Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST     WEEK   YEARLY
                                                            WEEK      AGO    % CHG
      STEEL               7/1 thous. of net tons           2,091    2,061#    10.9
      AUTOS               7/1 units                       81,320   81,320#    -4.4
      TRUCKS              7/1 units                      130,900  130,900#    -7.8
      ELECTRIC POWER      7/1 millions of kilowatt-hrs.   83,095   83,345#    -4.5
      CRUDE-OIL REFINING  7/1 thous. of bbl./day          15,764   15,946#    -3.6
      COAL               6/24 thous. of net tons          22,473#  22,634      5.8
      LUMBER             6/24 millions of ft.              355.1#   351.9     -6.8
      RAIL FREIGHT       6/24 billions of ton-miles         33.6#    34.1      3.1
      
      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               6/23  1992=100     136.0      136.7r     1.7
      STOCK PRICES                     6/30  S&P 500     1270.2     1244.5      6.3
      CORPORATE BOND YIELD, Aaa        6/30                 5.9%       6.0%    18.4
      MONEY SUPPLY, M2                 6/19  billions  $6,833.2   $6,805.8r     4.7
      INITIAL CLAIMS, UNEMPLOYMENT      7/1  thous.         313        315r    -4.0
      MORTGAGE APPLICATIONS, PURCHASE   7/1               414.2      389.0    -20.5
      MORTGAGE APPLICATIONS, REFINANCE  7/1              1423.9     1356.0    -48.9
      
      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                  7/5 $/troy oz.             623.000   582.750     47.1
      STEEL SCRAP           7/5 #1 heavy, $/ton         283.33    283.33    134.5
      COPPER               6/30 cents/lb.               346.8     333.6     110.6
      ALUMINUM             6/30 cents/lb.               118.2     116.3      43.3
      COTTON               6/30 strict low middling                       
                                1-1/16 in., cents/lb.    50.04     51.61     -9.2
      OIL                   7/5 $/bbl.                   75.27     72.24     22.5
      CRB FOODSTUFFS       6/30 1967=100                261.89    255.55      3.1
      CRB RAW INDUSTRIALS  6/30 1967=100                401.21    398.14     21.7
      
      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                   7/5         2.2080      2.2200      2.3939
      BRITISH POUND                    7/5           1.83        1.82        1.75
      CANADIAN DOLLAR                  7/5           1.11        1.12        1.24
      EUROPEAN EURO                    7/5         1.2725      1.2557      1.1932
      JAPANESE YEN                     7/5         115.73      116.48      112.18
      KOREAN WON                       7/5          946.8       957.7      1048.2
      MEXICAN PESO                     7/5         11.250      11.418      10.780
      TRADE-WEIGHTED DOLLAR INDEX      7/5           88.9        89.9        92.2
      
      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                 7/3                  5.25%     5.02%     3.27%
      COMMERCIAL PAPER              7/3  3-month         NA        5.29      NA
      CERTIFICATES OF DEPOSIT       7/3  3-month         5.43      5.48      3.51
      FIXED MORTGAGE               6/30  30-year         6.98      6.76      5.72
      ADJUSTABLE MORTGAGE          6/30  one-year        6.18      5.96      4.64
      PRIME                         7/3                  8.25      8.00      6.25
      
      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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