Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/8 thous. of net tons 1,932 1,951# 3.5 AUTOS 3/8 units 84,950 96,047r# -25.1 TRUCKS 3/8 units 162,019 157,013r# 9.7 ELECTRIC POWER 3/8 millions of kilowatt-hrs. 72,527 75,096# 3.7 CRUDE-OIL REFINING 3/8 thous. of bbl./day 14,528 14,323# 4.8 COAL 3/1 thous. of net tons 20,299# 19,577 1.0 LUMBER 3/1 millions of ft. 497.8# 518.1r -1.9 RAIL FREIGHT 3/1 billions of ton-miles 28.2# 27.4 -0.4

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 2/28 1992=100 119.1 118.8r -1.6 STOCK PRICES 3/7 S&P 500 828.9 841.2 -28.8 CORPORATE BOND YIELD, Aaa 3/7 5.8% 5.8% -14.8 MONEY SUPPLY, M2 2/24 billions $5,877.6 $5,897.5r 6.7 INITIAL CLAIMS, UNEMPLOYMENT 3/7 thous. 420 435r 9.7 MORTGAGE APPLICATIONS, PURCHASE 3/7 345.0 345.9 9.7 MORTGAGE APPLICATIONS, REFINANCE 3/7 8920.9 6614.0 400.3

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 3/12 $/troy oz. 346.100 353.950 18.1 STEEL SCRAP 3/11 #1 heavy, $/ton 119.17 119.17 55.1 COPPER 3/7 cents/lb. 81.0 82.6 3.5 ALUMINUM 3/7 cents/lb. 69.3 70.5 3.4 COTTON 3/7 strict low middling 1-1/16 in., cents/lb. 57.18 56.32 72.2 OIL 3/12 $/bbl. 37.64 36.44 57.3 CRB FOODSTUFFS 3/11 1967=100 235.25 235.20 14.8 CRB RAW INDUSTRIALS 3/11 1967=100 261.16 262.39 13.3

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 3/12 3.4675 3.5255 2.3510 BRITISH POUND 3/12 1.61 1.60 1.42 CANADIAN DOLLAR 3/12 1.48 1.47 1.60 EUROPEAN EURO 3/12 1.0991 1.0971 0.8760 JAPANESE YEN 3/12 117.38 117.35 129.47 KOREAN WON 3/12 1243.8 1199.1 1321.3 MEXICAN PESO 3/12 10.824 11.230 9.117 TRADE-WEIGHTED DOLLAR INDEX 3/12 107.5 107.7 123.3

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 3/11 1.21% 1.20% 1.68% COMMERCIAL PAPER 3/11 3-month 1.14 1.23 1.88 CERTIFICATES OF DEPOSIT 3/12 3-month 1.16 1.26 1.91 FIXED MORTGAGE 3/7 30-year 5.80 5.88 7.00 ADJUSTABLE MORTGAGE 3/7 one-year 4.06 4.11 5.27 PRIME 3/7 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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