Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL              10/1 thous. of net tons           1,990     2,016#    -2.0
      AUTOS              10/1 units                       89,847    94,306r#   -5.3
      TRUCKS             10/1 units                      166,481   177,317r#    3.6
      ELECTRIC POWER     10/1 millions of kilowatt-hrs.   76,340    82,918#     7.0
      CRUDE-OIL REFINING 10/1 thous. of bbl./day          11,337    14,396#   -23.2
      COAL               9/24 thous. of net tons          21,431#   21,484      2.8
      LUMBER             9/24 millions of ft.              393.6#    390.3      1.6
      RAIL FREIGHT       9/24 billions of ton-miles         33.1#     34.6      1.5
      
      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               9/23 1992=100     135.8       134.3      3.2
      STOCK PRICES                     9/30 S&P 500     1228.8      1215.3      8.6
      CORPORATE BOND YIELD, Aaa        9/30                5.2%        5.2%    -5.6
      MONEY SUPPLY, M2                 9/19 billions  $6,592.3    $6,557.0r     3.8
      INITIAL CLAIMS, UNEMPLOYMENT     10/1 thous.         390         369r    14.4
      MORTGAGE APPLICATIONS, PURCHASE  10/1              473.8       483.1      3.2
      MORTGAGE APPLICATIONS, REFINANCE 10/1             2107.4      2106.6     -7.2
      
      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                10/5 $/troy oz.             463.500    464.000       10.8
      STEEL SCRAP         10/5 #1 heavy, $/ton         239.50     239.50        1.9
      COPPER              9/30 cents/lb.               188.6      183.1        30.5
      ALUMINUM            9/30 cents/lb.                88.0       86.7        -1.3
      COTTON              9/30 strict low middling
                               1-1/16 in., cents/lb.    54.51      51.98        9.5
      OIL                 10/5 $/bbl.                   62.84      66.75       20.8
      CRB FOODSTUFFS      10/4 1967=100                255.93     252.56       -2.5
      CRB RAW INDUSTRIALS 10/4 1967=100                330.39     330.60        4.2
      
      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                 10/5        2.2678       2.2272       2.8358
      BRITISH POUND                  10/5          1.76         1.77         1.78
      CANADIAN DOLLAR                10/5          1.18         1.17         1.26
      EUROPEAN EURO                  10/5        1.1974       1.2036       1.2287
      JAPANESE YEN                   10/5        114.01       113.11       111.35
      KOREAN WON                     10/5        1039.5       1037.6       1152.5
      MEXICAN PESO                   10/5        10.717       10.852       11.288
      TRADE-WEIGHTED DOLLAR INDEX    10/5          91.2         91.2         92.9
      
      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             10/4                 3.75%        3.73%      1.73%
      COMMERCIAL PAPER          10/3  3-month        NA           3.84       NA
      CERTIFICATES OF DEPOSIT   10/4  3-month        4.05         3.97       2.00
      FIXED MORTGAGE            9/30  30-year        6.05         5.97       5.86
      ADJUSTABLE MORTGAGE       9/30  one-year       4.96         4.88       4.05
      PRIME                     10/4                 6.75         6.75       4.75
      
      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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