Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL               9/16 thous. of net tons          2,047     2,067#     2.1
      AUTOS               9/16 units                      98,500    98,500#     2.2
      TRUCKS              9/16 units                     147,900   147,900#   -14.4
      ELECTRIC POWER      9/16 millions of kilowatt-hrs.  77,357    78,027#    -7.2
      CRUDE-OIL REFINING  9/16 thous. of bbl./day         15,738    16,060#     4.9
      COAL                 9/9 thous. of net tons         22,555#   22,749      4.4
      LUMBER               9/9 millions of ft.             283.8#    352.7    -14.7
      RAIL FREIGHT         9/9 billions of ton-miles        32.6#     34.9      0.9
      
      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                 9/8 1992=100     136.6      135.7r      1.3
      STOCK PRICES                      9/15 S&P 500     1319.9     1298.9       6.6
      CORPORATE BOND YIELD, Aaa         9/15                5.6%       5.6%      6.9
      MONEY SUPPLY, M2                   9/4 billions  $6,899.7   $6,876.4r      4.9
      INITIAL CLAIMS, UNEMPLOYMENT      9/16 thous.         318        311r    -24.5
      MORTGAGE APPLICATIONS, PURCHASE   9/16              397.9      410.2     -20.5
      MORTGAGE APPLICATIONS, REFINANCE  9/16             1748.7     1597.0     -25.7
      
      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                9/20 $/troy oz.           580.250   589.000      23.7
      STEEL SCRAP         9/20 #1 heavy, $/ton       198.00    198.00     -17.3
      COPPER              9/15 cents/lb.             344.1     370.7       97.4
      ALUMINUM            9/15 cents/lb.             116.1     121.0       34.4
      COTTON              9/15 strict low middling    
                          1-1/16 in., cents/lb.       50.76     51.23       0.5
      OIL                 9/20 $/bbl.                 60.76     64.17      -8.7
      CRB FOODSTUFFS      9/19 1967=100              269.37    268.53       7.3
      CRB RAW INDUSTRIALS 9/19 1967=100              401.58    403.27      22.3
      
      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                   9/20     2.1759     2.1597      2.2750
      BRITISH POUND                    9/20       1.89       1.88        1.81
      CANADIAN DOLLAR                  9/20       1.13       1.12        1.17
      EUROPEAN EURO                    9/20     1.2686     1.2690      1.2214
      JAPANESE YEN                     9/20     117.46     117.68      111.29
      KOREAN WON                       9/20      950.9      959.0      1028.2
      MEXICAN PESO                     9/20     10.956     10.983      10.810
      TRADE-WEIGHTED DOLLAR INDEX      9/20       89.0       89.0        90.3
      
      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             9/19              5.21%     5.21%     3.67%
      COMMERCIAL PAPER          9/19  3-month     5.21      NA        NA
      CERTIFICATES OF DEPOSIT   9/19  3-month     5.34      5.35      3.88
      FIXED MORTGAGE            9/15  30-year     6.50      6.53      5.91
      ADJUSTABLE MORTGAGE       9/15  one-year    5.97      5.97      4.85
      PRIME                     9/19              8.25      8.25      6.75
      
      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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