Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL              10/22 thous. of net tons          2,010     2,008#    -0.4
      AUTOS              10/22 units                      91,343    87,291r#    7.9
      TRUCKS             10/22 units                     169,799   166,734r#    0.2
      ELECTRIC POWER     10/22 millions of kilowatt-hrs.  71,194    71,097#     0.5
      CRUDE-OIL REFINING 10/22 thous. of bbl./day         13,501    13,102#    -9.0
      COAL               10/15 thous. of net tons         20,557#   20,809     -5.1
      LUMBER             10/15 millions of ft.             381.5#    378.2      6.5
      RAIL FREIGHT       10/15 billions of ton-miles        33.4#     33.3     -4.0
      
      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               10/14 1992=100     135.9       134.9r     3.3
      STOCK PRICES                     10/21 S&P 500     1179.6      1186.6      7.7
      CORPORATE BOND YIELD, Aaa        10/21                5.3%        5.4%    -2.0
      MONEY SUPPLY, M2                 10/10 billions  $6,610.0    $6,622.3r     4.1
      INITIAL CLAIMS, UNEMPLOYMENT     10/22 thous.         328         355     -3.5
      MORTGAGE APPLICATIONS, PURCHASE  10/22              466.4       503.9      5.8
      MORTGAGE APPLICATIONS, REFINANCE 10/22             1916.8      2095.7    -14.2
      
      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                10/26 $/troy oz.             473.200   465.900     10.5
      STEEL SCRAP         10/26 #1 heavy, $/ton         208.00    208.00     -6.2
      COPPER              10/21 cents/lb.               197.8     193.7      45.6
      ALUMINUM            10/21 cents/lb.                93.9      92.2       4.5
      COTTON              10/21 strict low middling      
                                1-1/16 in., cents/lb.    55.67     57.30     14.3
      OIL                 10/26 $/bbl.                   60.74     61.88     16.2
      CRB FOODSTUFFS      10/25 1967=100                247.64    258.67     -4.2
      CRB RAW INDUSTRIALS 10/25 1967=100                333.41    333.47      6.5
      
      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                  10/26     2.2868       2.2383       2.8615
      BRITISH POUND                   10/26       1.77         1.77         1.83
      CANADIAN DOLLAR                 10/26       1.17         1.18         1.23
      EUROPEAN EURO                   10/26     1.2069       1.1992       1.2713
      JAPANESE YEN                    10/26     115.86       115.44       106.44
      KOREAN WON                      10/26     1042.8       1053.4       1128.4
      MEXICAN PESO                    10/26     10.904       10.839       11.518
      TRADE-WEIGHTED DOLLAR INDEX     10/26       91.5         91.8         91.0
      
      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                 10/25                 3.74%     3.71%     1.72%
      COMMERCIAL PAPER              10/24  3-month        4.04      NA        NA
      CERTIFICATES OF DEPOSIT       10/25  3-month        4.18      4.13      2.06
      FIXED MORTGAGE                10/21  30-year        6.25      6.17      5.81
      ADJUSTABLE MORTGAGE           10/21  one-year       5.14      5.06      4.04
      PRIME                         10/25                 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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