Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 8/24 thous. of net tons 2,010 1,944# 10.6 AUTOS 8/24 units 106,266 102,156r# 1.3 TRUCKS 8/24 units 167,159 150,718r# 20.0 ELECTRIC POWER 8/24 millions of kilowatt-hrs. 84,586 86,822# 6.2 CRUDE-OIL REFINING 8/24 thous. of bbl./day 15,336 15,548# 1.6 COAL 8/17 thous. of net tons 20,925# 19,962 -3.5 LUMBER 8/17 millions of ft. 519.1# 508.5 -1.0 RAIL FREIGHT 8/17 billions of ton-miles 30.2# 29.2 4.5

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 8/16 1992=100 120.8 120.0r 1.8 STOCK PRICES 8/23 S&P 500 940.9 928.8 -20.6 CORPORATE BOND YIELD, Aaa 8/23 6.3% 6.4% -4.8 MONEY SUPPLY, M2 8/12 billions $5,671.9 $5,667.3r 7.5 INITIAL CLAIMS, UNEMPLOYMENT 8/23 thous. 403 395r -0.5 MORTGAGE APPLICATIONS, PURCHASE 8/23 344.7 371.6 16.8 MORTGAGE APPLICATIONS, REFINANCE 8/23 5355.4 5523.6 161.4

Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed- eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY WEEK AGO % CHG GOLD 8/28 $/troy oz. 311.100 306.550 14.0 STEEL SCRAP 8/27 #1 heavy, $/ton 97.00 97.00 23.6 COPPER 8/23 cents/lb. 72.1 71.6 0.3 ALUMINUM 8/23 cents/lb. 63.0 62.8 -6.0 COTTON 8/23 strict low middling 1-1/16 in., cents/lb. 40.42 41.27 15.9 OIL 8/28 $/bbl. 28.08 30.06 4.9 CRB FOODSTUFFS 8/27 1967=100 227.63 222.83 -2.7 CRB RAW INDUSTRIALS 8/27 1967=100 240.21 240.45 1.3

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 8/28 3.1240 3.0810 2.5475 BRITISH POUND 8/28 1.53 1.53 1.45 CANADIAN DOLLAR 8/28 1.56 1.56 1.55 EUROPEAN EURO 8/28 0.9785 0.9810 0.9093 JAPANESE YEN 8/28 118.88 118.51 120.21 KOREAN WON 8/28 1197.5 1192.2 1279.5 MEXICAN PESO 8/28 9.905 9.803 9.145 TRADE-WEIGHTED DOLLAR INDEX 8/28 114.3 114.6 118.3

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 8/27 1.79% 1.70% 3.50% COMMERCIAL PAPER 8/27 3-month 1.72 1.69 3.38 CERTIFICATES OF DEPOSIT 8/28 3-month 1.78 1.73 3.43 FIXED MORTGAGE 8/23 30-year 6.40 6.34 7.08 ADJUSTABLE MORTGAGE 8/23 one-year 4.62 4.55 5.83 PRIME 8/23 4.75 4.75 6.50

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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