Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL               2/5 thous. of net tons           2,057     2,054#     5.0
      AUTOS               2/5 units                       89,782    90,769r#    2.2
      TRUCKS              2/5 units                      170,058   163,217r#    3.0
      ELECTRIC POWER      2/5 millions of kilowatt-hrs.   76,700    79,508#    -2.8
      CRUDE-OIL REFINING  2/5 thous. of bbl./day          15,008    15,239#     1.8
      COAL               1/29 thous. of net tons          21,161#   20,845      4.1
      LUMBER             1/29 millions of ft.              383.9#    367.7      6.1
      RAIL FREIGHT       1/29 billions of ton-miles         30.3#     29.3      3.1
      
      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               1/28 1992=100     133.7      133.3r      0.5
      STOCK PRICES                      2/4 S&P 500     1203.0     1171.4       5.3
      CORPORATE BOND YIELD, Aaa         2/4                5.1%       5.2%     -6.7
      MONEY SUPPLY, M2                 1/24 billions  $6,451.9   $6,436.3r      6.0
      INITIAL CLAIMS, UNEMPLOYMENT      2/5 thous.         303        316     -19.8
      MORTGAGE APPLICATIONS, PURCHASE   2/5              444.6      440.3      10.5
      MORTGAGE APPLICATIONS, REFINANCE  2/5             2430.7     2253.9     -21.6
      
      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                2/9 $/troy oz.            411.150   421.600       1.3
      STEEL SCRAP         2/9 #1 heavy, $/ton        195.33    195.33      -1.5
      COPPER              2/4 cents/lb.              149.2     153.1       23.4
      ALUMINUM            2/4 cents/lb.               91.2      90.7       14.5
      COTTON              2/4 strict low middling                      
                              1-1/16 in., cents/lb.   45.90     46.57     -30.6
      OIL                 2/9 $/bbl.                  45.16     46.24      36.8
      CRB FOODSTUFFS      2/8 1967=100               244.04    247.09     -11.1
      CRB RAW INDUSTRIALS 2/8 1967=100               320.57    322.20       4.2
      
      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                 2/9     2.6025          2.6025          2.9005
      BRITISH POUND                  2/9       1.86            1.89            1.89
      CANADIAN DOLLAR                2/9       1.25            1.24            1.31
      EUROPEAN EURO                  2/9     1.2805          1.3027          1.2832
      JAPANESE YEN                   2/9     105.63          103.59          105.47
      KOREAN WON                     2/9     1026.3          1027.9          1160.2
      MEXICAN PESO                   2/9     11.160          11.143          10.976
      TRADE-WEIGHTED DOLLAR INDEX    2/9       90.1            89.2            91.4
      
      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            2/8                 2.48%        2.40%        1.00%
      COMMERCIAL PAPER         2/7  3-month        NA           2.60         1.01
      CERTIFICATES OF DEPOSIT  2/8  3-month        2.73         2.71         1.06
      FIXED MORTGAGE           2/4  30-year        5.73         5.74         5.84
      ADJUSTABLE MORTGAGE      2/4  one-year       4.36         4.35         3.78
      PRIME                    2/8                 5.50         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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