Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                      LATEST        WEEK    EARLY
                                                       WEEK         AGO%      CHG
      
      STEEL 8/19 thous. of net tons                   2,083       2,049#      6.5
      AUTOS 8/19 units                               85,080      85,080#     -9.0
      TRUCKS 8/19 units                             132,200     132,200#    -13.8
      ELECTRIC POWER 8/19 millions of kilowatt-hrs.  88,941      92,651#    190.8
      CRUDE-OIL REFINING 8/19 thous. of bbl./day     15,575      15,666#     -0.1
      COAL 8/12 thous. of net tons                   22,528#     22,338       4.9
      LUMBER 8/12 millions of ft.                     337.8#      346.2     -12.3
      RAIL FREIGHT 8/12 billions of ton-miles          33.9#       33.6       1.5
      
      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 8/11 1992=100            135.3      135.1r     -0.4
      STOCK PRICES 8/18 S&P 500                  1302.3     1266.7       6.8
      CORPORATE BOND YIELD, Aaa 8/18                5.6%       5.8%     11.5
      MONEY SUPPLY, M2 8/7 billions            $6,849.0   $6,825.0r      4.6
      INITIAL CLAIMS, UNEMPLOYMENT 8/19 thous.      313        314r     -0.9
      MORTGAGE APPLICATIONS, PURCHASE 8/19        382.2      385.9     -21.7
      MORTGAGE APPLICATIONS, REFINANCE 8/19      1608.5     1587.5     -30.5
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,
      1990=100)
      
      PRICES
                                            LATEST      WEEK   YEARLY
                                              WEEK      AGO%     CHG
      
      GOLD 8/23 $/troy oz.                 628.100   629.750     42.8
      STEEL SCRAP 8/23 #1 heavy, $/ton      232.50    232.50     47.5
      COPPER 8/18  cents/lb.                 354.9     369.2     97.7
      ALUMINUM 8/18  cents/lb.               116.1     119.7     30.0
      COTTON 8/18 strict low
       middling 1-1/16 in.,  cents/lb.       52.24     53.88      9.4
      OIL 8/23 $/bbl.                        71.71     72.14      6.5
      CRB FOODSTUFFS 8/22 1967=100          267.49    265.26      7.4
      CRB RAW INDUSTRIALS 8/22 1967=100     407.27    403.59     24.9
      
      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 8/23                 2.1516   2.1409   2.4528
      BRITISH POUND 8/23                    1.89     1.90     1.80
      CANADIAN DOLLAR 8/23                  1.11     1.12     1.19
      EUROPEAN EURO 8/23                  1.2787   1.2839   1.2272
      JAPANESE YEN 8/23                   116.42   115.86   110.22
      KOREAN WON 8/23                      955.6    965.2   1029.6
      MEXICAN PESO 8/23                   10.915   10.773   10.909
      TRADE-WEIGHTED DOLLAR INDEX 8/23      88.4     88.2     90.5
      
      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 8/22                       5.24%    5.24%    3.49%
      COMMERCIAL PAPER 8/22 3-month            5.21     5.23     3.67
      CERTIFICATES OF DEPOSIT 8/22 3-month     5.36     5.38     3.80
      FIXED MORTGAGE 8/18 30-year              6.62     6.64     5.97
      ADJUSTABLE MORTGAGE 8/18 one-year        6.03     6.04     4.93
      PRIME 8/22                               8.25     8.25     6.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      # Raw data in the production indicators are seasonally adjusted in computing
      the BW index; 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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