Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST     WEEK   YEARLY
                                                           WEEK      AGO    % CHG
      STEEL               5/5 thous. of net tons          2,062    2,032#     0.8
      AUTOS               5/5 units                      77,220   84,225#   -13.2
      TRUCKS              5/5 units                     135,840  153,280#    -3.7
      ELECTRIC POWER      5/5 millions of kilowatt-hrs.  70,567   69,254#     2.5
      CRUDE-OIL REFINING  5/5 thous. of bbl./day         14,823   14,953#    -1.4
      COAL               4/28 thous. of net tons         21,530#  21,575     -7.6
      LUMBER             4/28 millions of ft.             303.5#   295.3    -17.2
      RAIL FREIGHT       4/28 billions of ton-miles        34.0#    33.8     -0.6
      
      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               4/27 1992=100     142.4     141.1r      2.7
      STOCK PRICES                      5/4 S&P 500     1505.6    1494.1      13.6
      CORPORATE BOND YIELD, Aaa         5/4                5.4%      5.5%     -9.4
      MONEY SUPPLY, M2                 4/23 billions  $7,237.4  $7,212.4r      6.6
      INITIAL CLAIMS, UNEMPLOYMENT      5/5 thous.         297       306r    -13.2
      MORTGAGE APPLICATIONS, PURCHASE   5/5              438.3     427.3       5.2
      MORTGAGE APPLICATIONS, REFINANCE  5/5             2115.2    2015.8      48.2
      
      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                  5/9 $/troy oz.             683.000   669.500      -2.4
      STEEL SCRAP          5/10 #1 heavy, $/ton         240.83    270.83       1.8
      COPPER                5/4 cents/lb.               370.8     361.2        4.3
      ALUMINUM              5/4 cents/lb.               130.4     130.9       -1.6
      COTTON                5/4 strict low middling      
                                1-1/16 in., cents/lb.    46.06     48.19      -9.0
      OIL                   5/9 $/bbl.                   61.65     63.78     -14.7
      CRB FOODSTUFFS        5/8 1967=100                304.92    306.22      21.9
      CRB RAW INDUSTRIALS   5/8 1967=100                488.51    473.68      22.4
      
      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                  5/9        2.0180      2.0180      2.0742
      BRITISH POUND                   5/9          1.99        1.99        1.86
      CANADIAN DOLLAR                 5/9          1.11        1.11        1.10
      EUROPEAN EURO                   5/9        1.3529      1.3593      1.2784
      JAPANESE YEN                    5/9        120.10      120.15      110.49
      KOREAN WON                      5/9         923.5       930.5       929.2
      MEXICAN PESO                    5/9        10.792      10.915      10.854
      TRADE-WEIGHTED DOLLAR INDEX     5/9          86.9        87.0        87.3
      
      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                5/8                   5.21%     5.26%     4.78%
      COMMERCIAL PAPER             5/8  3-month          5.18      NA        NA
      CERTIFICATES OF DEPOSIT      5/8  3-month          5.31      5.31      5.12
      FIXED MORTGAGE               5/4  30-year          6.35      6.34      6.73
      ADJUSTABLE MORTGAGE          5/4  one-year         5.88      5.90      5.87
      PRIME                        5/8                   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 (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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