Production Index Components

PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/29 thous. of net tons 1,952 1,972# 3.6 AUTOS 3/29 units 100,670 98,487r# 9.5 TRUCKS 3/29 units 160,041 161,784r# 30.5 ELECTRIC POWER 3/29 millions of kilowatt-hrs. 65,843 66,415# 0.9 CRUDE-OIL REFINING 3/29 thous. of bbl./day 14,886 14,782# 3.9 COAL 3/22 thous. of net tons 19,338# 21,087 -4.9 LUMBER 3/22 millions of ft. 504.0# 500.1r -7.4 RAIL FREIGHT 3/22 billions of ton-miles 28.5# 29.5 -1.0

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 3/21 1992=100 120.6 118.1r -1.3 STOCK PRICES 3/28 S&P 500 863.5 895.8 -24.7 CORPORATE BOND YIELD, Aaa 3/28 5.9% 6.0% -14.9 MONEY SUPPLY, M2 3/17 billions $5,906.4 $5,889.7r 7.2 INITIAL CLAIMS, UNEMPLOYMENT 3/28 thous. 445 407r -9.7 MORTGAGE APPLICATIONS, PURCHASE 3/28 364.7 383.7 4.2 MORTGAGE APPLICATIONS, REFINANCE 3/28 6484.6 8135.7 409.7

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 4/2 $/troy oz. 329.300 329.950 8.4 STEEL SCRAP 4/1 #1 heavy, $/ton 119.17 119.17 42.7 COPPER 3/28 cents/lb. 78.9 81.0 0.2 ALUMINUM 3/28 cents/lb. 67.0 66.3 1.9 COTTON 3/28 strict low middling 1-1/16 in., cents/lb. 55.84 58.09 62.9 OIL 4/2 $/bbl. 28.66 28.48 4.8 CRB FOODSTUFFS 4/1 1967=100 233.03 232.10 14.7 CRB RAW INDUSTRIALS 4/1 1967=100 258.61 260.69 11.2

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 4/2 3.2600 3.3815 2.3155 BRITISH POUND 4/2 1.57 1.57 1.44 CANADIAN DOLLAR 4/2 1.47 1.47 1.59 EUROPEAN EURO 4/2 1.0769 1.0690 0.8843 JAPANESE YEN 4/2 118.96 119.94 131.79 KOREAN WON 4/2 1254.1 1244.4 1330.0 MEXICAN PESO 4/2 10.646 10.725 9.055 TRADE-WEIGHTED DOLLAR INDEX 4/2 109.2 109.6 125.0

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 4/1 1.29% 1.24% 1.74% COMMERCIAL PAPER 4/1 3-month 1.17 1.18 1.89 CERTIFICATES OF DEPOSIT 4/2 3-month 1.26 1.25 1.94 FIXED MORTGAGE 3/28 30-year 6.00 5.97 7.23 ADJUSTABLE MORTGAGE 3/28 one-year 4.09 4.06 5.46 PRIME 3/28 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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