Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                     LATEST       WEEK    YEARLY
                                                       WEEK        AGO%      CHG
      
      STEEL 12/31 thous. of net tons                  2,020      1,988#     -0.8
      AUTOS 12/31 units                                   0     77,664r#      NA
      TRUCKS 12/31 units                                  0    134,902r#      NA
      ELECTRIC POWER 12/31 millions of kilowatt-hrs. 70,780     80,134#     -3.7
      CRUDE-OIL REFINING 12/31 thous. of bbl./day    14,889     14,875#     -6.7
      COAL 12/24 thous. of net tons                  20,759#    20,476       0.0
      LUMBER 12/24 millions of ft.                       NA#     373.4        NA
      RAIL FREIGHT 12/24 billions of ton-miles         32.5#      33.3      17.8
      
      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 12/23 1992=100            135.0      135.4r      0.5
      STOCK PRICES 12/30 S&P 500                  1248.3     1268.7       3.0
      CORPORATE BOND YIELD, Aaa 12/30                5.3%       5.3%     -3.1
      MONEY SUPPLY, M2 12/19 billions           $6,691.3   $6,671.2r      3.9
      INITIAL CLAIMS, UNEMPLOYMENT 12/31 thous.      291        326r    -15.9
      MORTGAGE APPLICATIONS, PURCHASE 12/31        418.3      432.9       0.2
      MORTGAGE APPLICATIONS, REFINANCE 12/31      1363.2     1259.1     -19.9
      
      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 1/4 $/troy oz.               529.500   518.000      24.3
      STEEL SCRAP 1/4 #1 heavy, $/ton    218.50    220.17     -12.3
      COPPER 12/30  cents/lb.             225.3     224.1      44.8
      ALUMINUM 12/30  cents/lb.           108.2     106.7      13.2
      COTTON 12/30 strict low
       middling 1-1/16 in.,  cents/lb.    54.18     53.73      16.6
      OIL 1/4 $/bbl.                      63.67     60.07      47.6
      CRB FOODSTUFFS 1/3 1967=100        245.73    240.18      -3.5
      CRB RAW INDUSTRIALS 1/3 1967=100   355.81    355.19      11.5
      
      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 1/4                2.2860   2.3410   2.7140
      BRITISH POUND 1/4                   1.76     1.72     1.88
      CANADIAN DOLLAR 1/4                 1.15     1.17     1.23
      EUROPEAN EURO 1/4                 1.2118   1.1832   1.3261
      JAPANESE YEN 1/4                  116.10   117.92   104.15
      KOREAN WON 1/4                     998.1   1012.9   1046.4
      MEXICAN PESO 1/4                  10.582   10.778   11.356
      TRADE-WEIGHTED DOLLAR INDEX 1/4     90.5     91.8     88.8
      
      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 1/3                     4.34%    4.26%    2.25%
      COMMERCIAL PAPER 1/2 3-month          NA       NA       NA
      CERTIFICATES OF DEPOSIT 1/3 3-month   NA       4.47     2.52
      FIXED MORTGAGE 12/30 30-year          6.34     6.37     5.88
      ADJUSTABLE MORTGAGE 12/30 one-year    5.38     5.37     4.27
      PRIME 1/3                             7.25     7.25     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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