Online Extra: Production Index Components

      PRODUCTION INDICATORS
      
                                                          LATEST     WEEK   YEARLY
                                                            WEEK      AGO    % CHG
      STEEL              12/10 thous. of net tons          2,014    2,032#     2.0
      AUTOS              12/10 units                      91,807   94,555r#  -10.4
      TRUCKS             12/10 units                     164,185  153,081r#  -10.3
      ELECTRIC POWER     12/10 millions of kilowatt-hrs.  81,875   74,660#    11.9
      CRUDE-OIL REFINING 12/10 thous. of bbl./day         14,779   15,130#    -5.0
      COAL                12/3 thous. of net tons         21,268#  20,830     -0.5
      LUMBER              12/3 millions of ft.             363.0#   281.4     15.5
      RAIL FREIGHT        12/3 billions of ton-miles        34.4#    30.3     -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                12/2 1992=100     135.7      135.5r     1.7
      STOCK PRICES                      12/9 S&P 500     1259.4     1265.1      6.0
      CORPORATE BOND YIELD, Aaa         12/9                5.5%       5.4%     0.9
      MONEY SUPPLY, M2                 11/28 billions  $6,651.2   $6,657.5r     3.7
      INITIAL CLAIMS, UNEMPLOYMENT     12/10 thous.         329        328r     2.5
      MORTGAGE APPLICATIONS, PURCHASE  12/10              477.9      495.1     -2.2
      MORTGAGE APPLICATIONS, REFINANCE 12/10             1441.8     1596.4    -22.2
      
      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                 12/14 $/troy oz.            509.500    515.400     16.1
      STEEL SCRAP          12/14 #1 heavy, $/ton        220.17     220.17    -11.6
      COPPER                12/9 cents/lb.              221.2      217.6      52.4
      ALUMINUM              12/9 cents/lb.              107.2      103.4      20.3
      COTTON                12/9 strict low middling     
                                 1-1/16 in., cents/lb.   53.43      52.41     18.5
      OIL                  12/14 $/bbl.                  60.97      59.41     38.3
      CRB FOODSTUFFS       12/13 1967=100               240.36     250.22     -6.6
      CRB RAW INDUSTRIALS  12/13 1967=100               338.02     334.21      4.9
      
      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                 12/14    2.2695       2.1945       2.7255
      BRITISH POUND                  12/14      1.77         1.74         1.94
      CANADIAN DOLLAR                12/14      1.15         1.16         1.22
      EUROPEAN EURO                  12/14    1.1999       1.1725       1.3392
      JAPANESE YEN                   12/14    117.39       121.04       104.24
      KOREAN WON                     12/14    1016.5       1035.5       1061.0
      MEXICAN PESO                   12/14    10.732       10.466       11.177
      TRADE-WEIGHTED DOLLAR INDEX    12/14      91.1         92.1         88.5
      
      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               12/13                  4.23%     3.97%     2.24%
      COMMERCIAL PAPER            12/12  3-month         NA        NA        2.26
      CERTIFICATES OF DEPOSIT     12/13  3-month         4.45      4.42      2.46
      FIXED MORTGAGE               12/9  30-year         6.45      6.37      5.78
      ADJUSTABLE MORTGAGE          12/9  one-year        5.39      5.33      4.18
      PRIME                       12/13                  7.25      7.00      5.25
      
      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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