Online Extra: Production Index Components

                                                    LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL               3/5 thous. of net tons           2,019     2,004#     -0.9
      AUTOS               3/5 units                       85,208    96,036r#   -19.6
      TRUCKS              3/5 units                      170,259   167,881r#     1.2
      ELECTRIC POWER      3/5 millions of kilowatt-hrs.   72,590    72,590#      1.8
      CRUDE-OIL REFINING  3/5 thous. of bbl./day          14,889    14,860#      0.1
      COAL               2/26 thous. of net tons          22,011#   21,877       3.4
      LUMBER             2/26 millions of ft.              392.1#    376.5      13.3
      RAIL FREIGHT       2/26 billions of ton-miles         32.3#     32.6       2.5
      
      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               2/25 1992=100      134.9      134.0r      0.4
      STOCK PRICES                      3/4 S&P 500      1222.1     1211.4       5.6
      CORPORATE BOND YIELD, Aaa         3/4                 5.3%       5.3%     -1.1
      MONEY SUPPLY, M2                 2/21 billions   $6,445.8   $6,425.6r      4.9
      INITIAL CLAIMS, UNEMPLOYMENT      3/5 thous.          327        310      -4.1
      MORTGAGE APPLICATIONS, PURCHASE   3/5               451.7      440.0       5.4
      MORTGAGE APPLICATIONS, REFINANCE  3/5              2176.8     2281.1     -39.0
      
      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                3/9 $/troy oz.                 439.500   431.750       9.8
      STEEL SCRAP         3/9 #1 heavy, $/ton             195.33    195.33     -20.0
      COPPER              3/4 cents/lb.                   153.4     154.4       10.7
      ALUMINUM            3/4 cents/lb.                    95.4      95.9       14.9
      COTTON              3/4 strict low middling          
                              1-1/16 in., cents/lb.        51.21     49.70     -24.3
      OIL                 3/9 $/bbl.                       54.59     52.87      51.9
      CRB FOODSTUFFS      3/8 1967=100                    256.06    250.60     -10.1
      CRB RAW INDUSTRIALS 3/8 1967=100                    332.69    329.03       6.6
      
      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                   3/9     2.7170        2.6390        2.9130
      BRITISH POUND                    3/9       1.93          1.91          1.80
      CANADIAN DOLLAR                  3/9       1.21          1.24          1.33
      EUROPEAN EURO                    3/9     1.3391        1.3142        1.2225
      JAPANESE YEN                     3/9     103.95        104.75        110.91
      KOREAN WON                       3/9     1001.0        1007.0        1172.9
      MEXICAN PESO                     3/9     11.012        11.087        10.985
      TRADE-WEIGHTED DOLLAR INDEX      3/9       87.6          88.8          93.5
      
      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                 3/8                  2.49%      2.39%      0.99%
      COMMERCIAL PAPER              3/7  3-month         NA         NA         1.00
      CERTIFICATES OF DEPOSIT       3/8  3-month         2.92       2.88       1.04
      FIXED MORTGAGE                3/4  30-year         5.92       5.79       5.70
      ADJUSTABLE MORTGAGE           3/4  one-year        4.45       4.37       3.62
      PRIME                         3/8                  5.50       5.50       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. no longer included. Historical data has been adjusted.
      3=Free market value  NA=Not available  r=revised  NM=Not meaningful
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