The production index fell in the week that ended Feb. 20. The unaveraged index stayed at 141.7 for the third week in a row. After seasonal adjustment, rail-freight traffic dipped with car loadings of steel, metallic ore, and metal products down. Truck and oil production also declined. On the upside, electric power advanced 2.8%, with the largest increase in available electricity in the Southeast. Output of steel, autos, coal, and lumber were also up.

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO % CHG STOCK PRICES (2/26) S&P 500 1238.33 1239.19 18.0

CORPORATE BOND YIELD, Aaa (2/26) 6.59% 6.40% -1.8

MONEY SUPPLY, M2 (2/15) billions $4,443.4 $4,429.9r 8.4

INITIAL CLAIMS, UNEMPLOYMENT (2/19) thous. 293 298r -8.2

MORTGAGE APPLICATIONS, PURCHASE (2/26) 269.8 231.7 24.2 MORTGAGE APPLICATIONS, REFINANCE (2/26) 1,512.8 1,324.2 -0.9

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 (3/2) 4.73% 4.73% 5.51%

COMMERCIAL PAPER (3/2) 3-month 4.83 4.81 5.45

CERTIFICATES OF DEPOSIT (3/3) 3-month 4.93 4.91 5.59

FIXED MORTGAGE (2/26) 30-year 6.99 6.96 7.22

ADJUSTABLE MORTGAGE (2/26) one-year 5.73 5.72 5.76

PRIME (2/26) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

PRODUCTION INDICATORS
                                                       LATEST      WEEK      YEARLY
                                                       WEEK        AGO       % CHG
      STEEL (2/27) thous. of net tons                   2,024        1,973#   -11.7
      AUTOS (2/27) units                              118,683     117,623r#     6.8
      TRUCKS (2/27) units                             137,667     155,518r#    -6.4
      ELECTRIC POWER (2/27) millions of kilowatt-hrs.  66,347       64,404#     8.2
      CRUDE-OIL REFINING (2/27) thous. of bbl./day     14,522       14,309#     4.9
      COAL (2/20) thous. of net tons                   22,695#      22,344      0.1
      LUMBER (2/20) millions of ft.                     511.5#       509.3      6.2
      RAIL FREIGHT (2/20) billions of ton-miles          27.0#        27.0      2.7
      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 (3/3) $/troy oz.                           285.950     287.400      -3.6
      STEEL SCRAP (3/2) #1 heavy, $/ton                 78.00       79.50     -44.5
      COPPER (2/26)  cents/lb.                           66.0        65.7     -15.1
      ALUMINUM (2/26)  cents/lb.                         57.0        57.5     -17.2
      COTTON (2/26) strict
      low middling 1-1/16 in.,  cents/lb.               56.55       56.02      -11.2
      OIL (3/2) $/bbl.                                  12.22       11.98      -19.2
      CRB FOODSTUFFS (3/2) 1967=100                    187.47      197.31      -15.4
      CRB RAW INDUSTRIALS (3/2) 1967=100               252.26      255.25      -16.7
      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 (3/3)                            2.1900      2.0400      1.1310
      BRITISH POUND (3/3)                               1.61        1.60        1.65
      CANADIAN DOLLAR (3/3)                             1.53        1.50        1.42
      EUROPEAN EURO (3/3)                             1.0879      1.1007          NA
      JAPANESE YEN (3/3)                              121.71      121.44      126.63
      KOREAN WON (3/3)                                1229.0      1217.5      1564.0
      MEXICAN PESO (3/3)3                              9.963       9.923       8.575
      TRADE-WEIGHTED DOLLAR INDEX (3/3)                110.3       109.5       109.3
      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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