The production index rose in the week ended Jan. 2. The unaveraged index was also up, to 143.2, from 141.8 in the previous week. The monthly index for December increased 0.1%, to 142.4, from 142.3 in November. After seasonal adjustment, production of oil, coal, lumber, and rail-freight traffic posted healthy gains considering that this was a holiday week. Only electric power output was down. Because of holiday plant closings, there was no output of autos and trucks this week.

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHG STOCK PRICES (1/8) S&P 500 1275.09 1229.23 37.4

CORPORATE BOND YIELD, Aaa (1/8) 6.34% 6.23% -3.2

MONEY SUPPLY, M2 (12/28) billions $4,433.9 $4,424.1r 9.1

INITIAL CLAIMS, UNEMPLOYMENT (1/1) thous. 350 372r 6.4

MORTGAGE APPLICATIONS, PURCHASE (1/8) 254.8 249.0 -4.2 MORTGAGE APPLICATIONS, REFINANCE (1/8) 1,494.2 1,468.5 -18.9

Sources: Standard & Poor's, Moody's, Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

INTEREST RATES LATEST WEEK YEAR WEEK AGO AGO FEDERAL FUNDS (1/12) 4.78% 4.54% 5.42%

COMMERCIAL PAPER (1/12) 3-month 4.79 4.80 5.37

CERTIFICATES OF DEPOSIT (1/13) 3-month 4.91 4.93 5.53

FIXED MORTGAGE (1/8) 30-year 6.89 6.99 7.08

ADJUSTABLE MORTGAGE (1/8) one-year 5.73 5.75 5.68

PRIME (1/8) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

PRODUCTION INDICATORS
                                                         LATEST    WEEK     YEARLY
                                                         WEEK      AGO      % CHG
      STEEL (1/9) thous. of net tons                       1,843   1,787#  -17.2
      AUTOS (1/9) units                                  110,410       0#    6.9
      TRUCKS (1/9) units                                 138,121       0#   22.3
      ELECTRIC POWER (1/9) millions of kilowatt-hrs.      70,366  64,171#   13.8
      CRUDE-OIL REFINING (1/9) thous. of bbl./day         15,171  15,350#    2.0
      COAL (1/2) thous. of net tons                       18,852# 15,104    -6.0
      LUMBER (1/2) millions of ft.                         263.5#  245.8    -6.8
      RAIL FREIGHT (1/2) billions of ton-miles              21.5#   19.2    -6.5
      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 (1/13) $/troy oz.                         285.450  287.650     1.0
      STEEL SCRAP (1/12) #1 heavy, $/ton               84.00    84.00   -41.5
      COPPER (1/8)  cents/lb.                           68.2     69.6   -12.8
      ALUMINUM (1/8)  cents/lb.                         59.0     60.0   -18.4
      COTTON (1/8) strict low middling 1-1/16 in.,
         cents/lb.                                     57.57    58.47    -9.9
      OIL (1/12) $/bbl.                                12.72    11.85   -21.7
      CRB FOODSTUFFS (1/12) 1967=100                  207.98   201.63    -8.1
      CRB RAW INDUSTRIALS (1/12) 1967=100             263.91   263.47   -10.7
      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 (1/13)                      1.3100   1.2089    1.1184
      BRITISH POUND (1/13)                         1.65     1.65      1.63
      CANADIAN DOLLAR (1/13)                       1.53     1.51      1.43
      EUROPEAN EURO (1/13)                       1.1672   1.1602        NA
      JAPANESE YEN (1/13)                        113.57   113.15    131.19
      KOREAN WON (1/13)                          1174.0   1158.5    1671.0
      MEXICAN PESO (1/13)3                       10.510    9.770     8.178
      TRADE-WEIGHTED DOLLAR INDEX (1/13)          105.4    104.6     110.9
      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. 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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