Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/15 thous. of net tons 2,009 1,932# 4.3 AUTOS 3/15 units 89,525 86,702r# -17.4 TRUCKS 3/15 units 158,173 162,794r# 5.1 ELECTRIC POWER 3/15 millions of kilowatt-hrs. 70,795 72,527# 6.5 CRUDE-OIL REFINING 3/15 thous. of bbl./day 14,731 14,528# 4.8 COAL 3/8 thous. of net tons 20,241# 20,299 1.5 LUMBER 3/8 millions of ft. 497.7# 497.8 -6.1 RAIL FREIGHT 3/8 billions of ton-miles 28.4# 28.2 -2.9

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 3/7 1992=100 118.9 119.0r -1.9 STOCK PRICES 3/14 S&P 500 833.3 828.9 -28.5 CORPORATE BOND YIELD, Aaa 3/14 5.8% 5.8% -15.1 MONEY SUPPLY, M2 3/3 billions $5,894.1 $5,877.7r 7.1 INITIAL CLAIMS, UNEMPLOYMENT 3/14 thous. 421 425r 12.0 MORTGAGE APPLICATIONS, PURCHASE 3/14 347.3 345.0 11.7 MORTGAGE APPLICATIONS, REFINANCE 3/14 9387.0 8920.9 567.5

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 3/19 $/troy oz. 335.800 346.100 15.1 STEEL SCRAP 3/18 #1 heavy, $/ton 119.17 119.17 55.1 COPPER 3/14 cents/lb. 79.5 81.0 1.7 ALUMINUM 3/14 cents/lb. 68.8 69.3 2.3 COTTON 3/14 strict low middling 1-1/16 in., cents/lb. 58.59 57.18 68.2 OIL 3/19 $/bbl. 30.03 37.64 21.8 CRB FOODSTUFFS 3/18 1967=100 234.89 235.25 14.4 CRB RAW INDUSTRIALS 3/18 1967=100 261.43 261.16 12.5

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 3/19 3.4665 3.4675 2.3440 BRITISH POUND 3/19 1.57 1.61 1.43 CANADIAN DOLLAR 3/19 1.48 1.48 1.58 EUROPEAN EURO 3/19 1.0568 1.0991 0.8820 JAPANESE YEN 3/19 120.43 117.38 131.86 KOREAN WON 3/19 1256.9 1243.8 1325.9 MEXICAN PESO 3/19 10.844 10.824 9.066 TRADE-WEIGHTED DOLLAR INDEX 3/19 110.1 107.5 123.5

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 3/18 1.20% 1.21% 1.67% COMMERCIAL PAPER 3/18 3-month 1.21 1.14 1.88 CERTIFICATES OF DEPOSIT 3/19 3-month 1.23 1.16 1.90 FIXED MORTGAGE 3/14 30-year 5.75 5.80 7.18 ADJUSTABLE MORTGAGE 3/14 one-year 3.96 4.06 5.43 PRIME 3/14 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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