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The production index stood at 142.0 for the third week in a row. Theunaveraged index fell 1%, to 141.5, from 143.0 in the previous week. Afterseasonal adjustment, coal output was down 4.1% with a 72.5% decrease inLouisiana. Rail-freight traffic fell 2%, lumber dropped 1.1%, and oil dipped0.9%, all due to weather-related problems in the East. Auto production andelectric power were also off. Steel production was up 2.6%, and trucksincreased fractionally.LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHGECRI LEADING INDEX (3/5) 1992=100 121.3 121.9 0.9STOCK PRICES (3/12) S&P 500 1294.59 1275.47 21.1CORPORATE BOND YIELD, Aaa (3/12) 6.58% 6.66% -1.6MONEY SUPPLY, M2 (3/1) billions $4,456.7 $4,459.2r 8.1INITIAL CLAIMS, UNEMPLOYMENT (3/5) thous. 289 288r -3.3MORTGAGE APPLICATIONS, PURCHASE (3/12) 246.4 259.8 13.4MORTGAGE APPLICATIONS, REFINANCE (3/12) 1,153.3 1,241.3 -13.8Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,1990=100)INTEREST RATES LATEST WEEK YEAR WEEK AGO AGOFEDERAL FUNDS (3/16) 4.77% 4.74% 5.47%COMMERCIAL PAPER (3/16) 3-month 4.81 4.80 5.47CERTIFICATES OF DEPOSIT (3/17) 3-month 4.89 4.90 5.58FIXED MORTGAGE (3/12) 30-year 7.13 7.21 7.22ADJUSTABLE MORTGAGE (3/12) one-year 5.78 5.80 5.86PRIME (3/12) 7.75 7.75 8.50Sources: Federal Reserve, HSH Associates, Bloomberg Financial MarketsPRODUCTION INDICATORS LATEST WEEK YEARLY

WEEK AGO % CHG

STEEL (3/13) thous. of net tons 1,943 2,044# -8.3

AUTOS (3/13) units 123,304 115,202r# 5.1

TRUCKS (3/13) units 163,875 154,245r# 18.5

ELECTRIC POWER (3/13) millions of kilowatt-hrs. 65,531 63,625# 1.8

CRUDE-OIL REFINING (3/13) thous. of bbl./day 14,357 14,354# -1.5

COAL (3/6) thous. of net tons 21,459# 22,632 -6.5

LUMBER (3/6) millions of ft. 499.1# 504.3 4.5

RAIL FREIGHT (3/6) billions of ton-miles 26.7# 27.3 0.8

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

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

Association of American Railroads

PRICES

LATEST WEEK YEARLY

WEEK AGO % CHG

GOLD (3/17) $/troy oz. 284.700 291.800 -2.0

STEEL SCRAP (3/16) #1 heavy, $/ton 77.00 77.00 -43.2

COPPER (3/12) cents/lb. 65.9 66.0 -21.6

ALUMINUM (3/12) cents/lb. 57.0 57.0 -18.0

COTTON (3/12) strict low middling 1-1/16 in., cents/lb. 60.87 59.96 -5.5

OIL (3/16) $/bbl. 14.16 13.55 9.0

CRB FOODSTUFFS (3/16) 1967=100 189.61 190.63 -17.5

CRB RAW INDUSTRIALS (3/16) 1967=100 252.74 252.91 -17.2

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

market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR

WEEK AGO AGO

BRAZILIAN REAL (3/17) 1.8750 1.8650 1.1339

BRITISH POUND (3/17) 1.63 1.63 1.67

CANADIAN DOLLAR (3/17) 1.52 1.52 1.42

EUROPEAN EURO (3/17) 1.1018 1.0943 NA

JAPANESE YEN (3/17) 118.18 119.79 130.04

KOREAN WON (3/17) 1228.7 1234.0 1484.0

MEXICAN PESO (3/17)3 9.670 9.775 8.557

TRADE-WEIGHTED DOLLAR INDEX (3/17) 108.7 109.4 110.2

Sources: Major New York banks. Currencies expressed in units per U.S. dollar,

except for British Pound and European Euro 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. 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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