Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST       WEEK    YEARLY
                                                           WEEK        AGO     % CHG
      STEEL              4/30 thous. of net tons          2,145      2,068#      5.2
      AUTOS              4/30 units                      85,131     89,782r#   -12.1
      TRUCKS             4/30 units                     155,279    159,917r#    -9.0
      ELECTRIC POWER     4/30 millions of kilowatt-hrs.  66,632     66,317#     -3.8
      CRUDE-OIL REFINING 4/30 thous. of bbl./day         15,578     15,305#      0.5
      COAL               4/23 thous. of net tons         21,607#    22,042       3.4
      LUMBER             4/23 millions of ft.             374.9#     369.6     -31.8
      RAIL FREIGHT       4/23 billions of ton-miles        32.3#      33.3       1.6
      
      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               4/22 1992=100      134.8      135.2r      0.3
      STOCK PRICES                     4/29 S&P 500      1156.9     1152.1       4.5
      CORPORATE BOND YIELD, Aaa        4/29                 5.2%       5.3%    -11.2
      MONEY SUPPLY, M2                 4/18 billions   $6,487.1   $6,456.8r      4.6
      INITIAL CLAIMS, UNEMPLOYMENT     4/30 thous.          333        322r      1.2
      MORTGAGE APPLICATIONS, PURCHASE  4/30               482.5      482.0       0.0
      MORTGAGE APPLICATIONS, REFINANCE 4/30              2061.2     2052.5     -18.1
      
      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                 5/4 $/troy oz.            428.800    434.350       9.2
      STEEL SCRAP          5/4 #1 heavy, $/ton        210.67     210.67       2.9
      COPPER              4/29 cents/lb.              153.2      154.6       21.2
      ALUMINUM            4/29 cents/lb.               89.2       92.1        7.5
      COTTON              4/29 strict low middling     
                               1-1/16 in., cents/lb.   56.49      53.82      -9.8
      OIL                  5/4 $/bbl.                  50.30      51.51      27.9
      CRB FOODSTUFFS       5/3 1967=100               255.15     254.93     -12.9
      CRB RAW INDUSTRIALS  5/3 1967=100               335.64     338.70       6.9
      
      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                  5/4      2.4639       2.5146       2.9534
      BRITISH POUND                   5/4        1.90         1.91         1.79
      CANADIAN DOLLAR                 5/4        1.25         1.25         1.37
      EUROPEAN EURO                   5/4      1.2947       1.2930       1.2175
      JAPANESE YEN                    5/4      104.56       105.87       108.69
      KOREAN WON                      5/4       999.7       1002.9       1170.0
      MEXICAN PESO                    5/4      10.960       11.096       11.403
      TRADE-WEIGHTED DOLLAR INDEX     5/4        89.2         89.4         94.3
      
      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                 5/3                  2.95%      2.78%     1.00%
      COMMERCIAL PAPER              5/2  3-month         NA         NA        1.07
      CERTIFICATES OF DEPOSIT       5/3  3-month         3.16       3.13      1.12
      FIXED MORTGAGE               4/29  30-year         5.91       5.92      6.15
      ADJUSTABLE MORTGAGE          4/29  one-year        4.57       4.57      3.90
      PRIME                         5/3                  6.00       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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