Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST     WEEK  YEARLY
                                                           WEEK      AGO   % CHG
      STEEL               5/6 thous. of net tons          2,046    2,101#    0.8
      AUTOS               5/6 units                      88,925   88,925#    0.4
      TRUCKS              5/6 units                     141,075  141,075#   -8.4
      ELECTRIC POWER      5/6 millions of kilowatt-hrs.  68,872   68,651#    5.0
      CRUDE-OIL REFINING  5/6 thous. of bbl./day         15,040   14,749#   -3.0
      COAL               4/29 thous. of net tons         23,311#  23,900     7.3
      LUMBER             4/29 millions of ft.             366.7#   340.8    -6.6
      RAIL FREIGHT       4/29 billions of ton-miles        33.4#    33.5    -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               4/28 1992=100     138.5      137.0r     3.6
      STOCK PRICES                      5/5 S&P 500     1325.8     1310.6     13.2
      CORPORATE BOND YIELD, Aaa         5/5                6.0%       6.0%    12.7
      MONEY SUPPLY, M2                 4/24 billions  $6,810.0   $6,806.7r     5.0
      INITIAL CLAIMS, UNEMPLOYMENT      5/6 thous.         324        325r    -4.4
      MORTGAGE APPLICATIONS, PURCHASE   5/6              416.5      433.3    -20.8
      MORTGAGE APPLICATIONS, REFINANCE  5/6             1427.4     1565.6    -36.9
      
      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                 5/10 $/troy oz.               699.900   673.600     64.3
      STEEL SCRAP          5/10 #1 heavy, $/ton           236.50    236.50     22.5
      COPPER                5/5 cents/lb.                 355.5     339.8     133.0
      ALUMINUM              5/5 cents/lb.                 132.4     130.1      52.0
      COTTON                5/5 strict low middling        
                                1-1/16 in., cents/lb.      50.60     51.19     -6.1
      OIL                  5/10 $/bbl.                     72.28     72.53     43.1
      CRB FOODSTUFFS        5/9 1967=100                  250.18    249.32     -1.6
      CRB RAW INDUSTRIALS   5/9 1967=100                  398.95    395.18     19.1
      
      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                   5/10       2.0742       2.0761      2.4530
      BRITISH POUND                    5/10         1.86         1.84        1.87
      CANADIAN DOLLAR                  5/10         1.10         1.11        1.25
      EUROPEAN EURO                    5/10       1.2784       1.2632      1.2815
      JAPANESE YEN                     5/10       110.49       113.58      105.75
      KOREAN WON                       5/10        929.2        934.3      1002.0
      MEXICAN PESO                     5/10       10.854       10.973      11.000
      TRADE-WEIGHTED DOLLAR INDEX      5/10         87.3         88.2        89.6
      
      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            5/9                4.78%        4.79%        2.99%
      COMMERCIAL PAPER         5/8  3-month       NA           NA           NA
      CERTIFICATES OF DEPOSIT  5/9  3-month       5.12         5.11         3.19
      FIXED MORTGAGE           5/5  30-year       6.73         6.68         5.89
      ADJUSTABLE MORTGAGE      5/5  one-year      5.87         5.88         4.55
      PRIME                    5/9                7.75         7.75         6.00
      
      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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