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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index was up fractionally in the week ended Sept. 19, while theunaveraged index fell 1%, to 136.1, from 137.5. After seasonal adjustment,steel production was down 10.4%, and the rate of capacity utilization was only79%, the lowest it has been since June. Auto, truck, coal, and oil productionwas also down. Gains in loadings of motor vehicles, equipment, and crushedstone, sand, and gravel helped push up the rail-freight figure this week.Electric output was up 3.1%, and lumber was up 5%.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (9/26) thous. of net tons 1,929 1,899# -13.6

AUTOS (9/26) units 127,412 128,526r# 1.3

TRUCKS (9/26) units 135,311 137,003r# -6.5

ELECTRIC POWER (9/26) millions of kilowatt-hrs. 68,881 71,953# 7.6

CRUDE-OIL REFINING (9/26) thous. of bbl./day 14,815 15,051# -3.1

COAL (9/19) thous. of net tons 22,087# 21,785 1.8

LUMBER (9/19) millions of ft. 490.4# 418.0 1.6

RAIL FREIGHT (9/19) billions of ton-miles 27.4# 25.5 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 (9/25) S&P 500 1044.75 1020.09 10.5

CORPORATE BOND YIELD, Aaa (9/25) 6.35% 6.37% -9.7

MONEY SUPPLY, M2 (9/14) billions $4,288.4 $4,277.6r 8.0

INITIAL CLAIMS, UNEMPLOYMENT (9/18) thous. 292 300r -5.2

MORTGAGE APPLICATIONS, PURCHASE (9/25) 283.6 278.3 30.7

MORTGAGE APPLICATIONS, REFINANCE (9/25) 2,682.7 2,269.9 288.0

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 (9/30) $/troy oz. 293.850 288.900 -12.8

STEEL SCRAP (9/29) #1 heavy, $/ton 85.50 85.50 -37.8

COPPER (9/25) cents/lb. 78.7 79.4 -19.0

ALUMINUM (9/25) cents/lb. 63.5 64.8 -19.6

COTTON (9/26) strict low middling

1-1/16 in., cents/lb. 70.90 71.88 -0.2

OIL (9/29) $/bbl. 15.81 15.54 -25.0

CRB FOODSTUFFS (9/29) 1967=100 225.10 223.22 -6.6

CRB RAW INDUSTRIALS (9/29) 1967=100 281.79 277.85 -16.3

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 (9/29) 5.44% 5.38% 5.81%

COMMERCIAL PAPER (9/29) 3-month 5.08 5.31 5.53

CERTIFICATES OF DEPOSIT (9/30) 3-month 5.25 5.42 5.63

FIXED MORTGAGE (9/25) 30-year 6.81 6.84 7.46

ADJUSTABLE MORTGAGE (9/25) one-year 5.65 5.73 5.67

PRIME (9/25) 8.50 8.50 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

FOREIGN EXCHANGE

LATEST WEEK YEAR

WEEK AGO AGO

JAPANESE YEN (9/30) 136.43 136.55 121.02

GERMAN MARK (9/30) 1.67 1.69 1.77

BRITISH POUND (9/30) 1.70 1.68 1.61

FRENCH FRANC (9/30) 5.60 5.66 5.96

ITALIAN LIRA (9/30) 1651.0 1666.0 1740.2

CANADIAN DOLLAR (9/30) 1.53 1.53 1.38

MEXICAN PESO (9/30)*** 10.190 10.123 7.748

TRADE-WEIGHTED DOLLAR INDEX (9/30) 110.9 111.4 105.9

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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