Online Extra: Production Index Components

        
      PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL              4/23 thous. of net tons           2,068     2,086#      2.0
      AUTOS              4/23 units                       90,575    92,913r#    -3.9
      TRUCKS             4/23 units                      166,724   162,662r#    -1.4
      ELECTRIC POWER     4/23 millions of kilowatt-hrs.   66,317    65,819#     -2.6
      CRUDE-OIL REFINING 4/23 thous. of bbl./day          15,305    15,501#      1.0
      COAL               4/16 thous. of net tons          22,042#   21,773       5.0
      LUMBER             4/16 millions of ft.              369.6#    379.2       7.6
      RAIL FREIGHT       4/16 billions of ton-miles         33.3#     32.1       4.7
      
      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               4/15 1992=100      135.3      135.2r      1.1
      STOCK PRICES                     4/22 S&P 500      1152.1     1142.6       1.0
      CORPORATE BOND YIELD, Aaa        4/22                 5.3%       5.3%     -9.8
      MONEY SUPPLY, M2                 4/11 billions   $6,456.7   $6,465.4r      4.2
      INITIAL CLAIMS, UNEMPLOYMENT     4/23 thous.          320        299r     -5.9
      MORTGAGE APPLICATIONS, PURCHASE  4/23               482.0      466.7       4.0
      MORTGAGE APPLICATIONS, REFINANCE 4/23              2052.5     1870.0     -14.6
      
      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                4/27 $/troy oz.              434.350    433.200      10.7
      STEEL SCRAP         4/27 #1 heavy, $/ton          210.67     210.67       2.9
      COPPER              4/22 cents/lb.                154.6      154.0       16.2
      ALUMINUM            4/22 cents/lb.                 92.1       94.4        6.3
      COTTON              4/22 strict low middling
                               1-1/16 in., cents/lb.     53.82      51.84     -16.5
      OIL                 4/27 $/bbl.                    51.51      52.43      38.7
      CRB FOODSTUFFS      4/26 1967=100                 254.93     253.34     -11.4
      CRB RAW INDUSTRIALS 4/26 1967=100                 338.70     337.17       6.8
      
      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                    4/27    2.5146        2.5636        2.9625
      BRITISH POUND                     4/27      1.91          1.92          1.77
      CANADIAN DOLLAR                   4/27      1.25          1.24          1.38
      EUROPEAN EURO                     4/27    1.2930        1.3087        1.1842
      JAPANESE YEN                      4/27    105.87        106.88        110.10
      KOREAN WON                        4/27    1002.9        1005.5        1156.2
      MEXICAN PESO                      4/27    11.096        11.068        11.397
      TRADE-WEIGHTED DOLLAR INDEX       4/27      89.4          89.2          95.0
      
      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              4/26                2.78%        2.74%      0.99%
      COMMERCIAL PAPER           4/25  3-month       NA           NA         1.09
      CERTIFICATES OF DEPOSIT    4/26  3-month       3.13         3.10       1.10
      FIXED MORTGAGE             4/22  30-year       5.92         6.04       6.05
      ADJUSTABLE MORTGAGE        4/22  one-year      4.57         4.57       3.83
      PRIME                      4/26                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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