Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              4/8 thous. of net tons           2,074     2,051#     9.9
      AUTOS              4/8 units                       88,925    88,080#     0.5
      TRUCKS             4/8 units                      141,075   139,700#   -13.2
      ELECTRIC POWER     4/8 millions of kilowatt-hrs.   68,696    69,031#     4.4
      CRUDE-OIL REFINING 4/8 thous. of bbl./day          14,160    14,457#    -5.8
      COAL               4/1 thous. of net tons          23,568#   22,943      7.8
      LUMBER             4/1 millions of ft.              358.7#    369.7     -5.3
      RAIL FREIGHT       4/1 billions of ton-miles         34.0#     34.0      1.5
      
      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                3/31 1992=100     138.0      137.0     2.8
      STOCK PRICES                       4/7 S&P 500     1295.5     1294.8     9.7
      CORPORATE BOND YIELD, Aaa          4/7                5.8%       5.7%    6.4
      MONEY SUPPLY, M2                  3/27 billions  $6,772.0   $6,779.0r    4.2
      INITIAL CLAIMS, UNEMPLOYMENT       4/8 thous.         313        301r   -6.3
      MORTGAGE APPLICATIONS, PURCHASE    4/8              417.7      438.2   -12.0
      MORTGAGE APPLICATIONS, REFINANCE   4/8             1532.4     1640.8   -19.3
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed-
      eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)
      
      
      PRICES
      
                                                       LATEST      WEEK  YEARLY
                                                         WEEK       AGO   % CHG
      GOLD                4/12 $/troy oz.             597.250   586.500    39.7
      STEEL SCRAP         4/12 #1 heavy, $/ton         228.00    228.00     8.2
      COPPER               4/7 cents/lb.               268.3     254.6     71.3
      ALUMINUM             4/7 cents/lb.               119.2     119.0     24.6
      COTTON               4/7 strict low middling      
                               1-1/16 in., cents/lb.    54.14     53.65     4.1
      OIL                 4/12 $/bbl.                   68.77     66.97    36.7
      CRB FOODSTUFFS      4/11 1967=100                240.71    240.85    -4.8
      CRB RAW INDUSTRIALS 4/11 1967=100                380.35    376.94    12.5
      
      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                   4/12     2.1364      2.1378      2.5610
      BRITISH POUND                    4/12       1.75        1.75        1.89
      CANADIAN DOLLAR                  4/12       1.15        1.16        1.24
      EUROPEAN EURO                    4/12     1.2104      1.2289      1.2915
      JAPANESE YEN                     4/12     118.57      117.42      107.35
      KOREAN WON                       4/12      960.4       957.4      1011.5
      MEXICAN PESO                     4/12     11.039      11.032      11.072
      TRADE-WEIGHTED DOLLAR INDEX      4/12       91.1        90.7        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                 4/11                 4.74%     4.76%     2.77%
      COMMERCIAL PAPER              4/10  3-month        4.83      4.82      NA
      CERTIFICATES OF DEPOSIT       4/11  3-month        5.01      4.97      3.08
      FIXED MORTGAGE                 4/7  30-year        6.57      6.51      6.06
      ADJUSTABLE MORTGAGE            4/7  one-year       5.75      5.73      4.64
      PRIME                         4/11                 7.75      7.75      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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