Online Extra: Production Index Components

        
PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              5/19 thous. of net tons          2,085     2,068#    -0.4
      AUTOS              5/19 units                      77,220    77,220#    -5.1
      TRUCKS             5/19 units                     135,840   135,840#     4.7
      ELECTRIC POWER     5/19 millions of kilowatt-hrs.  71,696    72,758#     3.2
      CRUDE-OIL REFINING 5/19 thous. of bbl./day         15,002    14,953#    -0.6
      COAL               5/12 thous. of net tons         20,998#   21,376    -10.6
      LUMBER             5/12 millions of ft.             302.2#    297.5    -16.8
      RAIL FREIGHT       5/12 billions of ton-miles        32.7#     33.6     -5.8
      
      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               5/11 1992=100     142.7      142.6r     3.0
      STOCK PRICES                     5/18 S&P 500     1522.8     1505.9     20.2
      CORPORATE BOND YIELD, Aaa        5/18                5.5%       5.4%    -6.6
      MONEY SUPPLY, M2                  5/7 billions  $7,229.3   $7,211.5r     6.9
      INITIAL CLAIMS, UNEMPLOYMENT     5/19 thous.         311        296r    -3.4
      MORTGAGE APPLICATIONS, PURCHASE  5/19              438.1      432.3     10.5
      MORTGAGE APPLICATIONS, REFINANCE 5/19             2154.7     2115.5     45.5
      
      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                 5/23 $/troy oz.              662.050    667.750      2.1
      STEEL SCRAP          5/24 #1 heavy, $/ton          240.83     240.83      1.8
      COPPER               5/18 cents/lb.                347.6      371.2     -10.8
      ALUMINUM             5/18 cents/lb.                129.2      131.8      -5.8
      COTTON               5/18 strict low middling                        
                                1-1/16 in., cents/lb.     46.89      46.70     -7.8
      OIL                  5/23 $/bbl.                    64.98      62.60     -6.5
      CRB FOODSTUFFS       5/22 1967=100                 314.64     313.21     24.9
      CRB RAW INDUSTRIALS  5/22 1967=100                 486.25     487.47     21.8
      
      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                   5/23        1.9560      1.9530     2.3275
      BRITISH POUND                    5/23          1.99        1.98       1.87
      CANADIAN DOLLAR                  5/23          1.08        1.10       1.12
      EUROPEAN EURO                    5/23        1.3460      1.3514     1.2754
      JAPANESE YEN                     5/23        121.67      120.82     112.94
      KOREAN WON                       5/23         933.2       924.0      949.6
      MEXICAN PESO                     5/23        10.802      10.779     11.216
      TRADE-WEIGHTED DOLLAR INDEX      5/23          86.8        87.0       88.7
      
      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                  5/22                 5.23%    5.29%     4.94%
      COMMERCIAL PAPER               5/22  3-month        5.18     5.17      NA
      CERTIFICATES OF DEPOSIT        5/22  3-month        5.31     5.31      5.18
      FIXED MORTGAGE                 5/18  30-year        6.38     6.35      6.78
      ADJUSTABLE MORTGAGE            5/18  one-year       5.94     5.87      5.94
      PRIME                          5/22                 8.25     8.25      8.00
      
      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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