PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 12/15 thous. of net tons 1,370 1,501# -28.0 AUTOS 12/15 units 110,011 113,976r# -8.0 TRUCKS 12/15 units 151,621 158,613r# 7.9 ELECTRIC POWER 12/15 millions of kilowatt-hrs. 69,000 66,574# -7.7 CRUDE-OIL REFINING 12/15 thous. of bbl./day 14,683 14,670r# -3.7 COAL 12/8 thous. of net tons 21,511# 21,533 -7.8 LUMBER 12/8 millions of ft. 508.0# 482.1r 7.9 RAIL FREIGHT 12/8 billions of ton-miles 30.2# 30.1 -1.3

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 12/7 1992=100 119.5 118.4 -2.4 STOCK PRICES 12/14 S&P 500 1123.1 1158.3 -18.0 CORPORATE BOND YIELD, Aaa 12/14 6.7% 6.9% -3.6 MONEY SUPPLY, M2 12/3 billions $5,431.1 $5,427.3r 10.9 INITIAL CLAIMS, UNEMPLOYMENT 12/14 thous. 384 395r 20.0 MORTGAGE APPLICATIONS, PURCHASE 12/14 320.6 342.7 -6.8 MORTGAGE APPLICATIONS, REFINANCE 12/14 1968.8 2731.6 159.6

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

PRICES

LATEST WEEK YEARLY WEEK AGO % CHG GOLD 12/19 $/troy oz. 278.650 273.500 3.4 STEEL SCRAP 12/18 #1 heavy, $/ton 64.67 64.67 -16.7 COPPER 12/14 cents/lb. 71.6 73.4 -22.0 ALUMINUM 12/14 cents/lb. 63.8 66.3 -12.4 COTTON 12/14 strict low middling 1-1/16 in., cents/lb. 32.40 33.62 -49.1 OIL 12/19 $/bbl. 18.91 18.08 -34.7 CRB FOODSTUFFS 12/18 1967=100 203.31 202.33 10.2 CRB RAW INDUSTRIALS 12/18 1967=100 221.29 224.67 -13.2

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 12/19 2.3145 2.3865 1.9650 BRITISH POUND 12/19 1.45 1.45 1.46 CANADIAN DOLLAR 12/19 1.58 1.57 1.52 EUROPEAN EURO 12/19 0.8973 0.8979 0.8771 JAPANESE YEN 12/19 128.60 126.32 112.35 KOREAN WON 12/19 1295.5 1265.5 1190.5 MEXICAN PESO 12/19 9.178 9.130 9.405 TRADE-WEIGHTED DOLLAR INDEX 12/19 121.7 121.3 116.9

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 12/18 1.71% 1.80% 6.43% COMMERCIAL PAPER 12/18 3-month 1.78 1.72 6.35 CERTIFICATES OF DEPOSIT 12/19 3-month 1.82 1.76 6.50 FIXED MORTGAGE 12/14 30-year 7.26 7.09 7.67 ADJUSTABLE MORTGAGE 12/14 one-year 5.55 5.49 7.21 PRIME 12/14 4.75 5.00 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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