Production Index Components

PRODUCTION INDICATORS
                                                     LATEST       WEEK    YEARLY
                                                       WEEK        AGO%      CHG
      
      STEEL 5/20 thous. of net tons                   2,354      2,325#     18.5
      AUTOS 5/20 units                              124,986    122,539r#    -1.1
      TRUCKS 5/20 units                             165,766    162,015r#    -0.3
      ELECTRIC POWER 5/20 millions of kilowatt-hrs.  64,750     68,143#      4.7
      CRUDE-OIL REFINING 5/20 thous. of bbl./day     15,388     15,275#      2.8
      COAL 5/13 thous. of net tons                   21,241#    21,801       5.0
      LUMBER 5/13 millions of ft.                     535.3#     535.3       0.9
      RAIL FREIGHT 5/13 billions of ton-miles          27.3#      27.5      -0.4
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPAFD, 
      Association of American Railroads
      
      LEADING INDICATORS
                                                    LATEST       WEEK   YEARLY
                                                      WEEK        AGO%     CHG
      
      ECRI LEADING INDEX 5/12 1992=100               125.0      125.5      0.5
      STOCK PRICES 5/19 S&P 500                    1406.95    1420.96      5.8
      CORPORATE BOND YIELD, Aaa 5/19                  8.10%      8.12%    16.4
      MONEY SUPPLY, M2 5/8 billions               $4,739.8   $4,758.5r     5.3
      INITIAL CLAIMS, UNEMPLOYMENT 5/12 thous.         276        297r    -8.0
      MORTGAGE APPLICATIONS, PURCHASE 5/19           326.3      296.6     11.4
      MORTGAGE APPLICATIONS, REFINANCE 5/19          328.9      330.9    -60.5
      
      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 5/24 $/troy oz.                  273.900       273.100         1.6
      STEEL SCRAP 5/24 #1 heavy, $/ton       103.00        103.00        33.8
      COPPER 5/19  cents/lb.                   88.1          87.1        22.0
      ALUMINUM 5/19  cents/lb.                 72.5          70.3        10.7
      COTTON 5/19 strict low
       middling 1-1/16 in.,  cents/lb.        61.17         59.88         5.8
      OIL 5/23 $/bbl.                         28.37         29.46        66.3
      CRB FOODSTUFFS 5/23 1967=100           194.60        193.46         1.0
      CRB RAW INDUSTRIALS 5/23 1967=100      269.39        264.73         7.8
      
      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 5/24                    1.8485        1.8300      1.7010
      BRITISH POUND 5/24                       1.48          1.50        1.59
      CANADIAN DOLLAR 5/24                     1.51          1.50        1.47
      EUROPEAN EURO 5/24                     0.9085        0.8959      1.0443
      JAPANESE YEN 5/24                      107.68        109.32      122.38
      KOREAN WON 5/24                        1133.3        1115.3      1191.0
      MEXICAN PESO 5/24                       9.531         9.544       9.663
      TRADE-WEIGHTED DOLLAR INDEX 5/24        113.5         114.5       110.7
      
      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 5/23                       6.47%         6.13%       4.80%
      COMMERCIAL PAPER 5/23 3-month            6.61          6.57        4.83
      CERTIFICATES OF DEPOSIT 5/24 3-month     6.76          6.76        4.95
      FIXED MORTGAGE 5/19 30-year              8.82          8.75        7.30
      ADJUSTABLE MORTGAGE 5/19 one-year        7.37          7.18        5.82
      PRIME 5/19                               9.50          9.00        7.75
      
      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 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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