Online Extra: Production Index Components

PRODUCTION INDICATORS
                                                      LATEST        WEEK    YEARLY
                                                        WEEK         AGO%      CHG
      
      STEEL 3/25 thous. of net tons                    2,127       2,083#      4.8
      AUTOS 3/25 units                                88,080      88,080#     12.9
      TRUCKS 3/25 units                              139,700     139,700#      9.1
      ELECTRIC POWER 3/25 millions of kilowatt-hrs.   72,446      70,339#      5.0
      CRUDE-OIL REFINING 3/25 thous. of bbl./day      14,765      14,731#     -2.9
      COAL 3/18 thous. of net tons                    22,132#     22,512       0.4
      LUMBER 3/18 millions of ft.                      359.9#      371.1      -7.1
      RAIL FREIGHT 3/18 billions of ton-miles           32.9#       33.1      -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 3/17 1992=100            136.5        136.7r       1.0
      STOCK PRICES 3/24 S&P 500                  1303.0       1307.3       11.2
      CORPORATE BOND YIELD, Aaa 3/24                5.5%         5.5%       0.0
      MONEY SUPPLY, M2 3/13 billions           $6,753.1     $6,779.9r       4.5
      INITIAL CLAIMS, UNEMPLOYMENT 3/25 thous.      302          312r     -13.5
      MORTGAGE APPLICATIONS, PURCHASE 3/25        404.1        393.6      -14.2
      MORTGAGE APPLICATIONS, REFINANCE 3/25      1558.4       1574.5      -16.1
      
      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 3/29 $/troy oz.                 565.000     550.750      32.5
      STEEL SCRAP 3/29 #1 heavy, $/ton      228.00      226.00      16.8
      COPPER 3/24  cents/lb.                 242.8       233.8      59.1
      ALUMINUM 3/24  cents/lb.               117.6       115.3      21.1
      COTTON 3/24 strict
       low middling 1-1/16 in.,  cents/lb.   53.24       54.24       4.2
      OIL 3/29 $/bbl.                        66.57       60.79      23.9
      CRB FOODSTUFFS 3/28 1967=100          237.42      245.08      -4.8
      CRB RAW INDUSTRIALS 3/28 1967=100     373.66      372.31      11.8
      
      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 3/29               2.2142    2.1539   2.6755
      BRITISH POUND 3/29                  1.73      1.75     1.88
      CANADIAN DOLLAR 3/29                1.17      1.17     1.22
      EUROPEAN EURO 3/29                1.2024    1.2078   1.2915
      JAPANESE YEN 3/29                 117.82    117.02   107.55
      KOREAN WON 3/29                    975.2     973.6   1023.5
      MEXICAN PESO 3/29                 10.942    10.869   11.222
      TRADE-WEIGHTED DOLLAR INDEX 3/29    91.5      91.0     89.5
      
      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 3/28                       4.70%    4.54%    2.72%
      COMMERCIAL PAPER 3/28 3-month              NA       NA       NA
      CERTIFICATES OF DEPOSIT 3/28 3-month     4.93     4.90     3.04
      FIXED MORTGAGE 3/24 30-year              6.46     6.49     6.14
      ADJUSTABLE MORTGAGE 3/24 one-year        5.66     5.67     4.60
      PRIME 3/28                               7.75     7.50     5.75
      
      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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