Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL               6/4 thous. of net tons           1,940     1,988#     -0.7
      AUTOS               6/4 units                       73,920    78,282r#    -3.0
      TRUCKS              6/4 units                      132,263   137,112r#     4.0
      ELECTRIC POWER      6/4 millions of kilowatt-hrs.   69,000    71,491#     -5.5
      CRUDE-OIL REFINING  6/4 thous. of bbl./day          16,137    15,915#      2.6
      COAL               5/28 thous. of net tons          21,008#   18,197       2.7
      LUMBER             5/28 millions of ft.              368.5#    390.7      -1.1
      RAIL FREIGHT       5/28 billions of ton-miles         32.7#     30.7       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               5/27 1992=100      132.0      132.8r    -0.6
      STOCK PRICES                      6/3 S&P 500      1196.0     1198.8      6.5
      CORPORATE BOND YIELD, Aaa         6/3                 5.0%       5.1%   -18.5
      MONEY SUPPLY, M2                 5/23 billions   $6,472.4   $6,460.3r     3.1
      INITIAL CLAIMS, UNEMPLOYMENT      6/4 thous.          330        351r    -4.9
      MORTGAGE APPLICATIONS, PURCHASE   6/4               479.3      462.7     10.9
      MORTGAGE APPLICATIONS, REFINANCE  6/4              2362.1     2142.1     73.3
      
      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                 6/8 $/troy oz.             424.550   415.350       9.7
      STEEL SCRAP          6/8 #1 heavy, $/ton         162.50    172.17       8.3
      COPPER               6/3 cents/lb.               160.2     157.7       22.5
      ALUMINUM             6/3 cents/lb.                85.0      84.8        2.4
      COTTON               6/3 strict low middling      
                               1-1/16 in., cents/lb.    49.83     51.51     -18.6
      OIL                  6/8 $/bbl.                   52.62     54.83      41.0
      CRB FOODSTUFFS       6/7 1967=100                252.30    253.48      -9.8
      CRB RAW INDUSTRIALS  6/7 1967=100                331.15    330.21       5.7
      
      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                6/8     2.4620          2.4570          3.1248
      BRITISH POUND                 6/8       1.82            1.81            1.83
      CANADIAN DOLLAR               6/8       1.25            1.25            1.36
      EUROPEAN EURO                 6/8     1.2234          1.2180          1.2049
      JAPANESE YEN                  6/8     107.29          108.76          110.43
      KOREAN WON                    6/8     1005.7          1010.5          1154.2
      MEXICAN PESO                  6/8     10.870          10.820          11.373
      TRADE-WEIGHTED DOLLAR INDEX   6/8       90.4            90.9            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               6/7                 2.96%     3.09%     0.97%
      COMMERCIAL PAPER            6/6  3-month        NA        NA        1.27
      CERTIFICATES OF DEPOSIT     6/7  3-month        3.32      3.28      1.37
      FIXED MORTGAGE              6/3  30-year        5.74      5.82      6.41
      ADJUSTABLE MORTGAGE         6/3  one-year       4.52      4.52      4.16
      PRIME                       6/7                 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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