PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/16 thous. of net tons 1,927 1,866# -4.2 AUTOS 3/16 units 107,202 113,483r# -1.4 TRUCKS 3/16 units 153,134 147,720r# 8.3 ELECTRIC POWER 3/16 millions of kilowatt-hrs. 66,482 69,953# 0.9 CRUDE-OIL REFINING 3/16 thous. of bbl./day 14,059 13,860# -5.0 COAL 3/9 thous. of net tons 19,945# 20,090 -13.5 LUMBER 3/9 millions of ft. 529.9# 507.6r 16.2 RAIL FREIGHT 3/9 billions of ton-miles 27.4# 28.1 -4.9

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 3/8 1992=100 121.9 121.6r 2.1 STOCK PRICES 3/15 S&P 500 1166.2 1164.3 1.4 CORPORATE BOND YIELD, Aaa 3/15 6.9% 6.8% 4.6 MONEY SUPPLY, M2 3/4 billions $5,504.2 $5,509.8 8.4 INITIAL CLAIMS, UNEMPLOYMENT 3/15 thous. 371 383r -2.9 MORTGAGE APPLICATIONS, PURCHASE 3/15 310.9 314.6 3.7 MORTGAGE APPLICATIONS, REFINANCE 3/15 1406.3 1783.0 -31.5

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 3/20 $/troy oz. 291.850 293.150 11.4 STEEL SCRAP 3/19 #1 heavy, $/ton 76.83 76.83 0.9 COPPER 3/15 cents/lb. 78.1 78.3 -7.8 ALUMINUM 3/15 cents/lb. 67.3 67.0 -7.2 COTTON 3/15 strict low middling 1- 1/16 in., cents/lb. 34.85 33.21 -28.9 OIL 3/20 $/bbl. 24.65 23.93 -5.2 CRB FOODSTUFFS 3/19 1967=100 205.35 204.89 2.8 CRB RAW INDUSTRIALS 3/19 1967=100 232.46 230.55 -5.2

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 3/20 2.3440 2.3510 2.1235 BRITISH POUND 3/20 1.43 1.42 1.43 CANADIAN DOLLAR 3/20 1.58 1.60 1.58 EUROPEAN EURO 3/20 0.8820 0.8760 0.8959 JAPANESE YEN 3/20 131.86 129.47 123.36 KOREAN WON 3/20 1325.9 1321.3 1304.5 MEXICAN PESO 3/20 9.066 9.117 9.528 TRADE-WEIGHTED DOLLAR INDEX 3/20 123.5 123.3 120.9

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 3/19 1.67% 1.68% 5.14% COMMERCIAL PAPER 3/19 3-month 1.88 1.88 4.63 CERTIFICATES OF DEPOSIT 3/20 3-month 1.90 1.91 4.78 FIXED MORTGAGE 3/15 30-year 7.18 7.00 7.16 ADJUSTABLE MORTGAGE 3/15 one-year 5.43 5.27 6.40 PRIME 3/15 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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