The production index dipped in the week ended Jan. 30. The unaveraged index also fell, from 143.0 to 142.9. After seasonal adjustment, coal production dropped 2.1%, with the largest declines in the states of Alabama and Virginia. Output of autos, trucks, steel, oil, and rail freight were also down. Only electric-power output and lumber posted gains. The monthly index for January was 142.3, down 0.1% from December's index of 142.4.

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHG STOCK PRICES (2/5) S&P 500 1239.40 1279.64 22.4

CORPORATE BOND YIELD, Aaa (2/5) 6.40% 6.16% -4.3

MONEY SUPPLY, M2 (1/25) billions $4,434.0 $4,435.6r 8.7

INITIAL CLAIMS, UNEMPLOYMENT (1/29) thous. 292 301r -3.9

MORTGAGE APPLICATIONS, PURCHASE (2/5) 253.5 272.9 1.6 MORTGAGE APPLICATIONS, REFINANCE (2/5) 1,654.0 1,741.7 -18.5

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 (2/9) 4.73% 4.56% 5.44%

COMMERCIAL PAPER (2/9) 3-month 4.79 4.76 5.42

CERTIFICATES OF DEPOSIT (2/10) 3-month 4.89 4.88 5.55

FIXED MORTGAGE (2/5) 30-year 6.86 6.84 7.16

ADJUSTABLE MORTGAGE (2/5) one-year 5.69 5.68 5.70

PRIME (2/5) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

PRODUCTION INDICATORS
                                                    LATEST      WEEK       YEARLY
                                                    WEEK        AGO        % CHG
      STEEL (2/6) thous. of net tons                  1,959        2,011#   -10.1
      AUTOS (2/6) units                             102,803     123,660r#    -8.4
      TRUCKS (2/6) units                            147,991     153,868r#     9.2
      ELECTRIC POWER (2/6) millions of kilowatt-hrs. 65,044       64,258#     0.2
      CRUDE-OIL REFINING (2/6) thous. of bbl./day    14,412       14,223#     1.8
      COAL (1/30) thous. of net tons                 22,452#      22,005      9.7
      LUMBER (1/30) millions of ft.                   550.3#       502.0     15.2
      RAIL FREIGHT (1/30) billions of ton-miles        27.1#        26.6      5.0
      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 (2/10) $/troy oz.                         288.200    286.850      -3.4
      STEEL SCRAP (2/9) #1 heavy, $/ton                84.00      84.00     -40.2
      COPPER (2/5)  cents/lb.                           68.6       68.0     -14.4
      ALUMINUM (2/5)  cents/lb.                         58.8       59.0     -19.2
      COTTON (2/5) strict low middling
      1-1/16 in.,  cents/lb.                           58.43      57.76      -8.2
      OIL (2/9) $/bbl.                                 11.46      12.04     -29.2
      CRB FOODSTUFFS (2/9) 1967=100                   199.46     200.24     -11.5
      CRB RAW INDUSTRIALS (2/9) 1967=100              262.40     262.14     -11.2
      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 (2/10)                          1.8950     1.7800      1.1261
      BRITISH POUND (2/10)                             1.63       1.64        1.63
      CANADIAN DOLLAR (2/10)                           1.49       1.51        1.44
      EUROPEAN EURO (2/10)                           1.1313     1.1345          NA
      JAPANESE YEN (2/10)                            114.13     112.34      123.53
      KOREAN WON (2/10)                              1180.0     1170.0      1600.0
      MEXICAN PESO (2/10)3                           10.060     10.108       8.465
      TRADE-WEIGHTED DOLLAR INDEX (2/10)              106.2      106.0       108.9
      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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