PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/30 thous. of net tons 1,885 1,989# -4.2 AUTOS 3/30 units 88,930 110,144r# -25.4 TRUCKS 3/30 units 125,563 152,542r# -16.0 ELECTRIC POWER 3/30 millions of kilowatt-hrs. 65,250 67,861# -0.6 CRUDE-OIL REFINING 3/30 thous. of bbl./day 14,324 14,160# -0.4 COAL 3/23 thous. of net tons 20,340# 19,660 -11.8 LUMBER 3/23 millions of ft. 558.6# 538.4 13.4 RAIL FREIGHT 3/23 billions of ton-miles 28.6# 28.0 -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 3/22 1992=100 122.7 122.2r 3.9 STOCK PRICES 3/28 S&P 500 1147.4 1148.7 -1.1 CORPORATE BOND YIELD, Aaa 3/28 6.9% 6.9% 2.7 MONEY SUPPLY, M2 3/18 billions $5,506.4 $5,493.5r 8.0 INITIAL CLAIMS, UNEMPLOYMENT 3/29 thous. 460 396r 20.1 MORTGAGE APPLICATIONS, PURCHASE 3/29 349.9 330.4 19.0 MORTGAGE APPLICATIONS, REFINANCE 3/29 1272.3 1450.6 -53.3

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 4/3 $/troy oz. 303.750 299.000 17.1 STEEL SCRAP 4/2 #1 heavy, $/ton 83.50 76.83 9.6 COPPER 3/29 cents/lb. 78.7 80.0 -3.4 ALUMINUM 3/29 cents/lb. 65.8 68.0 -7.4 COTTON 3/29 strict low middling 1-1/16 in., cents/lb. 34.28 35.83 -22.8 OIL 4/3 $/bbl. 27.34 25.63 2.0 CRB FOODSTUFFS 4/2 1967=100 203.20 202.80 0.5 CRB RAW INDUSTRIALS 4/2 1967=100 232.48 232.44 -4.0

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 4/3 2.3155 2.3185 2.1660 BRITISH POUND 4/3 1.44 1.42 1.43 CANADIAN DOLLAR 4/3 1.59 1.60 1.57 EUROPEAN EURO 4/3 0.8843 0.8724 0.9013 JAPANESE YEN 4/3 131.79 132.64 125.33 KOREAN WON 4/3 1330.0 1324.5 1368.0 MEXICAN PESO 4/3 9.055 9.012 9.410 TRADE-WEIGHTED DOLLAR INDEX 4/3 125.0 124.2 121.0

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 4/2 1.74% 1.71% 5.10% COMMERCIAL PAPER 4/2 3-month 1.89 1.91 4.65 CERTIFICATES OF DEPOSIT 4/3 3-month 1.94 1.96 4.75 FIXED MORTGAGE 3/29 30-year 7.23 7.23 7.20 ADJUSTABLE MORTGAGE 3/29 one-year 5.46 5.44 6.32 PRIME 3/29 4.75 4.75 8.00

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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