Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              1/13 thous. of net tons          1,881     1,792#    -9.4
      AUTOS              1/13 units                      84,600    84,600#    -1.7
      TRUCKS             1/13 units                     135,500   135,500#     3.3
      ELECTRIC POWER     1/13 millions of kilowatt-hrs.  76,608    72,829#     4.6
      CRUDE-OIL REFINING 1/13 thous. of bbl./day         15,066    15,486#     3.3
      COAL                1/6 thous. of net tons         20,851#   20,216     -3.3
      LUMBER              1/6 millions of ft.             242.2#    141.7    -27.2
      RAIL FREIGHT        1/6 billions of ton-miles        29.0#     27.6     -6.1
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA,
      Association of American Railroads
      
      
      LEADING INDICATORS
      
                                                         LATEST       WEEK   YEARLY
                                                           WEEK        AGO    % CHG
      ECRI LEADING INDEX                1/5 1992=100      141.8      139.2r     3.7
      STOCK PRICES                     1/12 S&P 500      1430.7     1409.7     11.1
      CORPORATE BOND YIELD, Aaa        1/12                 5.4%       5.3%     3.4
      MONEY SUPPLY, M2                  1/1 billions   $7,072.5   $7,043.6r     5.6
      INITIAL CLAIMS, UNEMPLOYMENT     1/13 thous.          290        298r     3.2
      MORTGAGE APPLICATIONS, PURCHASE  1/13               439.7      472.8     -0.9
      MORTGAGE APPLICATIONS, REFINANCE 1/13              2045.8     1923.8     24.3
      
      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                1/17 $/troy oz.              626.500   608.400     15.0
      STEEL SCRAP         1/18 #1 heavy, $/ton          223.33    223.33      8.9
      COPPER              1/12 cents/lb.                264.8     270.8      19.2
      ALUMINUM            1/12 cents/lb.                129.7     128.1      16.4
      COTTON              1/12 strict low middling
                               1-1/16 in., cents/lb.     53.76     54.12     -2.6
      OIL                 1/17 $/bbl.                    52.54     54.42    -20.0
      CRB FOODSTUFFS      1/16 1967=100                 276.05    268.39     15.0
      CRB RAW INDUSTRIALS 1/16 1967=100                 440.39    435.00     21.4
      
      Sources: London Wednesday final setting, Metal Bulletin, Platt's Metals Week,
      Memphis market, NYMEX, Commodity Research Bureau
      
      
      FOREIGN EXCHANGE
      
                                                     LATEST         WEEK       YEAR
                                                       WEEK          AGO        AGO
      BRAZILIAN REAL                    1/17         2.1336       2.1497     2.3165
      BRITISH POUND                     1/17           1.97         1.93       1.76
      CANADIAN DOLLAR                   1/17           1.17         1.17       1.17
      EUROPEAN EURO                     1/17         1.2938       1.2937     1.2113
      JAPANESE YEN                      1/17         120.67       119.64     115.24
      KOREAN WON                        1/17          937.0        937.8      992.2
      MEXICAN PESO                      1/17         10.946       10.963     10.557
      TRADE-WEIGHTED DOLLAR INDEX       1/17           89.2         89.4       90.6
      
      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                 1/16                 5.28%     5.25%     4.32%
      COMMERCIAL PAPER              1/16  3-month        5.18      NA        NA
      CERTIFICATES OF DEPOSIT       1/16  3-month        5.31      5.31      4.56
      FIXED MORTGAGE                1/12  30-year        6.28      6.29      6.26
      ADJUSTABLE MORTGAGE           1/12  one-year       5.90      5.88      5.39
      PRIME                         1/16                 8.25      8.25      7.25
      
      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. NA=Not
      available  r=revised  NM=Not meaningful
      
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