Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL              3/26 thous. of net tons           2,030     2,024#     -0.6
      AUTOS              3/26 units                       80,197    96,869r#   -11.7
      TRUCKS             3/26 units                      129,089   153,936r#   -25.2
      ELECTRIC POWER     3/26 millions of kilowatt-hrs.   69,008    71,241#     -1.3
      CRUDE-OIL REFINING 3/26 thous. of bbl./day          15,201    15,074#      4.6
      COAL               3/19 thous. of net tons          22,042#   21,894       7.6
      LUMBER             3/19 millions of ft.              387.4#    377.1      10.1
      RAIL FREIGHT       3/19 billions of ton-miles         32.3#     32.2       1.9
      
      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               3/18 1992=100     135.2      135.8      1.0
      STOCK PRICES                     3/24 S&P 500     1171.4     1189.7      5.7
      CORPORATE BOND YIELD, Aaa        3/24                5.5%       5.4%     2.1
      MONEY SUPPLY, M2                 3/14 billions  $6,446.6   $6,451.3      4.9
      INITIAL CLAIMS, UNEMPLOYMENT     3/26 thous.         350        330r     1.4
      MORTGAGE APPLICATIONS, PURCHASE  3/26              470.9      446.4      6.1
      MORTGAGE APPLICATIONS, REFINANCE 3/26             1857.2     1894.4    -61.8
      
      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                3/30 $/troy oz.            426.450    426.150      0.6
      STEEL SCRAP         3/30 #1 heavy, $/ton        195.17     195.17    -20.1
      COPPER              3/24 cents/lb.              152.6      155.1       9.4
      ALUMINUM            3/24 cents/lb.               97.1       98.8      19.4
      COTTON              3/25 strict low middling     
                               1-1/16 in., cents/lb.   51.11      52.81    -20.1
      OIL                 3/30 $/bbl.                  53.73      49.06     51.0
      CRB FOODSTUFFS      3/29 1967=100               249.28     252.05    -14.0
      CRB RAW INDUSTRIALS 3/29 1967=100               333.96     334.02      3.8
      
      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                    3/30      2.6755       2.7489       2.8953
      BRITISH POUND                     3/30        1.88         1.87         1.85
      CANADIAN DOLLAR                   3/30        1.22         1.22         1.31
      EUROPEAN EURO                     3/30      1.2915       1.2986       1.2316
      JAPANESE YEN                      3/30      107.55       105.96       104.22
      KOREAN WON                        3/30      1023.5       1008.4       1147.3
      MEXICAN PESO                      3/30      11.222       11.276       11.125
      TRADE-WEIGHTED DOLLAR INDEX       3/30        89.5         89.1         92.2
      
      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                 3/29                2.72%       2.72%      0.98%
      COMMERCIAL PAPER              3/28  3-month         NA        2.90       1.00
      CERTIFICATES OF DEPOSIT       3/29  3-month       3.04        3.00       1.06
      FIXED MORTGAGE                3/25  30-year       6.14        6.05       5.56
      ADJUSTABLE MORTGAGE           3/25  one-year      4.60        4.52       3.56
      PRIME                         3/29                5.75        5.75       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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