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Business Week Index

BusinessWeek Index

The production index fell during the week ended on June 27. The unaveragedindex dropped to 131.0, from 132.3. Each fall reflects steep declines inseasonally adjusted auto and truck production, a result of the ongoing strikeat General Motors Corp. The work stoppage probably also contributed to a dropin steel output. Elsewhere, production of electric power, coal, lumber, andrail-freight traffic increased. For the month of June, the index slipped to132.9, from 133.5 in May.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (7/4) thous. of net tons 1,968 1,888# -5.2

AUTOS (7/4) units 11,092 82,463r# 47.0

TRUCKS (7/4) units 27,317 93,326r# 55.0

ELECTRIC POWER (7/4) millions

of kilowatt-hrs. 72,841 77,400# 4.8

CRUDE-OIL REFINING (7/4) thous.

of bbl./day 15,274 15,333# 3.5

COAL (6/27) thous. of net tons 21,041# 20,689 0.7

LUMBER (6/27) millions of ft. 485.5# 486.0 -4.5

RAIL FREIGHT (6/27) billions

of ton-miles 26.9# 26.8 1.9

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison

Electric Institute, American Petroleum Institute, Energy Dept., WWPA*, SFPA**,

Association of American Railroads

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STOCK PRICES (7/3) S&P 500 1146.42 1133.20 25.0

CORPORATE BOND YIELD, Aaa (7/3) 6.51% 6.53% -11.4

MONEY SUPPLY, M2 (6/22) billions $4,195.7 $4,192.7r 7.4

INITIAL CLAIMS, UNEMPLOYMENT

(6/27) thous. 390 366r 16.1

MORTGAGE APPLICATIONS, PURCHASE (7/3) 286.4 241.3 28.2

MORTGAGE APPLICATIONS, REFINANCE (7/3) 1,470.6 1,202.7 254.7

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 (7/8) $/troy oz. 292.000 296.800 -8.0

STEEL SCRAP (7/7) #1 heavy, $/ton 135.50 135.50 -2.2

COPPER (7/3) cents/lb. 76.4 78.2 -34.5

ALUMINUM (7/3) cents/lb. 63.0 63.8 -17.1

COTTON (7/4) strict low middling

1-1/16 in., cents/lb. 77.09 75.55 6.9

OIL (7/7) $/bbl. 13.53 14.05 -30.0

CRB FOODSTUFFS (7/7) 1967=100 235.21 233.81 -0.1

CRB RAW INDUSTRIALS (7/7) 1967=100 294.53 296.20 -11.4

Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis

market, NYMEX, Commodity Research Bureau

INTEREST RATES

LATEST WEEK YEAR

WEEK AGO AGO

FEDERAL FUNDS (7/7) 5.46% 7.06% 5.46%

COMMERCIAL PAPER (7/7) 3-month 5.50 5.51 5.58

CERTIFICATES OF DEPOSIT (7/8) 3-month 5.58 5.60 5.60

FIXED MORTGAGE (7/3) 30-year 7.08 7.07 7.83

ADJUSTABLE MORTGAGE (7/3) one-year 5.81 5.78 5.85

PRIME (7/3) 8.50 8.50 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

FOREIGN EXCHANGE

LATEST WEEK YEAR

WEEK AGO AGO

JAPANESE YEN (7/8) 139.45 138.28 112.82

GERMAN MARK (7/8) 1.82 1.82 1.76

BRITISH POUND (7/8) 1.64 1.66 1.69

FRENCH FRANC (7/8) 6.09 6.10 5.95

ITALIAN LIRA (7/8) 1790.5 1790.2 1717.8

CANADIAN DOLLAR (7/8) 1.47 1.46 1.37

MEXICAN PESO (7/8)*** 8.920 8.941 7.885

TRADE-WEIGHTED DOLLAR INDEX (7/8) 113.9 113.3 103.2

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.

#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. *=Western Wood Products Assn. **=Southern

Forest Products Assn. ***=Free market value NA=Not available r=revised

NM=Not meaningful

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