Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                           LATEST    WEEK     YEARLY
                                                           WEEK      AGO      % CHG
      STEEL                9/2 thous. of net tons          2,053     2,072 #    3.5
      AUTOS                9/2 units                       85,080    85,080#    7.6
      TRUCKS               9/2 units                      132,200   132,200#  -11.8
      ELECTRIC POWER       9/2 millions of kilowatt-hrs.   84,076    89,030#   -2.3
      CRUDE-OIL REFINING   9/2 thous. of bbl./day          16,115    16,048#   11.3
      COAL                8/26 thous. of net tons          22,681#   22,703     8.9
      LUMBER              8/26 millions of ft.              343.0#    347.4    -9.3
      RAIL FREIGHT        8/26 billions of ton-miles         34.3#     34.5     1.8
      
      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                8/25 1992=100      135.1      135.1r   -0.4
      STOCK PRICES                       9/1 S&P 500      1311.0     1295.1     7.6
      CORPORATE BOND YIELD, Aaa          9/1                 5.5%       5.6%   11.7
      MONEY SUPPLY, M2                  8/21 billions   $6,884.4   $6,848.1r    4.7
      INITIAL CLAIMS, UNEMPLOYMENT       9/2 thous.          310        319r   -4.0
      MORTGAGE APPLICATIONS, PURCHASE    9/2               389.7      375.9   -21.9
      MORTGAGE APPLICATIONS, REFINANCE   9/2              1594.7     1609.2   -32.3
      
      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                9/6 $/troy oz.             635.400   617.750    42.8
      STEEL SCRAP         9/6 #1 heavy, $/ton         232.50    232.50    16.3
      COPPER              9/1 cents/lb.               350.1     353.6     97.8
      ALUMINUM            9/1 cents/lb.               116.5     116.7     32.6
      COTTON              9/1 strict low middling      
                              1-1/16 in., cents/lb.    52.48     52.50     4.7
      OIL                 9/6 $/bbl.                   67.69     70.16     4.4
      CRB FOODSTUFFS      9/5 1967=100                270.35    268.33    10.3
      CRB RAW INDUSTRIALS 9/5 1967=100                406.25    402.00    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                 9/6        2.1500      2.1375      2.3248
      BRITISH POUND                  9/6          1.88        1.90        1.84
      CANADIAN DOLLAR                9/6          1.11        1.11        1.19
      EUROPEAN EURO                  9/6        1.2806      1.2833      1.2417
      JAPANESE YEN                   9/6        116.65      117.16      110.10
      KOREAN WON                     9/6         957.1       961.5      1026.5
      MEXICAN PESO                   9/6        10.984      10.886      10.736
      TRADE-WEIGHTED DOLLAR INDEX    9/6          88.5        88.5        89.7
      
      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            9/5                 5.26%        5.23%        3.57%
      COMMERCIAL PAPER         9/5  3-month        NA           5.21         3.63
      CERTIFICATES OF DEPOSIT  9/5  3-month        5.34         5.36         3.74
      FIXED MORTGAGE           9/1  30-year        6.55         6.56         5.90
      ADJUSTABLE MORTGAGE      9/1  one-year       6.00         6.01         4.91
      PRIME                    9/5                 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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