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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index fell for the fourth consecutive week. The unaveragedindex was also down, to 134.9 from 135.3. After seasonal adjustment, steelproduction dropped 2.5%, and the capacity utilization rate was only 78.3%--thelowest it has been all year. Electricity was down 6%, with major weeklydecreases in available energy in eight out of the nine geographic regionstabulated. Coal output was also down. On the upside, autos, trucks, oil,lumber, and rail posted increases.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (10/17) thous. of net tons 2,011 1,893# -7.2

AUTOS (10/17) units 125,816 126,646r# -0.4

TRUCKS (10/17) units 140,452 145,974r# -2.5

ELECTRIC POWER (10/17) millions of kilowatt-hrs. 61,583 63,058# 1.7

CRUDE-OIL REFINING (10/17) thous. of bbl./day 13,454 13,558# -9.4

COAL (10/10) thous. of net tons 21,395# 22,305 2.1

LUMBER (10/10) millions of ft. 500.3# 489.9 6.3

RAIL FREIGHT (10/10) billions of ton-miles 28.2# 27.7 2.2

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 (10/16) S&P 500 1056.42 984.39 11.9

CORPORATE BOND YIELD, Aaa (10/16) 6.40% 6.55% -9.2

MONEY SUPPLY, M2 (10/5) billions $4,316.3 $4,303.6r 8.3

INITIAL CLAIMS, UNEMPLOYMENT (10/9) thous. 303 301r -1.9

MORTGAGE APPLICATIONS, PURCHASE (10/16) 296.9 343.1 42.9

MORTGAGE APPLICATIONS, REFINANCE (10/16) 2,507.0 4,389.1 256.6

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 (10/21) $/troy oz. 295.250 295.300 -8.4

STEEL SCRAP (10/20) #1 heavy, $/ton 85.50 85.50 -38.7

COPPER (10/16) cents/lb. 76.5 75.5 -21.9

ALUMINUM (10/16) cents/lb. 64.3 63.5 -17.6

COTTON (10/16) strict low

middling 1-1/16 in., cents/lb. 67.58 70.85 -2.7

OIL (10/20) $/bbl. 13.18 14.02 -35.9

CRB FOODSTUFFS (10/20) 1967=100 223.60 224.10 -9.7

CRB RAW INDUSTRIALS (10/20) 1967=100 275.20 275.10 -17.4

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 (10/21) 116.95 119.34 120.72

GERMAN MARK (10/21) 1.64 1.64 1.78

BRITISH POUND (10/21) 1.70 1.71 1.63

FRENCH FRANC (10/21) 5.51 5.50 5.98

ITALIAN LIRA (10/21) 1626.0 1623.5 1740.5

CANADIAN DOLLAR (10/21) 1.55 1.55 1.39

MEXICAN PESO (10/21)3 10.035 10.185 7.716

TRADE-WEIGHTED DOLLAR INDEX (10/21) 106.0 106.3 106.3

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 (10/20) 4.80% 5.40% 5.53%

COMMERCIAL PAPER (10/20) 3-month 5.01 5.11 5.59

CERTIFICATES OF DEPOSIT (10/21) 3-month 5.13 5.30 5.69

FIXED MORTGAGE (10/16) 30-year 7.02 6.70 7.48

ADJUSTABLE MORTGAGE (10/16) one-year 5.56 5.53 5.67

PRIME (10/16) 8.00 8.25 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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