Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              1/28 thous. of net tons          2,047     2,058#    -0.3
      AUTOS              1/28 units                      86,055    86,055#    -5.2
      TRUCKS             1/28 units                     131,148   131,148#   -19.6
      ELECTRIC POWER     1/28 millions of kilowatt-hrs.  74,558    74,139#    -6.2
      CRUDE-OIL REFINING 1/28 thous. of bbl./day         14,493    14,305#    -4.9
      COAL               1/21 thous. of net tons         22,455#   22,285      7.7
      LUMBER             1/21 millions of ft.             366.6#    382.5     -0.3
      RAIL FREIGHT       1/21 billions of ton-miles        33.0#     33.1     10.0
      
      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               1/20 1992=100     138.3      137.8r     3.7
      STOCK PRICES                     1/27 S&P 500     1283.7     1261.5      9.6
      CORPORATE BOND YIELD, Aaa        1/27                5.4%       5.2%     2.7
      MONEY SUPPLY, M2                 1/16 billions  $6,739.3   $6,743.2r     4.7
      INITIAL CLAIMS, UNEMPLOYMENT     1/28 thous.         273        284r   -15.5
      MORTGAGE APPLICATIONS, PURCHASE  1/28              435.7      473.7     -1.0
      MORTGAGE APPLICATIONS, REFINANCE 1/28             1747.2     1773.9    -22.5
                                                                                                                        
      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                  2/1 $/troy oz.            568.250   561.750     34.8
      STEEL SCRAP           2/1 #1 heavy, $/ton        206.33    202.50      5.6
      COPPER               1/27 cents/lb.              227.1     221.5      48.3
      ALUMINUM             1/27 cents/lb.              116.1     113.4      28.0
      COTTON               1/27 strict low middling     
                                1-1/16 in., cents/lb.   55.88     55.53     20.0
      OIL                   2/1 $/bbl.                  66.68     65.05     44.2
      CRB FOODSTUFFS       1/31 1967=100               242.68    241.69     -1.8
      CRB RAW INDUSTRIALS  1/31 1967=100               368.48    366.48     14.4
      
      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                    2/1      2.2250       2.2428       2.6025
      BRITISH POUND                     2/1        1.77         1.78         1.89
      CANADIAN DOLLAR                   2/1        1.14         1.15         1.24
      EUROPEAN EURO                     2/1      1.2064       1.2241       1.3027
      JAPANESE YEN                      2/1      118.03       115.85       103.59
      KOREAN WON                        2/1       961.6        968.7       1027.9
      MEXICAN PESO                      2/1      10.461       10.511       11.143
      TRADE-WEIGHTED DOLLAR INDEX       2/1        90.1         89.7         89.2
      
      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              1/31                4.47%    4.28%    2.40%
      COMMERCIAL PAPER           1/30  3-month       NA       NA       2.60
      CERTIFICATES OF DEPOSIT    1/31  3-month       4.64     4.59     2.71
      FIXED MORTGAGE             1/27  30-year       6.27     6.23     5.74
      ADJUSTABLE MORTGAGE        1/27  one-year      5.39     5.37     4.35
      PRIME                      1/31                7.50     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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