PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 2/23 thous. of net tons 1,894 1,874# -0.3 AUTOS 2/23 units 114,296 109,707r# 7.0 TRUCKS 2/23 units 146,386 134,789r# 24.1 ELECTRIC POWER 2/23 millions of kilowatt-hrs. 67,343 69,430# -3.8 CRUDE-OIL REFINING 2/23 thous. of bbl./day 14,552 14,412# -0.8 COAL 2/16 thous. of net tons 20,773# 20,123 -6.1 LUMBER 2/16 millions of ft. 490.2# 500.3r 3.2 RAIL FREIGHT 2/16 billions of ton-miles 28.7# 27.6 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 2/15 1992=100 119.6 120.1r -0.6 STOCK PRICES 2/22 S&P 500 1089.8 1104.2 -16.3 CORPORATE BOND YIELD, Aaa 2/22 6.5% 6.5% -5.0 MONEY SUPPLY, M2 2/11 billions $5,484.9 $5,474.2 9.0 INITIAL CLAIMS, UNEMPLOYMENT 2/22 thous. 378 361r 13.5 MORTGAGE APPLICATIONS, PURCHASE 2/22 315.5 290.2 15.0 MORTGAGE APPLICATIONS, REFINANCE 2/22 1921.6 1927.9 -18.1

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 2/27 $/troy oz. 296.850 291.300 15.3 STEEL SCRAP 2/26 #1 heavy, $/ton 75.50 75.50 0.7 COPPER 2/22 cents/lb. 74.8 77.8 -13.7 ALUMINUM 2/22 cents/lb. 64.5 65.0 -15.1 COTTON 2/22 strict low middling 1-1/16 in., cents/lb. 30.50 32.40 -46.1 OIL 2/27 $/bbl. 21.12 20.06 -24.2 CRB FOODSTUFFS 2/26 1967=100 200.53 203.63 3.8 CRB RAW INDUSTRIALS 2/26 1967=100 225.42 220.63 -9.3

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 2/27 2.3560 2.4253 2.0455 BRITISH POUND 2/27 1.41 1.42 1.44 CANADIAN DOLLAR 2/27 1.60 1.59 1.54 EUROPEAN EURO 2/27 0.8637 0.8708 0.9089 JAPANESE YEN 2/27 133.99 134.39 116.61 KOREAN WON 2/27 1318.8 1320.0 1239.0 MEXICAN PESO 2/27 9.132 9.070 9.735 TRADE-WEIGHTED DOLLAR INDEX 2/27 125.0 125.4 117.3

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 2/26 1.77% 1.77% 5.57% COMMERCIAL PAPER 2/26 3-month 1.78 1.82 5.19 CERTIFICATES OF DEPOSIT 2/27 3-month 1.82 1.82 5.29 FIXED MORTGAGE 2/22 30-year 6.91 6.98 7.31 ADJUSTABLE MORTGAGE 2/22 one-year 5.18 5.25 6.57 PRIME 2/22 4.75 4.75 8.50

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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