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Business Week Index

BusinessWeek Index

PRODUCTION INDEXThe production index was flat in the week ended Nov. 28. The unaveraged indexfell 1%, to 135.6, from 137, and the monthly index for November increased 0.7%to 135.8, from 134.9 in October. After seasonal adjustment, raw steelproduction was down 5.1%, with its capability utilization rate the lowestsince June, 1991. Output of autos, trucks, electricity, lumber, andrail-freight were also down, a result of the Thanksgiving holiday. Oil andcoal production both posted hefty gains.BW production index copyright 1998 Bloomberg L.P.PRODUCTION INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (12/5) thous. of net tons 1,747 1,736# -19.6

AUTOS (12/5) units 121,616 74,815r# -8.5

TRUCKS (12/5) units 153,829 88,297r# 2.0

ELECTRIC POWER (12/5) millions of kilowatt-hrs. 60,029 58,753# -4.7

CRUDE-OIL REFINING (12/5) thous. of bbl./day 14,377 14,337# -3.2

COAL (11/28) thous. of net tons 20,500# 22,043 2.9

LUMBER (11/28) millions of ft. 326.5# 514.3 15.7

RAIL FREIGHT (11/28) billions of ton-miles 23.9# 28.4 1.3

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 (12/4) S&P 500 1176.74 1192.29 19.6

CORPORATE BOND YIELD, Aaa (12/4) 6.22% 6.25% -9.3

MONEY SUPPLY, M2 (11/23) billions $4,379.0 $4,382.5r 8.7

INITIAL CLAIMS, UNEMPLOYMENT (11/27) thous. 313 301r -2.8

MORTGAGE APPLICATIONS, PURCHASE (12/4) 299.6 293.8 27.1

MORTGAGE APPLICATIONS, REFINANCE (12/4) 2,055.1 2,086.3 161.8

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 (12/9) $/troy oz. 294.200 294.150 2.8

STEEL SCRAP (12/8)#1 heavy, $/ton 85.50 85.50 -35.0

COPPER (12/4) cents/lb. 72.4 74.4 -13.9

ALUMINUM (12/4) cents/lb. 62.5 62.0 -19.1

COTTON (12/4) strict low middling 1-1/16 in.,

cents/lb. 64.33 63.84 -2.7

OIL (12/8) $/bbl. 11.02 10.89 -40.3

CRB FOODSTUFFS (12/8) 1967=100 196.95 196.86 -20.5

CRB RAW INDUSTRIALS (12/8) 1967=100 266.57 267.64 -14.1

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 (12/9) 117.96 120.08 128.90

GERMAN MARK (12/9) 1.67 1.67 1.78

BRITISH POUND (12/9) 1.66 1.66 1.65

FRENCH FRANC (12/9) 5.60 5.61 5.97

ITALIAN LIRA (12/9) 1651.8 1656.0 1744.5

CANADIAN DOLLAR (12/9) 1.54 1.54 1.42

MEXICAN PESO (12/9)*** 9.955 9.964 8.139

TRADE-WEIGHTED DOLLAR INDEX (12/9) 106.9 107.5 109.4

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 (12/8) 4.66% 4.82% 5.29%

COMMERCIAL PAPER (12/8) 3-month 5.00 5.08 5.73

CERTIFICATES OF DEPOSIT (12/9) 3-month 5.12 5.19 5.81

FIXED MORTGAGE (12/4) 30-year 6.89 6.93 7.35

ADJUSTABLE MORTGAGE (12/4) one-year 5.74 5.71 5.72

PRIME (12/4) 7.75 7.75 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. * Western Wood Products Assn. ** Southern

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

NM=Not meaningful

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