PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/18 thous. of net tons 2,083 2,071# 2.9 AUTOS 3/18 units 88,080 88,080# -9.1 TRUCKS 3/18 units 139,700 139,700# -9.2 ELECTRIC POWER 3/18 millions of kilowatt-hrs. 70,339 71,337# -1.3 CRUDE-OIL REFINING 3/18 thous. of bbl./day 14,731 14,323# -2.3 COAL 3/11 thous. of net tons 22,512# 22,133 2.8 LUMBER 3/11 millions of ft. 371.1# 349.1 -1.6 RAIL FREIGHT 3/11 billions of ton-miles 33.1# 33.5 -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 3/10 1992=100 136.8 137.0r 0.8 STOCK PRICES 3/17 S&P 500 1307.3 1281.6 9.9 CORPORATE BOND YIELD, Aaa 3/17 5.5% 5.5% 1.7 MONEY SUPPLY, M2 3/6 billions $6,778.2 $6,781.1r 4.9 INITIAL CLAIMS, UNEMPLOYMENT 3/18 thous. 302 313r -8.5 MORTGAGE APPLICATIONS, PURCHASE 3/18 393.6 403.0 -11.8 MORTGAGE APPLICATIONS, REFINANCE 3/18 1574.5 1583.6 -16.9

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 3/22 $/troy oz. 550.750 556.500 29.2 STEEL SCRAP 3/22 #1 heavy, $/ton 226.00 226.00 15.8 COPPER 3/17 cents/lb. 233.8 225.4 50.8 ALUMINUM 3/17 cents/lb. 115.3 112.3 16.7 COTTON 3/17 strict low middling 1-1/16 in., cents/lb. 54.24 53.91 2.7 OIL 3/22 $/bbl. 60.79 62.12 23.9 CRB FOODSTUFFS 3/21 1967=100 245.08 238.36 -2.8 CRB RAW INDUSTRIALS 3/21 1967=100 372.31 368.70 11.5

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin, Platt's Metals Week, Memphis market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR WEEK AGO AGO BRAZILIAN REAL 3/22 2.1539 2.1157 2.7489 BRITISH POUND 3/22 1.75 1.75 1.87 CANADIAN DOLLAR 3/22 1.17 1.15 1.22 EUROPEAN EURO 3/22 1.2078 1.2069 1.2986 JAPANESE YEN 3/22 117.02 117.38 105.96 KOREAN WON 3/22 973.6 974.9 1008.4 MEXICAN PESO 3/22 10.869 10.645 11.276 TRADE-WEIGHTED DOLLAR INDEX 3/22 91.0 90.8 89.1

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 3/21 4.54% 4.51% 2.72% COMMERCIAL PAPER 3/21 3-month NA NA NA CERTIFICATES OF DEPOSIT 3/21 3-month 4.90 4.88 3.00 FIXED MORTGAGE 3/17 30-year 6.49 6.51 6.05 ADJUSTABLE MORTGAGE 3/17 one-year 5.67 5.65 4.52 PRIME 3/21 7.50 7.50 5.75

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. no longer included. Historical data has been adjusted. 3=Free market value NA=Not available r=revised NM=Not meaningful

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