Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                      LATEST       WEEK    YEARLY
                                                        WEEK        AGO%      CHG
      
      STEEL 3/11 thous. of net tons                    2,071      2,098#      3.1
      AUTOS 3/11 units                                88,080     94,950#     -3.8
      TRUCKS 3/11 units                              139,700    151,225#    -16.1
      ELECTRIC POWER 3/11 millions of kilowatt-hrs.   71,337     73,292#     -0.7
      CRUDE-OIL REFINING 3/11 thous. of bbl./day      14,323     14,184#     -4.8
      COAL 3/4 thous. of net tons                     22,133#    21,802       1.5
      LUMBER 3/4 millions of ft.                       349.1#     350.5     -11.3
      RAIL FREIGHT 3/4 billions of ton-miles            33.5#      32.2       1.2
      
      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 3/3 1992=100                136.9       137.2r      1.3
      STOCK PRICES 3/10 S&P 500                     1281.6      1287.2       6.8
      CORPORATE BOND YIELD, Aaa 3/10                   5.5%        5.5%      2.2
      MONEY SUPPLY, M2 2/27 billions              $6,788.5    $6,781.1r      5.0
      INITIAL CLAIMS, UNEMPLOYMENT 3/11 thous.         309         304r     -6.1
      MORTGAGE APPLICATIONS, PURCHASE 3/11           403.0       399.0     -12.9
      MORTGAGE APPLICATIONS, REFINANCE 3/11         1583.6      1614.4     -30.2
      
      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 3/15 $/troy oz.                    556.500   544.750     25.6
      STEEL SCRAP 3/15 #1 heavy, $/ton         226.00    226.00     15.8
      COPPER 3/10  cents/lb.                    225.4     228.1     45.8
      ALUMINUM 3/10  cents/lb.                  112.3     113.7     13.8
      COTTON 3/10 strict
       low middling 1-1/16 in.,  cents/lb.      53.91     54.75      2.7
      OIL 3/15 $/bbl.                           62.12     60.07     10.6
      CRB FOODSTUFFS 3/14 1967=100             238.36    240.88     -7.7
      CRB RAW INDUSTRIALS 3/14 1967=100        368.70    371.61      9.9
      
      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 3/15                 2.1157   2.1800   2.7623
      BRITISH POUND 3/15                    1.75     1.74     1.93
      CANADIAN DOLLAR 3/15                  1.15     1.16     1.21
      EUROPEAN EURO 3/15                  1.2069   1.1925   1.3417
      JAPANESE YEN 3/15                   117.38   117.86   104.17
      KOREAN WON 3/15                      974.9    982.1   1003.8
      MEXICAN PESO 3/15                   10.645   10.716   11.228
      TRADE-WEIGHTED DOLLAR INDEX 3/15      90.8     91.3     87.8
      
      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 3/14                       4.51%    4.51%   2.61%
      COMMERCIAL PAPER 3/14 3-month              NA       NA      NA
      CERTIFICATES OF DEPOSIT 3/14 3-month     4.88     4.84    2.98
      FIXED MORTGAGE 3/10 30-year              6.51     6.39    5.94
      ADJUSTABLE MORTGAGE 3/10 one-year        5.65     5.56    4.47
      PRIME 3/14                               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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