Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              6/10 thous. of net tons          2,076     2,096#    11.6
      AUTOS              6/10 units                      81,320    81,320#    -7.8
      TRUCKS             6/10 units                     130,900   130,900#   -19.1
      ELECTRIC POWER     6/10 millions of kilowatt-hrs.  78,485    79,174#    -4.7
      CRUDE-OIL REFINING 6/10 thous. of bbl./day         15,877    15,919#    -2.4
      COAL                6/3 thous. of net tons         22,679#   22,721      7.9
      LUMBER              6/3 millions of ft.             300.8#    348.6    -11.1
      RAIL FREIGHT        6/3 billions of ton-miles        31.8#     34.5      4.3
      
      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                 6/2 1992=100     137.4      136.4      3.6
      STOCK PRICES                       6/9 S&P 500     1252.3     1288.2      4.5
      CORPORATE BOND YIELD, Aaa          6/9                5.8%       5.8%    15.4
      MONEY SUPPLY, M2                  5/29 billions  $6,808.9   $6,806.1r     4.8
      INITIAL CLAIMS, UNEMPLOYMENT      6/10 thous.         295        303r   -11.4
      MORTGAGE APPLICATIONS, PURCHASE   6/10              414.6      395.6    -21.7
      MORTGAGE APPLICATIONS, REFINANCE  6/10             1499.4     1356.0    -49.5
      
      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                 6/14 $/troy oz.              567.750   617.750     32.4
      STEEL SCRAP          6/14 #1 heavy, $/ton          283.33    283.33    134.5
      COPPER                6/9 cents/lb.                361.4     373.2     117.8
      ALUMINUM              6/9 cents/lb.                120.2     126.6      42.4
      COTTON                6/9 strict low middling       
                                1-1/16 in., cents/lb.     52.36     51.97      8.2
      OIL                  6/14 $/bbl.                    69.04     70.67     24.0
      CRB FOODSTUFFS       6/13 1967=100                 251.18    250.41     -1.0
      CRB RAW INDUSTRIALS  6/13 1967=100                 396.16    401.08     19.6
      
      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                 6/14       2.2810      2.2545      2.4233
      BRITISH POUND                  6/14         1.84        1.85        1.82
      CANADIAN DOLLAR                6/14         1.11        1.11        1.24
      EUROPEAN EURO                  6/14       1.2596      1.2785      1.2115
      JAPANESE YEN                   6/14       115.06      113.57      109.19
      KOREAN WON                     6/14        962.1       948.2      1013.5
      MEXICAN PESO                   6/14       11.449      11.353      10.802
      TRADE-WEIGHTED DOLLAR INDEX    6/14         89.3        88.5        91.2
      
      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                6/13                5.00%     4.99%     3.01%
      COMMERCIAL PAPER             6/12  3-month       NA        NA        3.27
      CERTIFICATES OF DEPOSIT      6/13  3-month       5.29      5.23      3.35
      FIXED MORTGAGE                6/9  30-year       6.75      6.77      5.74
      ADJUSTABLE MORTGAGE           6/9  one-year      5.95      5.97      4.49
      PRIME                        6/13                8.00      8.00      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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