Online Extra: Production Index Components

      PRODUCTION INDICATORS
                                                     LATEST       WEEK     YEARLY
                                                       WEEK        AGO%       CHG
      
      STEEL 1/14 thous. of net tons                   2,077      2,064#      -0.8
      AUTOS 1/14 units                               86,055     86,055r#     -7.1
      TRUCKS 1/14 units                             131,148    131,148r#     -7.1
      ELECTRIC POWER 1/14 millions of kilowatt-hrs.  73,234     72,554#      -1.5
      CRUDE-OIL REFINING 1/14 thous. of bbl./day     14,585     14,883#      -5.1
      COAL 1/7 thous. of net tons                    21,557#    20,650        2.2
      LUMBER 1/7 millions of ft.                      332.6#     265.7       -3.6
      RAIL FREIGHT 1/7 billions of ton-miles           30.2#      29.0       -0.3
      
      Sources: American Iron & Steel Institute, WardsAuto.com, 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 1/6 1992=100              136.5       135.6      4.0
      STOCK PRICES 1/13 S&P 500                   1287.6      1285.5      8.7
      CORPORATE BOND YIELD, Aaa 1/13                 5.2%        5.3%    -2.4
      MONEY SUPPLY, M2 1/2 billions             $6,725.1    $6,711.5r    4.9
      INITIAL CLAIMS, UNEMPLOYMENT 1/14 thous.       271         307r   -16.9
      MORTGAGE APPLICATIONS, PURCHASE 1/14         443.9       457.4     -0.9
      MORTGAGE APPLICATIONS, REFINANCE 1/14       1645.2      1497.5    -19.7
      
      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 1/18 $/troy oz.                545.000   544.400     28.3
      STEEL SCRAP 1/18 #1 heavy, $/ton     202.50    218.50      3.7
      COPPER 1/13  cents/lb.                222.2     222.4     50.0
      ALUMINUM 1/13  cents/lb.              111.4     108.7     23.5
      COTTON 1/13 strict low middling
       1-1/16 in.,  cents/lb.               55.17     54.67     17.1
      OIL 1/18 $/bbl.                       65.68     63.74     39.6
      CRB FOODSTUFFS 1/17 1967=100         240.09    244.29     -5.7
      CRB RAW INDUSTRIALS 1/17 1967=100    362.68    360.25     13.6
      
      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 1/18                2.3165   2.2798   2.7100
      BRITISH POUND 1/18                   1.76     1.76     1.87
      CANADIAN DOLLAR 1/18                 1.17     1.16     1.23
      EUROPEAN EURO 1/18                 1.2113   1.2127   1.3010
      JAPANESE YEN 1/18                  115.24   114.15   102.77
      KOREAN WON 1/18                     992.2    978.4   1030.9
      MEXICAN PESO 1/18                  10.557   10.593   11.225
      TRADE-WEIGHTED DOLLAR INDEX 1/18     90.6     90.1     88.9
      
      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 1/17                       4.32%   4.24%   2.31%
      COMMERCIAL PAPER 1/16 3-month              NA      NA      NA
      CERTIFICATES OF DEPOSIT 1/17 3-month     4.56    4.52    2.62
      FIXED MORTGAGE 1/13 30-year              6.26    6.34    5.82
      ADJUSTABLE MORTGAGE 1/13 one-year        5.39    5.38    4.33
      PRIME 1/17                               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; 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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