PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 9/18 thous. of net tons 1,966 1,972# 13.8 AUTOS 9/18 units 84,561 69,247r# -11.6 TRUCKS 9/18 units 149,644 126,770r# -9.6 ELECTRIC POWER 9/18 millions of kilowatt-hrs. 79,719 78,648# 5.7 CRUDE-OIL REFINING 9/18 thous. of bbl./day 14,950 16,104# -2.5 COAL 9/11 thous. of net tons 21,601# 21,579 3.6 LUMBER 9/11 millions of ft. 472.4# 565.7r -11.5 RAIL FREIGHT 9/11 billions of ton-miles 28.9# 31.3 -6.8

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 9/10 1992=100 131.7 132.5r 2.1 STOCK PRICES 9/17 S&P 500 1128.6 1120.4 8.9 CORPORATE BOND YIELD, Aaa 9/17 5.5% 5.5% -3.2 MONEY SUPPLY, M2 9/6 billions $6,300.6 $6,296.1r 3.0 INITIAL CLAIMS, UNEMPLOYMENT 9/18 thous. 350 336r -9.3 MORTGAGE APPLICATIONS, PURCHASE 9/18 456.6 455.7 13.6 MORTGAGE APPLICATIONS, REFINANCE 9/18 2052.5 1972.5 -15.5

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 9/22 $/troy oz. 405.350 404.450 5.3 STEEL SCRAP 9/22 #1 heavy, $/ton 235.00 235.00 90.8 COPPER 9/17 cents/lb. 133.9 132.2 55.6 ALUMINUM 9/17 cents/lb. 83.5 81.5 25.1 COTTON 9/17 strict low middling 1-1/16 in., cents/lb. 52.53 54.00 -14.4 OIL 9/22 $/bbl. 48.48 43.38 74.2 CRB FOODSTUFFS 9/21 1967=100 271.35 273.38 8.9 CRB RAW INDUSTRIALS 9/21 1967=100 317.72 319.69 15.8

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 9/22 2.8843 2.9030 2.9215 BRITISH POUND 9/22 1.79 1.78 1.66 CANADIAN DOLLAR 9/22 1.28 1.30 1.35 EUROPEAN EURO 9/22 1.2269 1.2153 1.1496 JAPANESE YEN 9/22 110.60 110.03 111.73 KOREAN WON 9/22 1144.3 1144.2 1150.5 MEXICAN PESO 9/22 11.422 11.524 10.781 TRADE-WEIGHTED DOLLAR INDEX 9/22 93.3 93.9 95.6

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 9/21 1.70% 1.40% 1.01% COMMERCIAL PAPER 9/20 3-month 1.78 NA 1.04 CERTIFICATES OF DEPOSIT 9/21 3-month 1.89 1.84 1.07 FIXED MORTGAGE 9/17 30-year 5.86 5.93 6.19 ADJUSTABLE MORTGAGE 9/17 one-year 4.05 4.10 4.07 PRIME 9/21 4.75 4.50 4.00

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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