Business Week Index

The production index rose slightly in the week ended Mar. 13. The unaveraged

index was up 0.7%, to 142.5, from 141.5 a week ago. After seasonal adjustment,

electric power output was up 4.8%, with the largest increases in available

energy in the New England and Mid-Atlantic regions. Auto, truck, and lumber

production also increased moderately. Output of steel, coal, oil, and

rail-freight traffic declined in the latest week.

LEADING INDICATORS

LATEST WEEK YEARLY

WEEK AGO % CHG

ECRI LEADING INDEX (3/12) 1992=100 120.3 121.2 0.7

STOCK PRICES (3/19) S&P 500 1299.29 1294.59 18.2

CORPORATE BOND YIELD, Aaa (3/19) 6.58% 6.58% -1.2

MONEY SUPPLY, M2 (3/8) billions $4,441.0 $4,456.7r 7.6

INITIAL CLAIMS, UNEMPLOYMENT (3/12) thous. 298 292r -4.2

MORTGAGE APPLICATIONS, PURCHASE (3/19) 259.4 246.4 10.8

MORTGAGE APPLICATIONS, REFINANCE (3/19) 1,332.6 1,153.3 -6.2

Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,

Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,

1990=100)

INTEREST RATES

LATEST WEEK YEAR

WEEK AGO AGO

FEDERAL FUNDS (3/23) 4.79% 4.77% 5.41%

COMMERCIAL PAPER (3/23) 3-month 4.81 4.81 5.48

CERTIFICATES OF DEPOSIT (3/24) 3-month 4.90 4.89 5.58

FIXED MORTGAGE (3/19) 30-year 7.03 7.13 7.15

ADJUSTABLE MORTGAGE (3/19) one-year 5.83 5.78 5.76

PRIME (3/19) 7.75 7.75 8.50

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

BusinessWeek Index
PRODUCTION INDICATORS
                                                       LATEST      WEEK      YEARLY
                                                       WEEK        AGO       % CHG
      
      STEEL (3/20) thous. of net tons                  1,992       1,943#   -10.6
      AUTOS (3/20) units                             126,953     118,315r#    5.3
      TRUCKS (3/20) units                            155,629     158,895r#    6.5
      ELECTRIC POWER (3/20)
      millions of kilowatt-hrs.                       62,379      65,531#     1.1
      CRUDE-OIL REFINING (3/20) thous. of bbl./day    14,083      14,357#    -2.0
      COAL (3/13) thous. of net tons                  20,657#     21,459      2.1
      LUMBER (3/13) millions of ft.                    527.7#      499.1     11.1
      RAIL FREIGHT (3/13) billions of ton-miles         25.8#       26.7      5.7
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      PRICES
                                                      LATEST     WEEK        YEARLY
                                                       WEEK       AGO        % CHG
      
      GOLD (3/24) $/troy oz.                         284.250     284.700     -5.0
      STEEL SCRAP (3/23) #1 heavy, $/ton               78.00       77.00    -42.4
      COPPER (3/19)  cents/lb.                          64.9        65.9    -22.6
      ALUMINUM (3/19)  cents/lb.                        57.8        57.0    -17.2
      COTTON (3/19) strict
      low middling 1-1/16 in.,  cents/lb.              60.56       60.87    -10.7
      OIL (3/23) $/bbl.                                15.17       14.16     -1.5
      CRB FOODSTUFFS (3/23) 1967=100                  192.94      189.61    -16.3
      CRB RAW INDUSTRIALS (3/23) 1967=100             258.20      252.74    -15.1
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                                       LATEST     WEEK        YEAR
                                                       WEEK       AGO         AGO
      
      BRAZILIAN REAL (3/24)                          1.8375      1.8800     1.1353
      BRITISH POUND (3/24)                             1.64        1.63       1.38
      CANADIAN DOLLAR (3/24)                           1.50        1.52       1.41
      EUROPEAN EURO (3/24)                           1.0888      1.1002         NA
      JAPANESE YEN (3/24)                            117.94      118.28     128.91
      KOREAN WON (3/24)                              1222.6      1228.7     1385.0
      MEXICAN PESO (3/24)3                            9.675       9.663      8.522
      TRADE-WEIGHTED DOLLAR INDEX (3/24)              108.4       108.7      109.6
      
      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.
      
      #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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