Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 9/7 thous. of net tons 2,048 1,991# 9.8 AUTOS 9/7 units 86,408 92,488r# 1.3 TRUCKS 9/7 units 126,970 143,831r# 11.0 ELECTRIC POWER 9/7 millions of kilowatt-hrs. 80,448 80,760# 6.8 CRUDE-OIL REFINING 9/7 thous. of bbl./day 15,382 15,483# -1.1 COAL 8/31 thous. of net tons 21,219# 20,268 -7.6 LUMBER 8/31 millions of ft. 539.8# 535.2r 3.1 RAIL FREIGHT 8/31 billions of ton-miles 30.4# 29.7 0.3

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 8/30 1992=100 120.8 120.4r 1.5 STOCK PRICES 9/6 S&P 500 893.9 916.1 -17.7 CORPORATE BOND YIELD, Aaa 9/6 6.3% 6.3% -5.0 MONEY SUPPLY, M2 8/26 billions $5,697.1 $5,686.4 7.7 INITIAL CLAIMS, UNEMPLOYMENT 9/6 thous. 426 407r -2.3 MORTGAGE APPLICATIONS, PURCHASE 9/6 401.6 359.7 29.3 MORTGAGE APPLICATIONS, REFINANCE 9/6 6104.3 5129.6 165.9

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 9/11 $/troy oz. 315.500 313.000 13.1 STEEL SCRAP 9/10 #1 heavy, $/ton 98.50 97.00 25.5 COPPER 9/6 cents/lb. 71.4 72.8 1.1 ALUMINUM 9/6 cents/lb. 62.5 63.0 -6.0 COTTON 9/6 strict low middling 1-1/16 in., cents/lb. 39.87 40.54 8.7 OIL 9/11 $/bbl. 29.59 28.07 2.2 CRB FOODSTUFFS 9/10 1967=100 227.45 222.69 -0.8 CRB RAW INDUSTRIALS 9/10 1967=100 241.17 242.09 4.1

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 9/11 3.1100 3.1150 2.6650 BRITISH POUND 9/11 1.55 1.56 1.47 CANADIAN DOLLAR 9/11 1.58 1.57 1.56 EUROPEAN EURO 9/11 0.9760 0.9919 0.9073 JAPANESE YEN 9/11 120.31 118.02 119.49 KOREAN WON 9/11 1205.0 1195.3 1284.8 MEXICAN PESO 9/11 9.987 9.980 9.431 TRADE-WEIGHTED DOLLAR INDEX 9/11 115.7 114.0 118.2

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 9/10 1.74% 1.87% 3.50% COMMERCIAL PAPER 9/10 3-month 1.73 1.73 3.24 CERTIFICATES OF DEPOSIT 9/11 3-month 1.77 1.74 3.26 FIXED MORTGAGE 9/6 30-year 6.30 6.35 7.05 ADJUSTABLE MORTGAGE 9/6 one-year 4.64 4.56 5.79 PRIME 9/6 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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