Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST      WEEK  YEARLY
                                                            WEEK       AGO   % CHG
      STEEL              5/13 thous. of net tons           2,105     2,046#    6.9
      AUTOS              5/13 units                       81,360    88,925#  -12.1
      TRUCKS             5/13 units                      129,720   141,075#  -23.2
      ELECTRIC POWER     5/13 millions of kilowatt-hrs.   69,860    68,872#    1.8
      CRUDE-OIL REFINING 5/13 thous. of bbl./day          15,093    15,040#   -3.8
      COAL                5/6 thous. of net tons          23,255#   23,311     7.0
      LUMBER              5/6 millions of ft.              346.0#    366.7    -4.7
      RAIL FREIGHT        5/6 billions of ton-miles         34.0#     33.4     2.7
      
      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                 5/5  1992=100     138.3      138.4r     3.3
      STOCK PRICES                      5/12  S&P 500     1291.2     1325.8     11.9
      CORPORATE BOND YIELD, Aaa         5/12                 6.0%       6.0%    17.7
      MONEY SUPPLY, M2                   5/1  billions  $6,794.8   $6,810.4r     4.7
      INITIAL CLAIMS, UNEMPLOYMENT      5/13  thous.         367        325r    11.6
      MORTGAGE APPLICATIONS, PURCHASE   5/13               426.7      416.5     -9.1
      MORTGAGE APPLICATIONS, REFINANCE  5/13              1546.8     1427.4    -24.1
      
      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                5/17 $/troy oz.             699.500    699.900       66.6
      STEEL SCRAP         5/17 #1 heavy, $/ton         236.50     236.50       35.1
      COPPER              5/12 cents/lb.               387.5      355.5       155.1
      ALUMINUM            5/12 cents/lb.               145.0      132.4        68.5
      COTTON              5/12 strict low middling      
                               1-1/16 in., cents/lb.    51.36      50.60       -6.8
      OIL                 5/17 $/bbl.                   68.59      72.28       43.9
      CRB FOODSTUFFS      5/16 1967=100                252.29     250.18       -1.0
      CRB RAW INDUSTRIALS 5/16 1967=100                401.02     398.95       21.2
      
      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                    5/17        2.2095     2.0742     2.4570
      BRITISH POUND                     5/17          1.88       1.86       1.84
      CANADIAN DOLLAR                   5/17          1.11       1.10       1.26
      EUROPEAN EURO                     5/17        1.2743     1.2784     1.2679
      JAPANESE YEN                      5/17        110.98     110.49     106.98
      KOREAN WON                        5/17         943.5      929.2      998.5
      MEXICAN PESO                      5/17        11.205     10.854     10.927
      TRADE-WEIGHTED DOLLAR INDEX       5/17          88.0       87.3       90.3
      
      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               5/16                4.98%    4.78%    2.99%
      COMMERCIAL PAPER            5/15  3-month       NA       NA       NA
      CERTIFICATES OF DEPOSIT     5/16  3-month       5.13     5.12     3.21
      FIXED MORTGAGE              5/12  30-year       6.74     6.73     5.90
      ADJUSTABLE MORTGAGE         5/12  one-year      5.91     5.87     4.52
      PRIME                       5/16                8.00     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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