Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL               2/4 thous. of net tons          2,066     2,047#     0.4
      AUTOS               2/4 units                      86,055    86,055#    -8.5
      TRUCKS              2/4 units                     131,148   131,148#   -21.8
      ELECTRIC POWER      2/4 millions of kilowatt-hrs.  72,403    74,558#    -5.6
      CRUDE-OIL REFINING  2/4 thous. of bbl./day         14,524    14,493#    -3.2
      COAL               1/28 thous. of net tons         23,135#   22,455      9.3
      LUMBER             1/28 millions of ft.             377.0#    366.6     -1.8
      RAIL FREIGHT       1/28 billions of ton-miles        33.0#     33.0      6.5
      
      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               1/27 1992=100     138.2       138.3      3.6
      STOCK PRICES                      2/3 S&P 500     1264.0      1283.7      5.1
      CORPORATE BOND YIELD, Aaa         2/3                5.3%        5.4%     3.5
      MONEY SUPPLY, M2                 1/23 billions  $6,758.3    $6,739.0r     4.8
      INITIAL CLAIMS, UNEMPLOYMENT      2/4 thous.         277         273     -6.4
      MORTGAGE APPLICATIONS, PURCHASE   2/4              425.1       435.7     -4.4
      MORTGAGE APPLICATIONS, REFINANCE  2/4             1751.0      1747.2    -28.0
      
      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                 2/8 $/troy oz.               548.750   568.250     33.5
      STEEL SCRAP          2/8 #1 heavy, $/ton           206.33    206.33      5.6
      COPPER               2/3 cents/lb.                 233.1     227.1      56.3
      ALUMINUM             2/3 cents/lb.                 120.3     116.1      31.8
      COTTON               2/3 strict low middling      
                               1-1/16 in., cents/lb.      55.79     55.88     21.6
      OIL                  2/8 $/bbl.                     62.35     66.68     38.1
      CRB FOODSTUFFS       2/7 1967=100                  240.44    242.68     -1.5
      CRB RAW INDUSTRIALS  2/7 1967=100                  372.16    368.48     16.1
      
      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                  2/8        2.1862       2.2250       2.6025
      BRITISH POUND                   2/8          1.74         1.77         1.86
      CANADIAN DOLLAR                 2/8          1.15         1.14         1.25
      EUROPEAN EURO                   2/8        1.1961       1.2064       1.2805
      JAPANESE YEN                    2/8        118.52       118.03       105.63
      KOREAN WON                      2/8         971.3        961.6       1033.4
      MEXICAN PESO                    2/8        10.533       10.461       11.160
      TRADE-WEIGHTED DOLLAR INDEX     2/8          90.9         90.1         90.1
      
      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               2/7                4.47%      4.47%      2.48%
      COMMERCIAL PAPER            2/7  3-month       NA         NA         NA
      CERTIFICATES OF DEPOSIT     2/7  3-month       4.68       4.64       2.73
      FIXED MORTGAGE              2/3  30-year       6.37       6.27       5.73
      ADJUSTABLE MORTGAGE         2/3  one-year      5.43       5.39       4.36
      PRIME                       2/7                7.50       7.50       5.50
      
      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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