Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                          LATEST     WEEK   YEARLY
                                                            WEEK      AGO    % CHG
      STEEL              1/29 thous. of net tons           2,054    2,041#     7.0
      AUTOS              1/29 units                       87,653   82,684r#    1.3
      TRUCKS             1/29 units                      165,230  133,646r#   -0.3
      ELECTRIC POWER     1/29 millions of kilowatt-hrs.   79,508   80,958#    -3.6
      CRUDE-OIL REFINING 1/29 thous. of bbl./day          15,239   15,127#     4.2
      COAL               1/22 thous. of net tons          20,845#  20,837     -1.0
      LUMBER             1/22 millions of ft.              367.7#   365.6      3.6
      RAIL FREIGHT       1/22 billions of ton-miles         29.3#    30.5     -3.9
      
      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                1/21 1992=100     133.2      133.3      0.2
      STOCK PRICES                      1/28 S&P 500     1171.4     1167.9      3.6
      CORPORATE BOND YIELD, Aaa         1/28                5.2%       5.3%    -5.2
      MONEY SUPPLY, M2                  1/17 billions  $6,421.4   $6,390.4r     5.6
      INITIAL CLAIMS, UNEMPLOYMENT      1/29 thous.         316        325    -13.7
      MORTGAGE APPLICATIONS, PURCHASE   1/29              440.3      439.0     -0.8
      MORTGAGE APPLICATIONS, REFINANCE  1/29             2253.9     1932.8    -30.7
      
      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                 2/2 $/troy oz.              421.600   425.800      5.6
      STEEL SCRAP          2/2 #1 heavy, $/ton          195.33    195.33     17.5
      COPPER              1/28 cents/lb.                153.1     150.9      31.4
      ALUMINUM            1/28 cents/lb.                 90.7      90.5      15.9
      COTTON              1/28 strict low middling       
                               1-1/16 in., cents/lb.     46.57     48.43    -32.6
      OIL                  2/2 $/bbl.                    46.24     48.38     43.4
      CRB FOODSTUFFS       2/1 1967=100                 247.09    249.89     -8.5
      CRB RAW INDUSTRIALS  2/1 1967=100                 322.20    321.16      5.4
      
      Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin,
      Platt's Metals Week, Memphis market, NYMEX, Commodity Research Bureau
      
      
      FOREIGN EXCHANGE
      
                                              LATEST         WEEK        YEAR
                                                WEEK          AGO         AGO
      BRAZILIAN REAL                 2/2      2.6025       2.6645      2.9280
      BRITISH POUND                  2/2        1.89         1.88        1.83
      CANADIAN DOLLAR                2/2        1.24         1.23        1.33
      EUROPEAN EURO                  2/2      1.3027       1.3073      1.2535
      JAPANESE YEN                   2/2      103.59       103.07      105.43
      KOREAN WON                     2/2      1027.9       1031.6      1168.3
      MEXICAN PESO                   2/2      11.143       11.260      11.180
      TRADE-WEIGHTED DOLLAR INDEX    2/2        89.2         88.9        92.3
      
      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                 2/1               2.40%       2.29%      0.97%
      COMMERCIAL PAPER             1/31  3-month      2.60        2.56       1.01
      CERTIFICATES OF DEPOSIT       2/1  3-month      2.71        2.66       1.05
      FIXED MORTGAGE               1/28  30-year      5.74        5.77       5.86
      ADJUSTABLE MORTGAGE          1/28  one-year     4.35        4.39       3.78
      PRIME                         2/1               5.25        5.25       4.00
      
      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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