Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                           LATEST     WEEK   YEARLY
                                                             WEEK      AGO    % CHG
      STEEL              1/20 thous. of net tons            1,918    1,881#    -6.8
      AUTOS              1/20 units                        84,600   84,600#    -1.7
      TRUCKS             1/20 units                       135,500  135,500#     3.3
      ELECTRIC POWER     1/20 millions of kilowatt-hrs.    81,592   76,608#    10.1
      CRUDE-OIL REFINING 1/20 thous. of bbl./day           14,636   15,066#     2.3
      COAL               1/13 thous. of net tons           22,344#  20,851      0.3
      LUMBER             1/13 millions of ft.               269.0#   242.2    -29.7
      RAIL FREIGHT       1/13 billions of ton-miles          32.5#    29.0     -4.4
      
      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                1/12  1992=100     140.8      141.7r    2.3
      STOCK PRICES                      1/19  S&P 500     1430.5     1430.7    13.4
      CORPORATE BOND YIELD, Aaa         1/19                 5.4%       5.4%    3.2
      MONEY SUPPLY, M2                   1/8  billions  $7,056.5   $7,060.8r    5.3
      INITIAL CLAIMS, UNEMPLOYMENT      1/20  thous.         325        289r   15.7
      MORTGAGE APPLICATIONS, PURCHASE   1/20               402.7      439.7   -15.0
      MORTGAGE APPLICATIONS, REFINANCE  1/20              1848.8     2045.8     4.2
      
      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                1/24 $/troy oz.            642.100   626.500      14.3
      STEEL SCRAP         1/25 #1 heavy, $/ton        223.33    223.33       8.9
      COPPER              1/19 cents/lb.              258.3     264.8       16.6
      ALUMINUM            1/19 cents/lb.              130.2     129.7       14.9
      COTTON              1/19 strict low middling     
                               1-1/16 in., cents/lb.   54.27     53.76      -2.3
      OIL                 1/24 $/bbl.                  54.72     52.54     -15.9
      CRB FOODSTUFFS      1/23 1967=100               280.16    276.05      15.9
      CRB RAW INDUSTRIALS 1/23 1967=100               443.62    440.39      21.0
      
      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                  1/24       2.1280       2.1336       2.2428
      BRITISH POUND                   1/24         1.97         1.97         1.78
      CANADIAN DOLLAR                 1/24         1.18         1.17         1.15
      EUROPEAN EURO                   1/24       1.2971       1.2938       1.2241
      JAPANESE YEN                    1/24       121.18       120.67       115.85
      KOREAN WON                      1/24        936.1        937.0        968.7
      MEXICAN PESO                    1/24       10.924       10.946       10.511
      TRADE-WEIGHTED DOLLAR INDEX     1/24         89.3         89.2         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               1/23                5.26%      5.28%     4.28%
      COMMERCIAL PAPER            1/23  3-month       NA         5.18      NA
      CERTIFICATES OF DEPOSIT     1/23  3-month       5.32       5.31      4.59
      FIXED MORTGAGE              1/19  30-year       6.35       6.28      6.23
      ADJUSTABLE MORTGAGE         1/19  one-year      5.96       5.90      5.37
      PRIME                       1/23                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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