The production index and the unaveraged index were unchanged in the week ended Feb. 13. After seasonal adjustment, crude-oil operations increased 4.1%, with the rated capacity at 94.4%. Rail-freight traffic was also up, with loadings in the West up 4.1%, but loadings in the East were off by 3.2%. Coal production grew 1%, with the largest weekly gain in Virginia. Auto output also increased. Steel, truck, and lumber production dipped.

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHG STOCK PRICES (2/19) S&P 500 1239.19 1230.13 19.8

CORPORATE BOND YIELD, Aaa (2/19) 6.40% 6.38% -4.6

MONEY SUPPLY, M2 (2/8) billions $4,441.5 $4,441.6r 8.6

INITIAL CLAIMS, UNEMPLOYMENT (2/12) thous. 288 284r -7.1

MORTGAGE APPLICATIONS, PURCHASE (2/19) 231.7 232.9 -7.6 MORTGAGE APPLICATIONS, REFINANCE (2/19) 1,324.2 1,401.4 -34.0

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 (2/23) 4.73% 5.09% 5.49%

COMMERCIAL PAPER (2/23) 3-month 4.81 4.79 5.45

CERTIFICATES OF DEPOSIT (2/24) 3-month 4.91 4.91 5.56

FIXED MORTGAGE (2/19) 30-year 6.96 6.74 7.10

ADJUSTABLE MORTGAGE (2/19) one-year 5.72 5.75 5.71

PRIME (2/19) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

PRODUCTION INDICATORS
                                                       LATEST      WEEK    YEARLY
                                                       WEEK        AGO     % CHG
      STEEL (2/20) thous. of net tons                   1,973       1,930#  -13.3
      AUTOS (2/20) units                              116,642    109,691r#   -4.1
      TRUCKS (2/20) units                             147,892    156,985r#    5.1
      ELECTRIC POWER (2/20) millions of kilowatt-hrs.  64,404      63,977#    2.7
      CRUDE-OIL REFINING (2/20) thous. of bbl./day     14,309      14,556#    3.7
      COAL (2/13) thous. of net tons                   22,344#     22,425    -0.2
      LUMBER (2/13) millions of ft.                     509.3#      506.3     6.1
      RAIL FREIGHT (2/13) billions of ton-miles          27.0#       26.9     2.3
      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 (2/24) $/troy oz.                          287.400    285.750     -1.7
      STEEL SCRAP (2/23) #1 heavy, $/ton                79.50      84.00    -43.4
      COPPER (2/19)  cents/lb.                           65.7       70.1    -15.8
      ALUMINUM (2/19)  cents/lb.                         57.5       59.0    -18.2
      COTTON (2/19) strict low middling
      1-1/16 in.,  cents/lb.                            56.02      56.44    -10.9
      OIL (2/23) $/bbl.                                 11.98      11.07    -21.9
      CRB FOODSTUFFS (2/23) 1967=100                   197.31     194.79    -10.5
      CRB RAW INDUSTRIALS (2/23) 1967=100              255.25     258.89    -14.7
      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 (2/24)                           2.0050     1.9100     1.1292
      BRITISH POUND (2/24)                              1.60       1.64       1.64
      CANADIAN DOLLAR (2/24)                            1.50       1.49       1.42
      EUROPEAN EURO (2/24)                            1.0971     1.1248         NA
      JAPANESE YEN (2/24)                             121.89     118.82     128.42
      KOREAN WON (2/24)                               1217.0     1175.0     1641.5
      MEXICAN PESO (2/24)3                             9.930      9.885      8.570
      TRADE-WEIGHTED DOLLAR INDEX (2/24)               109.5      107.8      109.6
      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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