Online Extra: Production Index Components

PRODUCTION INDICATORS
      
                                                           LATEST     WEEK  YEARLY
                                                             WEEK      AGO   % CHG
      STEEL                9/1 thous. of net tons           2,062    2,114#    0.4
      AUTOS                9/1 units                       73,520   73,520#  -13.6
      TRUCKS               9/1 units                      141,340  141,340#    6.9
      ELECTRIC POWER       9/1 millions of kilowatt-hrs.   90,365   93,569#    7.5
      CRUDE-OIL REFINING   9/1 thous. of bbl./day          15,496   15,197#   -3.8
      COAL                8/25 thous. of net tons          22,612#  22,572    -0.3
      LUMBER              8/25 millions of ft.              313.8#   313.8    -8.5
      RAIL FREIGHT        8/25 billions of ton-miles         35.3#    35.3     0.0
      
      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               8/24 1992=100      139.2      139.7r     3.0
      STOCK PRICES                     8/31 S&P 500      1474.0     1479.4     12.4
      CORPORATE BOND YIELD, Aaa        8/31                 5.8%       5.8%     4.2
      MONEY SUPPLY, M2                 8/20 billions   $7,332.5   $7,288.9r     6.7
      INITIAL CLAIMS, UNEMPLOYMENT      9/1 thous.          318        337r     1.0
      MORTGAGE APPLICATIONS, PURCHASE   9/1               425.8      424.0      9.3
      MORTGAGE APPLICATIONS, REFINANCE  9/1              1770.2     1729.6     11.0
      
      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                  9/5 $/troy oz.            680.250    664.250      7.1
      STEEL SCRAP           9/6 #1 heavy, $/ton        255.83     254.17     29.2
      COPPER               8/31 cents/lb.              342.4      330.1     -2.2
      ALUMINUM             8/31 cents/lb.              115.5      114.1     -0.8
      COTTON               8/31 strict low middling     
                                1-1/16 in., cents/lb.   55.45      54.39      5.7
      OIL                   9/5 $/bbl.                  75.95      73.71     12.2
      CRB FOODSTUFFS        9/4 1967=100               320.37     316.16     18.5
      CRB RAW INDUSTRIALS   9/4 1967=100               493.45     490.39     21.5
      
      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                  9/5       1.9650       1.9631       2.1500
      BRITISH POUND                   9/5         2.02         2.02         1.88
      CANADIAN DOLLAR                 9/5         1.05         1.06         1.11
      EUROPEAN EURO                   9/5       1.3646       1.3677       1.2806
      JAPANESE YEN                    9/5       115.28       116.17       116.65
      KOREAN WON                      9/5        941.0        939.6        957.1
      MEXICAN PESO                    9/5       11.078       11.075       10.984
      TRADE-WEIGHTED DOLLAR INDEX     9/5         85.4         85.6         88.5
      
      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                9/4                  5.22%     5.30%     5.26%
      COMMERCIAL PAPER             9/4  3-month           NA      5.23        NA
      CERTIFICATES OF DEPOSIT      9/4  3-month         5.70      5.53      5.34
      FIXED MORTGAGE              8/31  30-year         6.94      6.99      6.53
      ADJUSTABLE MORTGAGE         8/31  one-year        6.30      6.23      5.97
      PRIME                        9/4                  8.25      8.25      8.25
      
      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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