Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              8/26 thous. of net tons          2,072     2,083#     5.0
      AUTOS              8/26 units                      85,080    85,080#    -5.4
      TRUCKS             8/26 units                     132,200   132,200#   -18.5
      ELECTRIC POWER     8/26 millions of kilowatt-hrs.  89,030    88,941#     0.0
      CRUDE-OIL REFINING 8/26 thous. of bbl./day         16,048    15,575#    -0.4
      COAL               8/19 thous. of net tons         22,703#   22,528      6.7
      LUMBER             8/19 millions of ft.             347.4#    337.8     -9.1
      RAIL FREIGHT       8/19 billions of ton-miles        34.5#     33.9      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               8/18 1992=100     135.2      135.2r    -0.4
      STOCK PRICES                     8/25 S&P 500     1295.1     1302.3      7.5
      CORPORATE BOND YIELD, Aaa        8/25                5.6%       5.6%    11.3
      MONEY SUPPLY, M2                 8/14 billions  $6,847.9   $6,849.0     4.4
      INITIAL CLAIMS, UNEMPLOYMENT     8/26 thous.         316        318r    -1.3
      MORTGAGE APPLICATIONS, PURCHASE  8/26              375.9      382.2    -20.1
      MORTGAGE APPLICATIONS, REFINANCE 8/26             1609.2     1608.5    -26.4
      
      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                8/30 $/troy oz.              617.750    628.100     42.6
      STEEL SCRAP         8/30 #1 heavy, $/ton          232.50     232.50     16.3
      COPPER              8/25 cents/lb.                353.6      354.9      97.6
      ALUMINUM            8/25 cents/lb.                116.7      116.1      31.5
      COTTON              8/25 strict low middling       
                               1-1/16 in., cents/lb.     52.50      52.24      7.5
      OIL                 8/30 $/bbl.                    70.16      71.71      1.2
      CRB FOODSTUFFS      8/29 1967=100                 268.33     267.49      8.0
      CRB RAW INDUSTRIALS 8/29 1967=100                 402.00     407.27      22.9
      
      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                   8/30       2.1375       2.1516       2.3570
      BRITISH POUND                    8/30         1.90         1.89         1.80
      CANADIAN DOLLAR                  8/30         1.11         1.11         1.19
      EUROPEAN EURO                    8/30       1.2833       1.2787       1.2346
      JAPANESE YEN                     8/30       117.16       116.42       110.60
      KOREAN WON                       8/30        961.5        955.6       1034.5
      MEXICAN PESO                     8/30       10.886       10.915       10.751
      TRADE-WEIGHTED DOLLAR INDEX      8/30         88.5         88.4         90.4
      
      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               8/29                 5.23%     5.24%     3.52%
      COMMERCIAL PAPER            8/29  3-month        5.21      5.21      NA
      CERTIFICATES OF DEPOSIT     8/29  3-month        5.36      5.36      3.84
      FIXED MORTGAGE              8/25  30-year        6.56      6.62      5.95
      ADJUSTABLE MORTGAGE         8/25  one-year       6.01      6.03      4.93
      PRIME                       8/29                 8.25      8.25      6.50
      
      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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