Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                         LATEST      WEEK    YEARLY
                                                           WEEK       AGO     % CHG
      STEEL               9/3 thous. of net tons          1,984     1,973#     -1.8
      AUTOS               9/3 units                      81,181    89,938r#     5.0
      TRUCKS              9/3 units                     146,543   162,301r#    -4.1
      ELECTRIC POWER      9/3 millions of kilowatt-hrs.  86,069    89,035#      3.7
      CRUDE-OIL REFINING  9/3 thous. of bbl./day         14,479    16,110#    -10.5
      COAL               8/27 thous. of net tons         20,832#   21,287      -4.5
      LUMBER             8/27 millions of ft.             378.3#    382.0     -34.4
      RAIL FREIGHT       8/27 billions of ton-miles        33.6#     33.5       0.3
      
      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               8/26 1992=100     135.2      135.3r      3.3
      STOCK PRICES                      9/2 S&P 500     1218.0     1205.1       9.4
      CORPORATE BOND YIELD, Aaa         9/2                5.0%       5.0%    -12.1
      MONEY SUPPLY, M2                 8/22 billions  $6,560.9   $6,536.6r      3.8
      INITIAL CLAIMS, UNEMPLOYMENT      9/3 thous.         319        320      -2.1
      MORTGAGE APPLICATIONS, PURCHASE   9/3              499.1      470.6       4.9
      MORTGAGE APPLICATIONS, REFINANCE  9/3             2357.1     2187.8      20.9
      
      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                9/7 $/troy oz.                445.050   433.250     12.3
      STEEL SCRAP         9/7 #1 heavy, $/ton            199.93    199.93    -14.9
      COPPER              9/2 cents/lb.                  177.0     179.0      34.8
      ALUMINUM            9/2 cents/lb.                   87.9      88.8       6.0
      COTTON              9/2 strict low middling
                              1-1/16 in., cents/lb.       50.11     48.83     -7.4
      OIL                 9/7 $/bbl.                      64.85     69.34     52.7
      CRB FOODSTUFFS      9/6 1967=100                   245.13    248.47    -11.3
      CRB RAW INDUSTRIALS 9/6 1967=100                   330.47    327.22      7.0
      
      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                    9/7      2.3248       2.3570       2.9000
      BRITISH POUND                     9/7        1.84         1.80         1.79
      CANADIAN DOLLAR                   9/7        1.19         1.19         1.29
      EUROPEAN EURO                     9/7      1.2417       1.2346       1.2183
      JAPANESE YEN                      9/7      110.10       110.60       109.35
      KOREAN WON                        9/7      1026.5       1034.5       1149.2
      MEXICAN PESO                      9/7      10.736       10.751       11.586
      TRADE-WEIGHTED DOLLAR INDEX       9/7        89.7         90.4         93.6
      
      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            9/6               3.57%        3.52%        1.54%
      COMMERCIAL PAPER         9/5  3-month      NA           NA           NA
      CERTIFICATES OF DEPOSIT  9/6  3-month      3.74         3.84         1.78
      FIXED MORTGAGE           9/2  30-year      5.90         5.95         5.90
      ADJUSTABLE MORTGAGE      9/2  one-year     4.91         4.93         4.09
      PRIME                    9/6               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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