PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 10/27 thous. of net tons 1,537 1,666# -20.9 AUTOS 10/27 units 93,658 97,543r# -21.0 TRUCKS 10/27 units 137,820 129,643r# -8.3 ELECTRIC POWER 10/27 millions of kilowatt-hrs. 65,184 63,840# 1.0 CRUDE-OIL REFINING 10/27 thous. of bbl./day 15,075 15,157# -1.9 COAL 10/20 thous. of net tons 21,282# 21,649 -4.1 LUMBER 10/20 millions of ft. 485.9# 498.4r -3.9 RAIL FREIGHT 10/20 billions of ton-miles 30.7# 30.8 0.3

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 10/19 1992=100 114.3 115.4r -7.2 STOCK PRICES 10/26 S&P 500 1104.6 1073.5 -19.9 CORPORATE BOND YIELD, Aaa 10/26 6.5% 6.6% -12.6 MONEY SUPPLY, M2 10/15 billions $5,385.2 $5,386.3r 10.0 INITIAL CLAIMS, UNEMPLOYMENT 10/26 thous. 499 509r 61.5 MORTGAGE APPLICATIONS, PURCHASE 10/26 265.9 264.1 -12.7 MORTGAGE APPLICATIONS, REFINANCE 10/26 4203.5 4580.3 542.1

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 10/31 $/troy oz. 278.750 275.500 5.0 STEEL SCRAP 10/30 #1 heavy, $/ton 78.00 78.00 -3.9 COPPER 10/26 cents/lb. 66.5 67.4 -25.5 ALUMINUM 10/26 cents/lb. 61.8 62.8 -13.6 COTTON 10/26 strict low middling 1-1/16 in., cents/lb. 28.91 30.59 -52.5 OIL 10/31 $/bbl. 20.85 21.74 -37.0 CRB FOODSTUFFS 10/30 1967=100 193.53 192.21 6.9 CRB RAW INDUSTRIALS 10/30 1967=100 214.40 221.03 -15.3

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 10/31 2.6965 2.7485 1.9185 BRITISH POUND 10/31 1.46 1.43 1.45 CANADIAN DOLLAR 10/31 1.59 1.58 1.53 EUROPEAN EURO 10/31 0.9039 0.8967 0.8612 JAPANESE YEN 10/31 121.88 122.68 108.17 KOREAN WON 10/31 1291.0 1293.5 1136.5 MEXICAN PESO 10/31 9.285 9.245 9.593 TRADE-WEIGHTED DOLLAR INDEX 10/31 120.1 120.7 116.7

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 10/30 2.55% 2.48% 6.59% COMMERCIAL PAPER 10/30 3-month 2.14 2.22 6.50 CERTIFICATES OF DEPOSIT 10/31 3-month 2.10 2.14 6.66 FIXED MORTGAGE 10/26 30-year 6.77 6.76 7.82 ADJUSTABLE MORTGAGE 10/26 one-year 5.42 5.49 7.19 PRIME 10/26 5.50 5.50 9.50

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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