Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                      LATEST       WEEK    YEARLY
                                                        WEEK        AGO%      CHG
      
      STEEL 1/21 thous. of net tons                    2,058      2,077#      0.8
      AUTOS 1/21 units                                86,055     86,055#      4.1
      TRUCKS 1/21 units                              131,148    131,148#     -1.9
      ELECTRIC POWER 1/21 millions of kilowatt-hrs.   74,139     73,234#     -8.4
      CRUDE-OIL REFINING 1/21 thous. of bbl./day      14,305     14,585#     -5.4
      COAL 1/14 thous. of net tons                    22,285#    21,557       6.9
      LUMBER 1/14 millions of ft.                      382.5#     332.6       4.6
      RAIL FREIGHT 1/14 billions of ton-miles           33.1#      30.2       6.4
      
      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 1/13 1992=100             137.7      136.9r       3.3
      STOCK PRICES 1/20 S&P 500                   1261.5     1287.6        8.0
      CORPORATE BOND YIELD, Aaa 1/20                 5.2%       5.2%      -0.9
      MONEY SUPPLY, M2 1/9 billions             $6,731.6   $6,725.2r       5.0
      INITIAL CLAIMS, UNEMPLOYMENT 1/21 thous.       283        272r     -11.8
      MORTGAGE APPLICATIONS, PURCHASE 1/21         473.7      443.9        7.9
      MORTGAGE APPLICATIONS, REFINANCE 1/21       1773.9     1645.2       -8.2
      
      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 1/25 $/troy oz.                561.750   545.000       31.9
      STEEL SCRAP 1/25 #1 heavy, $/ton     202.50    202.50        3.7
      COPPER 1/20  cents/lb.                221.5     222.2       46.8
      ALUMINUM 1/20  cents/lb.              113.4     111.4       25.2
      COTTON 1/20 strict low middling
       1-1/16 in.,  cents/lb.               55.53     55.17       14.7
      OIL 1/25 $/bbl.                       65.05     65.68       34.5
      CRB FOODSTUFFS 1/24 1967=100         241.69    240.09       -3.3
      CRB RAW INDUSTRIALS 1/24 1967=100    366.48    362.68       14.1
      
      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 1/25                2.2428    2.3165   2.6645
      BRITISH POUND 1/25                   1.78      1.76     1.88
      CANADIAN DOLLAR 1/25                 1.15      1.17     1.23
      EUROPEAN EURO 1/25                 1.2241    1.2113   1.3073
      JAPANESE YEN 1/25                  115.85    115.24   103.07
      KOREAN WON 1/25                     968.7     992.2   1031.6
      MEXICAN PESO 1/25                  10.511    10.557   11.260
      TRADE-WEIGHTED DOLLAR INDEX 1/25     89.7      90.6     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 1/24                       4.28%   4.32%   2.29%
      COMMERCIAL PAPER 1/22 3-month            4.23      NA      NA
      CERTIFICATES OF DEPOSIT 1/24 3-month     4.59    4.56    2.66
      FIXED MORTGAGE 1/20 30-year              6.23    6.26    5.77
      ADJUSTABLE MORTGAGE 1/20 one-year        5.37    5.39    4.39
      PRIME 1/24                               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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