Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                     LATEST       WEEK    YEARLY
                                                       WEEK        AGO%      CHG
      
      STEEL 12/9 thous. of net tons                   1,860      1,865#     -7.6
      AUTOS 12/9 units                               70,100     83,600#    -25.6
      TRUCKS 12/9 units                             118,600    137,000#    -26.4
      ELECTRIC POWER 12/9 millions of kilowatt-hrs.  81,688     73,799#     -0.2
      CRUDE-OIL REFINING 12/9 thous. of bbl./day     15,231     15,356#      3.1
      COAL 12/2 thous. of net tons                   22,208#    21,547       4.4
      LUMBER 12/2 millions of ft.                     289.3#     153.9     -20.3
      RAIL FREIGHT 12/2 billions of ton-miles          34.2#      29.9       0.9
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA,
      Association of American Railroads
      
      LEADING INDICATORS
                                                  LATEST         WEEK    YEARLY
                                                    WEEK          AGO%      CHG
      
      ECRI LEADING INDEX 12/1 1992=100             138.7        137.1       2.1
      STOCK PRICES 12/8 S&P 500                   1409.8       1396.7      11.9
      CORPORATE BOND YIELD, Aaa 12/8                 5.3%         5.2%     -2.9
      MONEY SUPPLY, M2 11/27 billions           $6,991.1     $6,971.2r     5.1
      INITIAL CLAIMS, UNEMPLOYMENT 12/9 thous.       304          324      -5.3
      MORTGAGE APPLICATIONS, PURCHASE 12/9         463.8        426.6      -3.0
      MORTGAGE APPLICATIONS, REFINANCE 12/9       2304.4       1989.7      59.8
      
      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 12/13 $/troy oz.                 624.000   636.000      22.5
      STEEL SCRAP 12/14 #1 heavy, $/ton      197.50    197.50     -10.3
      COPPER 12/8  cents/lb.                  320.7     321.2      45.0
      ALUMINUM 12/8  cents/lb.                131.0     126.0      22.2
      COTTON 12/8 strict low
       middling 1-1/16 in.,  cents/lb.        52.45     51.87      -1.8
      OIL 12/13 $/bbl.                        61.80     62.64       1.4
      CRB FOODSTUFFS 12/12 1967=100          273.04    274.25      13.6
      CRB RAW INDUSTRIALS 12/12 1967=100     445.34    446.42      25.8
      
      Sources: London Wednesday final setting, Metal Bulletin, Platt's Metals Week,
      Memphis market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                         LATEST     WEEK     YEAR
                                           WEEK      AGO      AGO
      
      BRAZILIAN REAL 12/13               2.1460   2.1465   2.2695
      BRITISH POUND 12/13                  1.97     1.97     1.77
      CANADIAN DOLLAR 12/13                1.16     1.15     1.15
      EUROPEAN EURO 12/13                1.3214   1.3288   1.1999
      JAPANESE YEN 12/13                 117.58   115.26   117.39
      KOREAN WON 12/13                    922.6    916.2   1016.5
      MEXICAN PESO 12/13                 10.849   10.839   10.732
      TRADE-WEIGHTED DOLLAR INDEX 12/13    87.9     87.4     91.1
      
      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 12/12                      5.23%    5.21%   4.23%
      COMMERCIAL PAPER 12/12 3-month             NA       NA      NA
      CERTIFICATES OF DEPOSIT 12/12 3-month    5.31     5.30    4.45
      FIXED MORTGAGE 12/8 30-year              6.16     6.27    6.45
      ADJUSTABLE MORTGAGE 12/8 one-year        5.97     5.92    5.39
      PRIME 12/12                              8.25     8.25    7.25
      
      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.
      NA=Not available r=revised NM=Not meaningful
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