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Business Week Index

BusinessWeek Index

The production index continued to climb for the third week in a row. Beforecalculation of the four-week moving average, the index was up 1%, to 133 from131.7. After seasonal adjustment, all ten components were up. Both truck andlumber production rose 3.7%. Rail-freight traffic was up 1.9% as freighttotaled 350,131 carloads. The Association of American Railroads reported astrong first quarter for freight railroads in both the U.S. and Canada.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (4/11) thous. of net tons 2,174 2,218 # 4.6

AUTOS (4/11) units 99,605 118,525 r# -13.1

TRUCKS (4/11) units 117,430 152,372 r# -12.9

ELECTRIC POWER (4/11)

millions of kilowatt-hrs. NA 58,695 # NA

CRUDE-OIL REFINING (4/11)

thous. of bbl./day 14,945 14,641 # 5.2

COAL (4/4) thous. of net tons 21,424 # 22,103 16.1

LUMBER (4/4) millions of ft. 481.4 # 476.0 -1.3

RAIL FREIGHT (4/4) billions of ton-miles 27.1 # 27.6 5.0

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 (4/13) S&P 500 1109.69 1122.70 50.4

CORPORATE BOND YIELD, Aaa (4/10) 6.64 % 6.67 % -14.2

MONEY SUPPLY, M2 (3/30) billions $4,123.8 $4,123.1 r 6.2

INITIAL CLAIMS, UNEMPLOYMENT (4/4) thous. 308 310 r -5.2

MORTGAGE APPLICATIONS, PURCHASE (4/10) 287.3 248.8 63.0

MORTGAGE APPLICATIONS, REFINANCE (4/10) 1,684.2 1,206.3 490.7

Sources: Standard & Poor's, Moody's, Federal Reserve, Labor Dept., Mortgage

Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (4/15) $/troy oz. 307.200 308.800 -9.6

STEEL SCRAP (4/14) #1 heavy, $/ton 133.50 134.50 0.0

COPPER (4/10) cents/lb. 81.7 80.9 -26.7

ALUMINUM (4/10) cents/lb. 68.0 68.8 -10.5

COTTON (4/11) strict low middling

1-1/16 in., cents/lb. 60.00 65.17 -13.1

OIL (4/14) $/bbl. 14.82 14.93 -24.1

CRB FOODSTUFFS (4/14) 1967=100 228.43 228.54 -6.0

CRB RAW INDUSTRIALS (4/14) 1967=100 298.52 298.39 -10.3

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 (4/15) 129.30 132.19 125.70

GERMAN MARK (4/15) 1.80 1.82 1.73

BRITISH POUND (4/15) 1.69 1.67 1.62

FRENCH FRANC (4/15) 6.03 6.09 5.81

ITALIAN LIRA (4/15) 1776.0 1794.5 1701.8

CANADIAN DOLLAR (4/15) 1.44 1.42 1.40

MEXICAN PESO (4/15)3 8.467 8.510 7.893

TRADE-WEIGHTED DOLLAR INDEX (4/15) 109.9 110.8 106.6

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 (4/14) 5.47 % 5.40 % 5.61 %

COMMERCIAL PAPER (4/14) 3-month 5.47 5.45 5.71

CERTIFICATES OF DEPOSIT (4/15) 3-month 5.58 5.56 5.73

FIXED MORTGAGE (4/10) 30-year 7.12 7.23 8.27

ADJUSTABLE MORTGAGE (4/10) one-year 5.76 5.79 6.06

PRIME (4/10) 8.50 8.50 8.50

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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