PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 4/21 thous. of net tons 1,871 1,926# -20.7 AUTOS 4/21 units 98,648 94,592r# 0.3 TRUCKS 4/21 units 123,930 115,884r# -1.2 ELECTRIC POWER 4/21 millions of kilowatt-hrs. 61,691 63,528# 1.2 CRUDE-OIL REFINING 4/21 thous. of bbl./day 15,437 15,106# 3.7 COAL 4/14 thous. of net tons 22,539# 21,819 5.4 LUMBER 4/14 millions of ft. 487.1# 491.9 -12.0 RAIL FREIGHT 4/14 billions of ton-miles 27.4# 27.9 -2.1

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 4/13 1992=100 120.9 120.7r -4.2 STOCK PRICES 4/20 S&P 500 1243.0 1183.5 -13.4 CORPORATE BOND YIELD, Aaa 4/20 7.0% 6.9 -8.5 MONEY SUPPLY, M2 4/9 billions $5,132.0 $5,132.2r 8.1 INITIAL CLAIMS, UNEMPLOYMENT 4/20 thous. 408 390r 58.8 MORTGAGE APPLICATIONS, PURCHASE 4/20 290.5 295.9r -4.1 MORTGAGE APPLICATIONS, REFINANCE 4/20 1954.9 2182.8r 471.8

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 4/25 $/troy oz. 263.500 258.850 -4.6 STEEL SCRAP 4/24 #1 heavy, $/ton 75.83 75.83 -26.4 COPPER 4/20 cents/lb. 81.4 80.5 1.7 ALUMINUM 4/20 cents/lb. 71.5 71.5 3.6 COTTON 4/20 strict low middling 1-1/16 in., cents/lb. 41.90 44.58 -22.8 OIL 4/25 $/bbl. 25.84 27.62 -2.0 CRB FOODSTUFFS 4/24 1967=100 203.09 203.33 6.3 CRB RAW INDUSTRIALS 4/24 1967=100 245.72 245.71 -4.2

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 4/25 2.2885 2.1810 1.7965 BRITISH POUND 4/25 1.44 1.43 1.58 CANADIAN DOLLAR 4/25 1.55 1.56 1.47 EUROPEAN EURO 4/25 0.8977 0.8827 0.9243 JAPANESE YEN 4/25 122.15 122.14 106.25 KOREAN WON 4/25 1307.8 1312.5 1108.1 MEXICAN PESO 4/25 9.298 9.245 9.411 TRADE-WEIGHTED DOLLAR INDEX 4/25 119.7 120.8 111.3

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 4/24 4.41% 4.99% 5.99% COMMERCIAL PAPER 4/24 3-month 4.20 4.62 6.12 CERTIFICATES OF DEPOSIT 4/25 3-month 4.25 4.41 6.35 FIXED MORTGAGE 4/20 30-year 7.33 7.22 8.28 ADJUSTABLE MORTGAGE 4/20 one-year 6.35 6.20 6.88 PRIME 4/20 7.50 8.00 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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