/21) thous. 320 310r 1.3

MORTGAGE APPLICATIONS, PURCHASE (2/27) 217.3 250.8 16.6

MORTGAGE APPLICATIONS, REFINANCE (2/27) 1,526.1 2,005.6 231.1

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 (3/4) $/troy oz. 296.750 292.250 -16.3

STEEL SCRAP (2/24)#1 heavy, $/ton 140.50 140.50 -3.8

COPPER (2/27) cents/lb. 77.7 78.0 -33.6

ALUMINUM (2/27) cents/lb. 68.8 70.3 -13.3

COTTON (2/27) strict low middling 1-1/16

in., cents/lb. 63.66 62.89 -10.8

OIL (3/3) $/bbl. 15.12 15.01r -25.4

CRB FOODSTUFFS (3/3) 1967=100 221.71 220.51 -9.3

CRB RAW INDUSTRIALS (3/3) 1967=100 302.85 299.18 -12.0

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 (3/4) 126.75 128.65 121.43

GERMAN MARK (3/4) 1.82 1.82 1.71

BRITISH POUND (3/4) 1.65 1.64 1.61

FRENCH FRANC (3/4) 6.10 6.09 5.78

ITALIAN LIRA (3/4) 1790.7 1793.5 1703.8

CANADIAN DOLLAR (3/4) 1.42 1.42 1.37

MEXICAN PESO (3/4)3 8.581 8.573 8.040

TRADE-WEIGHTED DOLLAR INDEX (3/4) 109.3 109.6 104.8

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 (3/3) 5.51% 5.49% 5.16%

COMMERCIAL PAPER (3/3) 3-month 5.45 5.45 5.46

CERTIFICATES OF DEPOSIT (3/4) 3-month 5.59 5.56 5.43

FIXED MORTGAGE (2/27) 30-year 7.22 7.10 7.86

ADJUSTABLE MORTGAGE (2/27) one-year 5.76 5.71 5.73

PRIME (2/27) 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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