The production index stood at 142.0 for the third week in a row. The

unaveraged index fell 1%, to 141.5, from 143.0 in the previous week. After

seasonal adjustment, coal output was down 4.1% with a 72.5% decrease in

Louisiana. Rail-freight traffic fell 2%, lumber dropped 1.1%, and oil dipped

0.9%, all due to weather-related problems in the East. Auto production and

electric power were also off. Steel production was up 2.6%, and trucks

increased fractionally.

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

ECRI LEADING INDEX (3/5) 1992=100 121.3 121.9 0.9

STOCK PRICES (3/12) S&P 500 1294.59 1275.47 21.1

CORPORATE BOND YIELD, Aaa (3/12) 6.58% 6.66% -1.6

MONEY SUPPLY, M2 (3/1) billions $4,456.7 $4,459.2r 8.1

INITIAL CLAIMS, UNEMPLOYMENT (3/5) thous. 289 288r -3.3

MORTGAGE APPLICATIONS, PURCHASE (3/12) 246.4 259.8 13.4

MORTGAGE APPLICATIONS, REFINANCE (3/12) 1,153.3 1,241.3 -13.8

Sources: 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 AGO

FEDERAL FUNDS (3/16) 4.77% 4.74% 5.47%

COMMERCIAL PAPER (3/16) 3-month 4.81 4.80 5.47

CERTIFICATES OF DEPOSIT (3/17) 3-month 4.89 4.90 5.58

FIXED MORTGAGE (3/12) 30-year 7.13 7.21 7.22

ADJUSTABLE MORTGAGE (3/12) one-year 5.78 5.80 5.86

PRIME (3/12) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

PRODUCTION 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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