PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/24 thous. of net tons 2,040 2,011# -12.4 AUTOS 3/24 units 103,856 108,688r# -17.7 TRUCKS 3/24 units 135,761 141,369r# -20.6 ELECTRIC POWER 3/24 millions of kilowatt-hrs. 65,129 65,894# 3.0 CRUDE-OIL REFINING 3/24 thous. of bbl./day 14,511 14,806# -0.8 COAL 3/17 thous. of net tons 23,278# 23,061 4.6 LUMBER 3/17 millions of ft. 488.5# 456.1r -10.3 RAIL FREIGHT 3/17 billions of ton-miles 28.9# 28.3 0.7

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA, Association of American Railroads

LEADING INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG ECRI LEADING INDEX 3/16 1992=100 121.3 121.7r -3.9 STOCK PRICES 3/23 S&P 500 1139.8 1150.5 -25.4 CORPORATE BOND YIELD, Aaa 3/23 6.6% 6.6 -13.5 MONEY SUPPLY, M2 3/12 billions $5,089.3 $5,078.5 8.1 INITIAL CLAIMS, UNEMPLOYMENT 3/23 thous. 362 382r 37.6 MORTGAGE APPLICATIONS, PURCHASE 3/23 291.6 299.8 -6.6 MORTGAGE APPLICATIONS, REFINANCE 3/23 2802.5 2053.0 624.9

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

PRICES

LATEST WEEK YEARLY WEEK AGO % CHG GOLD 3/28 $/troy oz. 260.150 262.000 -7.0 STEEL SCRAP 3/27 #1 heavy, $/ton 76.17 76.17 -26.0 COPPER 3/23 cents/lb. 82.9 84.8 -2.1 COTTON 3/23 strict low middling 1-1/16 in., cents/lb. 45.86 49.04 -19.6 OIL 3/28 $/bbl. 26.00 26.01 -2.6 CRB FOODSTUFFS 3/27 1967=100 202.58 199.74 8.7 CRB RAW INDUSTRIALS 3/27 1967=100 244.60 245.26 -5.8

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin, Metals Week, Memphis market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR WEEK AGO AGO BRAZILIAN REAL 3/28 2.1200 2.1235 1.7445 BRITISH POUND 3/28 1.44 1.43 1.59 CANADIAN DOLLAR 3/28 1.57 1.58 1.46 EUROPEAN EURO 3/28 0.8858 0.8959 0.9514 JAPANESE YEN 3/28 122.32 123.36 105.69 KOREAN WON 3/28 1301.0 1304.5 1118.4 MEXICAN PESO 3/28 9.530 9.528 9.263 TRADE-WEIGHTED DOLLAR INDEX 3/28 121.5 120.9 109.3

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.

INTEREST RATES

LATEST WEEK YEAR WEEK AGO AGO FEDERAL FUNDS 3/27 5.04% 5.14% 6.02% COMMERCIAL PAPER 3/27 3-month 4.62 4.63 6.09 CERTIFICATES OF DEPOSIT 3/28 3-month 4.80 4.78 6.24 FIXED MORTGAGE 3/23 30-year 7.07 7.16 8.34 ADJUSTABLE MORTGAGE 3/23 one-year 6.25 6.40 6.89 PRIME 3/23 8.00 8.50 9.00

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

#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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