Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/1 thous. of net tons 1,951 1,959# 3.7 AUTOS 3/1 units 99,633 90,953r# -11.5 TRUCKS 3/1 units 159,063 156,677r# 9.0 ELECTRIC POWER 3/1 millions of kilowatt-hrs. 75,096 73,816# 7.2 CRUDE-OIL REFINING 3/1 thous. of bbl./day 14,323 14,504# 2.4 COAL 2/22 thous. of net tons 19,577# 20,527 -11.9 LUMBER 2/22 millions of ft. 519.1# 513.0r 0.5 RAIL FREIGHT 2/22 billions of ton-miles 27.4# 28.9 -5.5

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 2/21 1992=100 118.7 119.4r -0.8 STOCK PRICES 2/28 S&P 500 841.2 848.2 -25.7 CORPORATE BOND YIELD, Aaa 2/28 5.8% 6.0% -11.8 MONEY SUPPLY, M2 2/17 billions $5,891.8 $5,861.0r 7.1 INITIAL CLAIMS, UNEMPLOYMENT 2/28 thous. 430 418r 13.2 MORTGAGE APPLICATIONS, PURCHASE 2/28 345.9 309.0 3.1 MORTGAGE APPLICATIONS, REFINANCE 2/28 6614.0 5989.6 181.2

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 3/5 $/troy oz. 353.950 351.900 20.9 STEEL SCRAP 3/4 #1 heavy, $/ton 119.17 114.17 55.1 COPPER 2/28 cents/lb. 82.6 79.4 9.6 ALUMINUM 2/28 cents/lb. 70.5 68.3 8.5 COTTON 2/28 strict low middling 1-1/16 in., cents/lb. 56.32 55.74 76.2 OIL 3/5 $/bbl. 36.44 37.38 58.8 CRB FOODSTUFFS 3/4 1967=100 235.20 232.19 15.2 CRB RAW INDUSTRIALS 3/4 1967=100 262.39 261.37 15.3

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 3/5 3.5255 3.5810 2.3580 BRITISH POUND 3/5 1.60 1.58 1.43 CANADIAN DOLLAR 3/5 1.47 1.49 1.58 EUROPEAN EURO 3/5 1.0971 1.0791 0.8794 JAPANESE YEN 3/5 117.35 117.17 128.02 KOREAN WON 3/5 1199.1 1188.6 1316.0 MEXICAN PESO 3/5 11.230 11.035 9.063 TRADE-WEIGHTED DOLLAR INDEX 3/5 107.7 108.7 123.7

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 3/4 1.20% 1.28% 1.63% COMMERCIAL PAPER 3/4 3-month 1.23 1.24 1.81 CERTIFICATES OF DEPOSIT 3/5 3-month 1.26 1.26 1.85 FIXED MORTGAGE 2/28 30-year 5.88 5.94 6.88 ADJUSTABLE MORTGAGE 2/28 one-year 4.11 4.15 5.19 PRIME 2/28 4.25 4.25 4.75

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 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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