Production Index Components

PRODUCTION INDICATORS
                                                            LATEST      WEEK   
      YEARLY
                                                             WEEK       AGO     % 
      CHG
      STEEL               6/10  thous. of net tons           2,166     2,223#    
      17.4
      AUTOS               6/10  units                      119,143   107,566r#    
      4.5
      TRUCKS              6/10  units                      163,455   135,527r#   
      11.1
      ELECTRIC POWER      6/10  millions of kilowatt-hrs.   69,170    68,202#    
      -3.9
      CRUDE-OIL REFINING  6/10  thous. of bbl./day          15,314    15,439#     
      2.1
      COAL                6/3   thous. of net tons          21,017#   22,068      
      4.2
      LUMBER              6/3   millions of ft.              396.4#    516.5    
      -14.5
      RAIL FREIGHT        6/3   billions of ton-miles         25.7#     28.1      
      2.4
      
      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                6/2  1992=100      125.9     124.7r     1.3
      STOCK PRICES                      6/9  S&P 500     1456.95   1477.26     12.6
      CORPORATE BOND YIELD, Aaa         6/9                 7.58%     7.72%     3.4
      MONEY SUPPLY, M2                  5/29 billions   $4,756.0  $4,767.6r     5.3
      INITIAL CLAIMS, UNEMPLOYMENT      6/2  thous.          312       290r    -4.0
      MORTGAGE APPLICATIONS, PURCHASE   6/9                309.5     335.0r    -5.6
      MORTGAGE APPLICATIONS, REFINANCE  6/9                329.4     318.1r   -53.1
      
      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                  6/14 $/troy oz.             287.150    284.100     11.0
      STEEL SCRAP           6/14 #1 heavy, $/ton         103.00     103.00     30.7
      COPPER                6/9  cents/lb.                 83.6       84.4     23.1
      ALUMINUM              6/9  cents/lb.                 70.3       70.8     11.5
      COTTON                6/9  strict low middling      57.22      59.72     -1.1 
                                 1-1/16 in.,  cents/lb.
      OIL                   6/13 $/bbl.                   32.51      29.55     77.4
      CRB FOODSTUFFS        6/13 1967=100                192.61     194.62     -2.6
      CRB RAW INDUSTRIALS   6/13 1967=100                263.34     264.91      2.1
      
      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                 6/14     1.8100       1.7990      1.7670
      BRITISH POUND                  6/14       1.50         1.52        1.59
      CANADIAN DOLLAR                6/14       1.47         1.48        1.46
      EUROPEAN EURO                  6/14     0.9579       0.9615      1.0303
      JAPANESE YEN                   6/14     106.63       105.49      120.22
      KOREAN WON                     6/14     1114.5       1113.2      1164.5
      MEXICAN PESO                   6/14      9.766        9.840       9.478
      TRADE-WEIGHTED DOLLAR INDEX    6/14      110.2        109.9       110.5
      
      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               6/13                 6.46%        6.47%     4.67%
      COMMERCIAL PAPER            6/13    3-month      6.57         6.58      5.00
      CERTIFICATES OF DEPOSIT     6/14    3-month      6.72         6.71      5.11
      FIXED MORTGAGE              6/9     30-year      8.41         8.65      7.61
      ADJUSTABLE MORTGAGE         6/9     one-year     7.33         7.35      5.99
      PRIME                       6/9                  9.50         9.50      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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