Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL              6/24 thous. of net tons           2,061     2,108#     9.8
      AUTOS              6/24 units                       81,320    81,320#   -14.3
      TRUCKS             6/24 units                      130,900   130,900#   -20.2
      ELECTRIC POWER     6/24 millions of kilowatt-hrs.   83,345    79,886#     2.4
      CRUDE-OIL REFINING 6/24 thous. of bbl./day          15,946    15,993#    -0.8
      COAL               6/17 thous. of net tons          22,634#   22,598      7.5
      LUMBER             6/17 millions of ft.              351.9#    348.9     -5.6
      RAIL FREIGHT       6/17 billions of ton-miles         34.1#     34.4      5.9
      
      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               6/16 1992=100      136.8      137.4r     2.5
      STOCK PRICES                     6/23 S&P 500      1244.5     1251.5      4.4
      CORPORATE BOND YIELD, Aaa        6/23                 6.0%       5.9%    22.5
      MONEY SUPPLY, M2                 6/12 billions   $6,806.4   $6,807.1r     4.6
      INITIAL CLAIMS, UNEMPLOYMENT     6/24 thous.          313        309r    -0.6
      MORTGAGE APPLICATIONS, PURCHASE  6/24               389.0      414.8    -18.5
      MORTGAGE APPLICATIONS, REFINANCE 6/24              1356.0     1466.1    -46.4
      
      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                6/28 $/troy oz.               582.750   574.600      33.7
      STEEL SCRAP         6/28 #1 heavy, $/ton           283.33    283.33     134.5
      COPPER              6/23 cents/lb.                 333.6     331.3       92.9
      ALUMINUM            6/23 cents/lb.                 116.3     117.2       38.0
      COTTON              6/23 strict low middling        
                               1-1/16 in., cents/lb.      51.61     52.41      -0.4
      OIL                 6/28 $/bbl.                     72.24     70.08      25.9
      CRB FOODSTUFFS      6/27 1967=100                  255.55    256.03       1.3
      CRB RAW INDUSTRIALS 6/27 1967=100                  398.14    399.34      20.2
      
      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                    6/28        2.2200      2.2267      2.3525
      BRITISH POUND                     6/28          1.82        1.85        1.81
      CANADIAN DOLLAR                   6/28          1.12        1.11        1.23
      EUROPEAN EURO                     6/28        1.2557      1.2660      1.2070
      JAPANESE YEN                      6/28        116.48      114.90      110.43
      KOREAN WON                        6/28         957.7       955.8      1028.9
      MEXICAN PESO                      6/28        11.418      11.390      10.742
      TRADE-WEIGHTED DOLLAR INDEX       6/28          89.9        89.1        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                6/27                 5.02%      4.92%      3.17%
      COMMERCIAL PAPER             6/26  3-month        5.29       NA         NA
      CERTIFICATES OF DEPOSIT      6/27  3-month        5.48       5.40       3.45
      FIXED MORTGAGE               6/23  30-year        6.76       6.76       5.78
      ADJUSTABLE MORTGAGE          6/23  one-year       5.96       6.32       4.67
      PRIME                        6/27                 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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