PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/9 thous. of net tons 1,866 1,881# -7.1 AUTOS 3/9 units 110,438 112,567r# 0.7 TRUCKS 3/9 units 152,414 145,954r# 23.7 ELECTRIC POWER 3/9 millions of kilowatt-hrs. 69,953 70,078# 2.6 CRUDE-OIL REFINING 3/9 thous. of bbl./day 13,860 13,981# -4.8 COAL 3/2 thous. of net tons 20,090# 22,216 -13.9 LUMBER 3/2 millions of ft. 507.5# 516.7r 6.2 RAIL FREIGHT 3/2 billions of ton-miles 28.1# 28.7 -3.1

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 3/1 1992=100 121.7 120.4r 1.2 STOCK PRICES 3/8 S&P 500 1164.3 1131.8 -5.6 CORPORATE BOND YIELD, Aaa 3/8 6.8% 6.6% 3.3 MONEY SUPPLY, M2 2/25 billions $5,509.8 $5,503.1r 9.0 INITIAL CLAIMS, UNEMPLOYMENT 3/8 thous. 377 380r -0.8 MORTGAGE APPLICATIONS, PURCHASE 3/8 314.6 335.4 8.5 MORTGAGE APPLICATIONS, REFINANCE 3/8 1783.0 2351.7 -21.3

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 3/13 $/troy oz. 293.150 292.700 11.1 STEEL SCRAP 3/12 #1 heavy, $/ton 76.83 76.83 0.9 COPPER 3/8 cents/lb. 78.3 75.4 -10.5 ALUMINUM 3/8 cents/lb. 67.0 65.0 -10.5 COTTON 3/8 strict low middling 1-1/16 in., cents/lb. 33.21 31.96 -36.4 OIL 3/13 $/bbl. 23.93 22.94 -8.1 CRB FOODSTUFFS 3/12 1967=100 204.89 204.14 1.8 CRB RAW INDUSTRIALS 3/12 1967=100 230.55 227.64 -7.0

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 3/13 2.3510 2.3580 2.0750 BRITISH POUND 3/13 1.42 1.43 1.45 CANADIAN DOLLAR 3/13 1.60 1.58 1.56 EUROPEAN EURO 3/13 0.8760 0.8794 0.9112 JAPANESE YEN 3/13 129.47 128.02 121.01 KOREAN WON 3/13 1321.3 1316.0 1278.0 MEXICAN PESO 3/13 9.117 9.063 9.585 TRADE-WEIGHTED DOLLAR INDEX 3/13 123.3 123.7 118.8

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 3/12 1.68% 1.63% 5.50% COMMERCIAL PAPER 3/12 3-month 1.88 1.81 4.84 CERTIFICATES OF DEPOSIT 3/13 3-month 1.91 1.85 4.95 FIXED MORTGAGE 3/8 30-year 7.00 6.88 7.16 ADJUSTABLE MORTGAGE 3/8 one-year 5.27 5.19 6.38 PRIME 3/8 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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