Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST       WEEK    YEARLY
                                                           WEEK        AGO     % CHG
      STEEL              5/14 thous. of net tons          1,969      2,030#      0.7
      AUTOS              5/14 units                      92,838     88,561r#     3.8
      TRUCKS             5/14 units                     174,636    154,055r#     4.4
      ELECTRIC POWER     5/14 millions of kilowatt-hrs.  68,636     65,573#     -6.7
      CRUDE-OIL REFINING 5/14 thous. of bbl./day         15,690     15,502#      1.3
      COAL                5/7 thous. of net tons         21,739#    21,729       6.5
      LUMBER              5/7 millions of ft.             373.2#     392.5       2.1
      RAIL FREIGHT        5/7 billions of ton-miles        32.7#      33.3       4.1
      
      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                5/6 1992=100     134.9       134.3r      0.2
      STOCK PRICES                     5/13 S&P 500     1154.1      1171.4       5.3
      CORPORATE BOND YIELD, Aaa        5/13                5.1%        5.3%    -16.2
      MONEY SUPPLY, M2                  5/2 billions  $6,479.0    $6,480.0r      3.7
      INITIAL CLAIMS, UNEMPLOYMENT     5/14 thous.         321         341r     -8.0
      MORTGAGE APPLICATIONS, PURCHASE  5/14              469.3       526.2       3.3
      MORTGAGE APPLICATIONS, REFINANCE 5/14             2036.7      2263.3      12.1
      
      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                5/18 $/troy oz.             419.750   426.100      10.2
      STEEL SCRAP         5/18 #1 heavy, $/ton         175.00    193.00       5.1
      COPPER              5/13 cents/lb.               151.9     152.6       23.2
      ALUMINUM            5/13 cents/lb.                86.1      87.1        8.7
      COTTON              5/13 strict low middling      
                               1-1/16 in., cents/lb.    55.11     53.88     -17.5
      OIL                 5/18 $/bbl.                   47.65     50.52      15.3
      CRB FOODSTUFFS      5/17 1967=100                254.71    254.27      -9.7
      CRB RAW INDUSTRIALS 5/17 1967=100                328.39    334.90       5.9
      
      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                   5/18     2.4570       2.4530       3.1345
      BRITISH POUND                    5/18       1.84         1.87         1.78
      CANADIAN DOLLAR                  5/18       1.26         1.25         1.38
      EUROPEAN EURO                    5/18     1.2679       1.2815       1.2009
      JAPANESE YEN                     5/18     106.98       105.75       113.12
      KOREAN WON                       5/18      998.5       1002.0       1177.5
      MEXICAN PESO                     5/18     10.927       11.000       11.554
      TRADE-WEIGHTED DOLLAR INDEX      5/18       90.3         89.6         95.6
      
      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                5/17                  2.99%      2.99%     1.00%
      COMMERCIAL PAPER             5/16  3-month         NA         NA        1.09
      CERTIFICATES OF DEPOSIT      5/17  3-month         3.21       3.19      1.20
      FIXED MORTGAGE               5/13  30-year         5.90       5.89      6.49
      ADJUSTABLE MORTGAGE          5/13  one-year        4.52       4.55      4.08
      PRIME                        5/17                  6.00       6.00      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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