Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                      LATEST       WEEK    YEARLY
                                                        WEEK        AGO%      CHG
      
      STEEL 2/3 thous. of net tons                     1,965      1,919#     -4.9
      AUTOS 2/3 units                                 83,875     84,625#     -2.5
      TRUCKS 2/3 units                               146,925    135,500#     12.0
      ELECTRIC POWER 2/3 millions of kilowatt-hrs.    83,459     81,048#     15.3
      CRUDE-OIL REFINING 2/3 thous. of bbl./day       14,612     14,468#      0.6
      COAL 1/27 thous. of net tons                    22,693#    22,152      -1.9
      LUMBER 1/27 millions of ft.                      335.4#     311.2     -11.0
      RAIL FREIGHT 1/27 billions of ton-miles           32.5#      31.3      -4.1
      
      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 1/26 1992=100            140.2       139.2r      1.5
      STOCK PRICES 2/2 S&P 500                   1448.4      1422.2      14.6
      CORPORATE BOND YIELD, Aaa 2/2                 5.5%        5.5%      3.0
      MONEY SUPPLY, M2 1/22 billions           $7,083.5    $7,075.4r     5.3
      INITIAL CLAIMS, UNEMPLOYMENT 2/3 thous.       311         308r      6.5
      MORTGAGE APPLICATIONS, PURCHASE 2/3         404.7       408.0      -4.8
      MORTGAGE APPLICATIONS, REFINANCE 2/3       1943.4      1940.2      11.0
      
      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 2/7 $/troy oz.                653.750   650.500      19.1
      STEEL SCRAP 2/8 #1 heavy, $/ton     223.33    223.33      -0.4
      COPPER 2/2  cents/lb.                257.6     264.5      10.5
      ALUMINUM 2/2  cents/lb.              130.5     135.1       8.5
      COTTON 2/2 strict low
       middling 1-1/16 in.,  cents/lb.     53.18     53.87      -4.7
      OIL 2/7 $/bbl.                       57.76     58.34      -7.4
      CRB FOODSTUFFS 2/6 1967=100         281.82    279.53      17.2
      CRB RAW INDUSTRIALS 2/6 1967=100    434.17    440.71      16.7
      
      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 2/7                2.0911   2.1240   2.1862
      BRITISH POUND 2/7                   1.97     1.97     1.74
      CANADIAN DOLLAR 2/7                 1.18     1.18     1.15
      EUROPEAN EURO 2/7                 1.3012   1.3033   1.1961
      JAPANESE YEN 2/7                  120.68   120.69   118.52
      KOREAN WON 2/7                     933.6    941.5    971.3
      MEXICAN PESO 2/7                  10.976   11.002   10.533
      TRADE-WEIGHTED DOLLAR INDEX 2/7     89.2     89.4     90.9
      
      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 2/6                      5.24%   5.23%    4.47%
      COMMERCIAL PAPER 2/6 3-month             NA      NA       NA
      CERTIFICATES OF DEPOSIT 2/6 3-month    5.32    5.32     4.68
      FIXED MORTGAGE 2/2 30-year             6.45    6.38     6.37
      ADJUSTABLE MORTGAGE 2/2 one-year       5.96    5.90     5.43
      PRIME 2/6                              8.25    8.25     7.50
      
      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. NA=Not available
      r=revised NM=Not meaningful
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