Online Extra: Production Index Components

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~PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 3/19 thous. of net tons 2,024 2,009# 2.1 AUTOS 3/19 units 99,248 91,554r# 10.3 TRUCKS 3/19 units 163,964 166,447r# -1.9 ELECTRIC POWER 3/19 millions of kilowatt-hrs. 71,241 71,847# 0.9 CRUDE-OIL REFINING 3/19 thous. of bbl./day 15,074 15,053# 3.0 COAL 3/12 thous. of net tons 21,894# 21,808 9.4 LUMBER 3/12 millions of ft. 377.1# 393.6 8.9 RAIL FREIGHT 3/12 billions of ton-miles 32.2# 32.1 4.2

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 3/11 1992=100 135.9 135.2 1.3 STOCK PRICES 3/18 S&P 500 1189.7 1200.1 7.2 CORPORATE BOND YIELD, Aaa 3/18 5.4% 5.4% 2.1 MONEY SUPPLY, M2 3/7 billions $6,451.5 $6,458.2r 5.3 INITIAL CLAIMS, UNEMPLOYMENT 3/19 thous. 324 321r -5.8 MORTGAGE APPLICATIONS, PURCHASE 3/19 446.4 462.8 -0.6 MORTGAGE APPLICATIONS, REFINANCE 3/19 1894.4 2267.5 -62.0

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 3/23 $/troy oz. 426.150 443.000 2.6 STEEL SCRAP 3/23 #1 heavy, $/ton 195.17 195.17 -20.1 COPPER 3/18 cents/lb. 155.1 154.7 10.5 ALUMINUM 3/18 cents/lb. 98.8 98.7 20.6 COTTON 3/18 strict low middling 1-1/16 in., cents/lb. 52.81 52.50 -18.7 OIL 3/23 $/bbl. 49.06 56.15 32.7 CRB FOODSTUFFS 3/22 1967=100 252.05 258.22 -14.3 CRB RAW INDUSTRIALS 3/22 1967=100 334.02 335.63 4.5

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 3/23 2.7489 2.7623 2.9330 BRITISH POUND 3/23 1.87 1.93 1.83 CANADIAN DOLLAR 3/23 1.22 1.21 1.34 EUROPEAN EURO 3/23 1.2986 1.3417 1.2135 JAPANESE YEN 3/23 105.96 104.17 106.22 KOREAN WON 3/23 1008.4 1003.8 1154.8 MEXICAN PESO 3/23 11.276 11.228 11.036 TRADE-WEIGHTED DOLLAR INDEX 3/23 89.1 87.8 92.9

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 3/22 2.72% 2.61% 0.99% COMMERCIAL PAPER 3/21 3-month 2.90 NA 1.02 CERTIFICATES OF DEPOSIT 3/22 3-month 3.00 2.98 1.04 FIXED MORTGAGE 3/18 30-year 6.05 5.94 5.55 ADJUSTABLE MORTGAGE 3/18 one-year 4.52 4.47 3.55 PRIME 3/22 5.75 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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