PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 1/18 thous. of net tons 2,021 1,978# 15.6 AUTOS 1/18 units 105,450 101,817r# 5.5 TRUCKS 1/18 units 149,851 150,563r# 5.4 ELECTRIC POWER 1/18 millions of kilowatt-hrs. 78,453 74,426# 11.3 CRUDE-OIL REFINING 1/18 thous. of bbl./day 14,686 15,194# 1.1 COAL 1/11 thous. of net tons 21,294# 20,233 -0.8 LUMBER 1/11 millions of ft. 512.7# 298.3r 4.3 RAIL FREIGHT 1/11 billions of ton-miles 29.1# 23.8 -0.3

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 1/10 1992=100 119.6 119.0r -1.0 STOCK PRICES 1/17 S&P 500 901.8 927.6 -20.0 CORPORATE BOND YIELD, Aaa 1/17 6.2% 6.3% -4.3 MONEY SUPPLY, M2 1/6 billions $5,797.6 $5,816.0r 6.5 INITIAL CLAIMS, UNEMPLOYMENT 1/17 thous. 381 363r 5.8 MORTGAGE APPLICATIONS, PURCHASE 1/17 355.3 358.0 -4.4 MORTGAGE APPLICATIONS, REFINANCE 1/17 5433.4 5786.4 96.3

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 1/22 $/troy oz. 358.500 351.000 27.7 STEEL SCRAP 1/21 #1 heavy, $/ton 99.83 99.83 41.6 COPPER 1/17 cents/lb. 79.7 78.0 7.4 ALUMINUM 1/17 cents/lb. 66.0 65.5 0.0 COTTON 1/17 strict low middling 1-1/16 in., cents/lb. 52.40 52.29 58.6 OIL 1/22 $/bbl. 34.10 33.13 80.4 CRB FOODSTUFFS 1/21 1967=100 237.47 234.62 17.6 CRB RAW INDUSTRIALS 1/21 1967=100 256.16 256.33 16.8

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 1/22 3.5340 3.3150 2.4025 BRITISH POUND 1/22 1.62 1.61 1.42 CANADIAN DOLLAR 1/22 1.53 1.54 1.60 EUROPEAN EURO 1/22 1.0731 1.0563 0.8771 JAPANESE YEN 1/22 118.28 118.08 134.33 KOREAN WON 1/22 1176.8 1175.4 1325.5 MEXICAN PESO 1/22 10.805 10.499 9.138 TRADE-WEIGHTED DOLLAR INDEX 1/22 110.0 110.5 124.8

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 1/21 1.31% 1.24% 1.84% COMMERCIAL PAPER 1/21 3-month 1.25 1.29 1.70 CERTIFICATES OF DEPOSIT 1/22 3-month 1.28 1.30 1.75 FIXED MORTGAGE 1/17 30-year 6.08 6.09 7.02 ADJUSTABLE MORTGAGE 1/17 one-year 4.25 4.29 5.30 PRIME 1/17 4.25 4.25 4.75

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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