PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG

STEEL 1/19 thous. of net tons 1,748 1,703# -7.5 AUTOS 1/19 units 102,374 97,905r# 3.5 TRUCKS 1/19 units 141,599 127,860r# 45.2 ELECTRIC POWER 1/19 millions of kilowatt-hrs. 70,475 72,912# -3.6 CRUDE-OIL REFINING 1/19 thous. of bbl./day 14,523 14,698# -1.9 COAL 1/12 thous. of net tons 21,466# 17,676 15.8 LUMBER 1/12 millions of ft. 491.5# 273.9 38.5 RAIL FREIGHT 1/12 billions of ton-miles 29.0# 21.7 0.0

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 1/11 1992=100 120.3 120.6r -1.6 STOCK PRICES 1/18 S&P 500 1127.6 1145.6 -14.5 CORPORATE BOND YIELD, Aaa 1/18 6.5% 6.5% -6.2 MONEY SUPPLY, M2 1/7 billions $5,442.2 $5,446.3r 8.9 INITIAL CLAIMS, UNEMPLOYMENT 1/18 thous. 376 391r 23.7 MORTGAGE APPLICATIONS, PURCHASE 1/18 371.8 348.6 11.7 MORTGAGE APPLICATIONS, REFINANCE 1/18 2768.3 1937.6 -1.2

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 1/23 $/troy oz. 280.750 284.600 6.5 STEEL SCRAP 1/22 #1 heavy, $/ton 70.50 70.50 -15.9 COPPER 1/18 cents/lb. 74.2 74.7 -15.4 ALUMINUM 1/18 cents/lb. 66.0 67.0 -12.0 COTTON 1/18 strict low middling 1-1/16 in., cents/lb. 33.04 33.14 -42.6 OIL 1/23 $/bbl. 18.90 18.59 -35.5 CRB FOODSTUFFS 1/22 1967=100 201.89 203.80 6.3 CRB RAW INDUSTRIALS 1/22 1967=100 219.23 219.19 -14.4

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 1/23 2.4025 2.3625 1.9560 BRITISH POUND 1/23 1.42 1.43 1.47 CANADIAN DOLLAR 1/23 1.60 1.61 1.51 EUROPEAN EURO 1/23 0.8771 0.8801 0.9351 JAPANESE YEN 1/23 134.33 132.11 118.83 KOREAN WON 1/23 1325.5 1315.5 1278.0 MEXICAN PESO 1/23 9.138 9.125 9.865 TRADE-WEIGHTED DOLLAR INDEX 1/23 124.8 123.9 116.0

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 1/22 1.84% 1.75% 6.20% COMMERCIAL PAPER 1/22 3-month 1.70 1.60 5.47 CERTIFICATES OF DEPOSIT 1/23 3-month 1.75 1.63 5.60 FIXED MORTGAGE 1/18 30-year 7.02 7.19 7.22 ADJUSTABLE MORTGAGE 1/18 one-year 5.30 5.48 6.63 PRIME 1/18 4.75 4.75 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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