Online Extra: Production Index Components

      PRODUCTION INDICATORS
      
                                                         LATEST      WEEK    YEARLY
                                                           WEEK       AGO     % CHG
      STEEL              8/20 thous. of net tons          1,955     1,878#     -2.1
      AUTOS              8/20 units                      90,523    88,537r#    -0.7
      TRUCKS             8/20 units                     159,507   154,058r#     4.8
      ELECTRIC POWER     8/20 millions of kilowatt-hrs.  30,588    92,933#    -61.7
      CRUDE-OIL REFINING 8/20 thous. of bbl./day         15,587    15,800#     -4.1
      COAL               8/13 thous. of net tons         21,485#   21,198      -0.2
      LUMBER             8/13 millions of ft.             385.2#    372.7       5.0
      RAIL FREIGHT       8/13 billions of ton-miles        33.5#     32.7       1.8
      
      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               8/12 1992=100      135.6      135.7r     3.2
      STOCK PRICES                     8/19 S&P 500      1219.7     1230.4     11.0
      CORPORATE BOND YIELD, Aaa        8/19                 5.1%       5.1%    -9.8
      MONEY SUPPLY, M2                  8/8 billions   $6,521.7   $6,534.0r     3.7
      INITIAL CLAIMS, UNEMPLOYMENT     8/20 thous.          315        319r    -7.9
      MORTGAGE APPLICATIONS, PURCHASE  8/20               488.4      499.3     10.1
      MORTGAGE APPLICATIONS, REFINANCE 8/20              2313.9     2285.5     26.8
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,
      1990=100)
      
      
      PRICES
      
                                                         LATEST      WEEK    YEARLY
                                                           WEEK       AGO     % CHG
      GOLD                8/24 $/troy oz.               440.000   442.000       8.4
      STEEL SCRAP         8/24 #1 heavy, $/ton           157.67    157.67     -32.9
      COPPER              8/19 cents/lb.                 179.5     174.7       33.3
      ALUMINUM            8/19 cents/lb.                  89.3      88.0        5.5
      COTTON              8/19 strict low middling        
                               1-1/16 in., cents/lb.      47.76     49.67      -4.8
      OIL                 8/24 $/bbl.                     67.35     63.43      56.0
      CRB FOODSTUFFS      8/23 1967=100                  248.96    242.91      -9.2
      CRB RAW INDUSTRIALS 8/23 1967=100                  326.00    322.36       4.7
      
      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                  8/24     2.4528      2.3545       2.9546
      BRITISH POUND                   8/24       1.80        1.81         1.80
      CANADIAN DOLLAR                 8/24       1.19        1.21         1.30
      EUROPEAN EURO                   8/24     1.2272      1.2271       1.2083
      JAPANESE YEN                    8/24     110.22      109.93       110.18
      KOREAN WON                      8/24     1029.6      1018.6       1156.4
      MEXICAN PESO                    8/24     10.909      10.634       11.365
      TRADE-WEIGHTED DOLLAR INDEX     8/24       90.5        90.1         93.9
      
      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             8/23                   3.49%       3.46%     1.51%
      COMMERCIAL PAPER          8/22  3-month          NA          3.65      NA
      CERTIFICATES OF DEPOSIT   8/23  3-month          3.80        3.77      1.71
      FIXED MORTGAGE            8/19  30-year          5.97        6.06      5.96
      ADJUSTABLE MORTGAGE       8/19  one-year         4.93        4.88      4.14
      PRIME                     8/23                   6.50        6.50      4.50
      
      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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