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Business Week Index

BusinessWeek Index

The production index rose for the fourth week in a row, while the unaveragedindex fell to 131.5, from 132.8. After seasonal adjustment, lumber output andrail-freight traffic were up. Steel production was down 1.9%, with a capacityutilization rate of only 89.4%, the lowest it has been in months. Coal outputwas down by 2.8%, with large decreases in Virginia and Pennsylvania.Production of autos, trucks, electricity, and oil were also down.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (4/25) thous. of net tons 2,200 2,148 # 6.9

AUTOS (4/25) units 120,096 105,753 r# -9.0

TRUCKS (4/25) units 147,322 121,104 r# 37.0

ELECTRIC POWER (4/25)

millions of kilowatt-hrs. 56,527 56,175 # 0.1

CRUDE-OIL REFINING (4/25)

thous. of bbl./day 14,895 15,157 # 4.3

COAL (4/18) thous. of net tons 20,156 # 20,623 -3.6

LUMBER (4/18) millions of ft. 498.4 # 482.1 -1.3

RAIL FREIGHT (4/18)

billions of ton-miles 26.5 # 26.1 1.1

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 (4/24) S&P 500 1107.90 1122.72 44.8

CORPORATE BOND YIELD, Aaa (4/24) 6.72 % 6.67 % -13.3

MONEY SUPPLY, M2 (4/13) billions $4,146.2 $4,146.7 r 6.6

INITIAL CLAIMS, UNEMPLOYMENT (4/18) thous. 317 288 r -0.3

MORTGAGE APPLICATIONS, PURCHASE (4/24) 241.4 227.3 28.6

MORTGAGE APPLICATIONS, REFINANCE (4/24) 1,157.0 1,087.0 323.5

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 (4/29) $/troy oz. 308.250 312.800 -9.4

STEEL SCRAP (4/28) #1 heavy, $/ton 133.50 133.50 0.0

COPPER (4/24) cents/lb. 87.6 86.8 -24.1

ALUMINUM (4/24) cents/lb. 69.8 69.8 -8.2

COTTON (4/25) strict low

middling 1-1/16 in., cents/lb. 61.62 61.05 -10.9

OIL (4/28) $/bbl. 15.49 15.13 -23.1

CRB FOODSTUFFS (4/28) 1967=100 233.24 231.85 -1.8

CRB RAW INDUSTRIALS (4/28) 1967=100 306.21 300.33 -8.1

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 (4/29) 132.05 130.76 126.95

GERMAN MARK (4/29) 1.79 1.79 1.73

BRITISH POUND (4/29) 1.67 1.67 1.62

FRENCH FRANC (4/29) 6.01 6.01 5.84

ITALIAN LIRA (4/29) 1773.0 1771.9 1712.2

CANADIAN DOLLAR (4/29) 1.44 1.43 1.40

MEXICAN PESO (4/29)3 8.499 8.459 7.944

TRADE-WEIGHTED DOLLAR INDEX (4/29) 110.4 109.9 107.1

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 (4/28) 5.28 % 5.37 % 5.53 %

COMMERCIAL PAPER (4/28) 3-month 5.51 5.47 5.72

CERTIFICATES OF DEPOSIT (4/29) 3-month 5.61 5.58 5.72

FIXED MORTGAGE (4/24) 30-year 7.19 7.06 8.22

ADJUSTABLE MORTGAGE (4/24) one-year 5.77 5.84 6.05

PRIME (4/24) 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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