Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 7/28 thous. of net tons 1,851 1,917# -11.7 AUTOS 7/28 units 101,916 79,375r# 3.7 TRUCKS 7/28 units 136,876 124,810r# 14.0 ELECTRIC POWER 7/28 millions of kilowatt-hrs. 82,310 78,857# 4.4 CRUDE-OIL REFINING 7/28 thous. of bbl./day 15,393 15,351# -1.8 COAL 7/21 thous. of net tons 22,351# 20,521 0.4 LUMBER 7/21 millions of ft. 521.8# 493.5r 3.1 RAIL FREIGHT 7/21 billions of ton-miles 28.3# 27.6 -1.7

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA, Association of American Railroads

LEADING INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG ECRI LEADING INDEX 7/20 1992=100 121.4 119.9 -3.6 STOCK PRICES 7/27 S&P 500 1205.8 1210.9 -18.5 CORPORATE BOND YIELD, Aaa 7/27 6.7% 6.7% -11.3 MONEY SUPPLY, M2 7/16 billions $5,248.6 $5,227.3r 9.7 INITIAL CLAIMS, UNEMPLOYMENT 7/27 thous. 346 369 r 26.3 MORTGAGE APPLICATIONS, PURCHASE 7/27 312.0 324.9 -0.4 MORTGAGE APPLICATIONS, REFINANCE 7/27 1643.0 1581.4 356.9

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 8/1 $/troy oz. 267.350 268.400 -4.3 STEEL SCRAP 7/31 #1 heavy, $/ton 78.67 78.67 -23.6 COPPER 7/27 cents/lb. 72.2 74.2 -18.8 ALUMINUM 7/27 cents/lb. 67.5 68.5 -12.9 COTTON 7/27 strict low middling 1-1/16 in., cents/lb. 39.00 38.13 -32.4 OIL 8/1 $/bbl. 26.43 26.44 -4.4 CRB FOODSTUFFS 7/31 1967=100 233.30 224.15 34.8 CRB RAW INDUSTRIALS 7/31 1967=100 243.08 243.63 -5.0

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin, Metals Week, Memphis market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR WEEK AGO AGO BRAZILIAN REAL 8/1 2.5005 2.4890 1.7885 BRITISH POUND 8/1 1.43 1.43 1.52 CANADIAN DOLLAR 8/1 1.54 1.54 1.46 EUROPEAN EURO 8/1 0.8815 0.8804 0.9428 JAPANESE YEN 8/1 124.60 123.63 109.19 KOREAN WON 8/1 1292.0 1306.0 1115.3 MEXICAN PESO 8/1 9.215 9.155 9.363 TRADE-WEIGHTED DOLLAR INDEX 8/1 121.0 120.7 111.5

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 7/31 3.82% 3.82% 6.46% COMMERCIAL PAPER 7/31 3-month 3.54 3.54 6.54 CERTIFICATES OF DEPOSIT 8/1 3-month 3.59 3.61 6.65 FIXED MORTGAGE 7/27 30-year 7.22 7.26 8.35 ADJUSTABLE MORTGAGE 7/27 one-year 6.00 6.09 7.38 PRIME 7/27 6.75 6.75 9.50

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 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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