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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index continued to rise in the week ended Aug. 22, while theunaveraged index fell 0.5%, to 134.8, from 135.5. After seasonal adjustment,rail-freight traffic was up 0.6%, with sharp increases in automotive trafficand loadings of crushed stone, sand, and gravel. Output of steel and oil werealso up. Production of autos, trucks, coal, and lumber were down. Electricpower also fell with decreases in the available amounts of energy in the NewEngland and Pacific Northwest areas.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (8/29) thous. of net tons 2,040 2,127# -5.1

AUTOS (8/29) units 126,544 119,127r# 12.8

TRUCKS (8/29) units 138,391 128,631r# 13.4

ELECTRIC POWER (8/29)

millions of kilowatt-hrs. 80,335 76,283# 12.9

CRUDE-OIL REFINING (8/29)

thous. of bbl./day 15,688 15,577# 1.8

COAL (8/22) thous. of net tons 21,973# 21,840 4.0

LUMBER (8/22) millions of ft. 493.4# 489.7 2.1

RAIL FREIGHT (8/22) billions of ton-miles 27.3# 26.9 3.4

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 (8/28) S&P 500 1027.40 1081.18 14.2

CORPORATE BOND YIELD, Aaa (8/28) 6.52% 6.50% -10.1

MONEY SUPPLY, M2 (8/17) billions $4,233.3 $4,230.7r 7.1

INITIAL CLAIMS, UNEMPLOYMENT (8/21) thous. 297 303r -8.3

MORTGAGE APPLICATIONS, PURCHASE (8/28) 269.4 243.1 30.9

MORTGAGE APPLICATIONS, REFINANCE (8/28) 1,331.5 1,211.9 379.3

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 (9/2) $/troy oz. 280.150 283.150 -12.9

STEEL SCRAP (9/1)#1 heavy, $/ton 120.50 120.50 -17.7

COPPER (8/28) cents/lb. 77.4 77.0 -24.3

ALUMINUM (8/28) cents/lb. 64.5 63.8 -18.9

COTTON (8/29) strict low middling

1-1/16 in., cents/lb. 72.81 73.19 3.2

OIL (9/1) $/bbl. 13.67 13.81 -29.4

CRB FOODSTUFFS (9/1) 1967=100 213.55 220.77 -10.8

CRB RAW INDUSTRIALS (9/1) 1967=100 283.33 287.47 -29.1

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 (9/1) 5.75% 5.50% 6.23%

COMMERCIAL PAPER (9/1) 3-month 5.44 5.49 5.52

CERTIFICATES OF DEPOSIT (9/2) 3-month 5.52 5.57 5.60

FIXED MORTGAGE (8/28) 30-year 7.02 7.02 7.72

ADJUSTABLE MORTGAGE (8/28) one-year 5.72 5.75 5.73

PRIME (9/2) 8.50 8.50 8.50

FOREIGN EXCHANGE

LATEST WEEK YEAR

WEEK AGO AGO

JAPANESE YEN (9/2) 137.70 144.53 121.16

GERMAN MARK (9/2) 1.75 1.81 1.82

BRITISH POUND (9/2) 1.67 1.64 1.59

FRENCH FRANC (9/2) 5.88 6.06 6.11

ITALIAN LIRA (9/2) 1732.0 1782.5 1773.5

CANADIAN DOLLAR (9/2) 1.54 1.56 1.38

MEXICAN PESO (9/2)*** 9.965 9.810 7.766

TRADE-WEIGHTED DOLLAR INDEX (9/2) 113.4 116.9 107.1

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

Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2,

Association of American Railroads

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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