Production Index Components

PRODUCTION INDICATORS
      
                                                      LATEST        WEEK      YEARLY
                                                        WEEK         AGO%        CHG
      STEEL 7/15 thous. of net tons                    2,125       2,242#        9.5
      AUTOS 7/15 units                                40,438       7,709r#      29.0
      TRUCKS 7/15 units                               38,219      18,867r#      25.7
      ELECTRIC POWER 7/15 millions of kilowatt-hrs.   79,636      73,183#        7.6
      CRUDE-OIL REFINING 7/15 thous. of bbl./day      15,558      15,397#        1.9
      COAL 7/8 thous. of net tons                     19,491#     21,580         8.2
      LUMBER 7/8 millions of ft.                          NA#      516.9          NA
      RAIL FREIGHT 7/8 billions of ton-miles            23.5#       27.9        -0.8
      
      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 7/7 1992=100                124.3         125.2r       -0.6
      STOCK PRICES 7/14 S&P 500                    1509.98       1478.90         6.4
      CORPORATE BOND YIELD, Aaa 7/14                  7.67%         7.66%        8.3
      MONEY SUPPLY, M2 7/3 billions               $4,786.4      $4,776.2         6.1
      INITIAL CLAIMS, UNEMPLOYMENT 7/7 thous.          320           293r        3.6
      MORTGAGE APPLICATIONS, PURCHASE 7/14           331.2         298.0r       19.9
      MORTGAGE APPLICATIONS, REFINANCE 7/14          371.9         335.4r      -26.8
      
      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 7/19 $/troy oz.                        279.200       279.950         9.7
      STEEL SCRAP 7/19 #1 heavy, $/ton             103.00        103.00        63.5
      COPPER 7/14  cents/lb.                         86.4          85.0         6.5
      ALUMINUM 7/14  cents/lb.                       76.5          76.5        11.2
      COTTON 7/14 strict low middling
       1-1/16 in.,  cents/lb.                       55.87         52.88        11.7
      OIL 7/19 $/bbl.                               31.12         30.17        62.2
      CRB FOODSTUFFS 7/18 1967=100                 174.41        179.94        -4.8
      CRB RAW INDUSTRIALS 7/18 1967=100            255.33        253.54        -2.8
      
      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 7/19                          1.8035        1.8025      1.8120
      BRITISH POUND 7/19                             1.50          1.51        1.58
      CANADIAN DOLLAR 7/19                           1.48          1.48        1.50
      EUROPEAN EURO 7/19                           0.9246        0.9424      1.0534
      JAPANESE YEN 7/19                            108.29        108.09      118.80
      KOREAN WON 7/19                              1112.2        1115.5      1200.5
      MEXICAN PESO 7/19                             9.430         9.450       9.330
      TRADE-WEIGHTED DOLLAR INDEX 7/19              112.3         111.6       110.2
      
      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 7/18                              6.47%         6.39%       
      4.92%       
      COMMERCIAL PAPER 7/18 3-month                   6.53          6.53        5.11
      CERTIFICATES OF DEPOSIT 7/19 3-month            6.67          6.66        5.21
      FIXED MORTGAGE 7/14 30-year                     8.27          8.28        7.68
      ADJUSTABLE MORTGAGE 7/14 one-year               7.39          7.34        6.13
      PRIME 7/14                                      9.50          9.50        8.00
      
      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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