Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              4/28 thous. of net tons          2,032     2,043#    -3.3
      AUTOS              4/28 units                      84,225    84,225#    -5.3
      TRUCKS             4/28 units                     153,280   153,280#     8.7
      ELECTRIC POWER     4/28 millions of kilowatt-hrs.  69,254    68,400#     0.9
      CRUDE-OIL REFINING 4/28 thous. of bbl./day         14,953    14,694#     1.4
      COAL               4/21 thous. of net tons         21,575#   22,817     -9.7
      LUMBER             4/21 millions of ft.             295.3#    302.1    -13.4
      RAIL FREIGHT       4/21 billions of ton-miles        33.8#     34.6     -1.5
      
      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                4/20 1992=100     141.6      140.4      3.1
      STOCK PRICES                      4/27 S&P 500     1494.1     1484.4     14.0
      CORPORATE BOND YIELD, Aaa         4/27                5.5%       5.4%    -8.1
      MONEY SUPPLY, M2                  4/16 billions  $7,212.1   $7,226.2r     6.4
      INITIAL CLAIMS, UNEMPLOYMENT      4/28 thous.         305        326r    -5.3
      MORTGAGE APPLICATIONS, PURCHASE   4/28              427.3      411.0     -1.4
      MORTGAGE APPLICATIONS, REFINANCE  4/28             2015.8     2081.6     28.8
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,
      1990=100)
      
      
      PRICES
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      GOLD                  5/2 $/troy oz.              669.500   684.000     -0.6
      STEEL SCRAP           5/3 #1 heavy, $/ton          270.83    270.83     14.5
      COPPER               4/27 cents/lb.                361.2     366.0       6.3
      ALUMINUM             4/27 cents/lb.                130.9     131.3       0.7
      COTTON               4/27 strict low middling       
                                1-1/16 in., cents/lb.     48.19     49.53     -5.9
      OIL                   5/2 $/bbl.                    63.78     64.83    -12.1
      CRB FOODSTUFFS        5/1 1967=100                 306.22    300.38     22.8
      CRB RAW INDUSTRIALS   5/1 1967=100                 473.68    482.61     19.9
      
      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                  5/2       2.0180       2.0200      2.0761
      BRITISH POUND                   5/2         1.99         2.00        1.84
      CANADIAN DOLLAR                 5/2         1.11         1.11        1.11
      EUROPEAN EURO                   5/2       1.3593       1.3638      1.2632
      JAPANESE YEN                    5/2       120.15       118.75      113.58
      KOREAN WON                      5/2        930.5        926.8       934.3
      MEXICAN PESO                    5/2       10.915       10.929      10.973
      TRADE-WEIGHTED DOLLAR INDEX     5/2         87.0         86.8        88.2
      
      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                5/1                 5.26%     5.20%     4.79%
      COMMERCIAL PAPER             5/1  3-month        NA        NA        NA
      CERTIFICATES OF DEPOSIT      5/1  3-month        5.31      5.31      5.11
      FIXED MORTGAGE              4/27  30-year        6.34      6.37      6.68
      ADJUSTABLE MORTGAGE         4/27  one-year       5.90      5.92      5.88
      PRIME                        5/1                 8.25      8.25      7.75
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #Raw data in the production indicators are seasonally adjusted in computing
      the BW index; 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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