PRODUCTION
      Change from last week:  0.1%
      Change from last year:  3.7%
      The production index was virtually unchanged in the week ended May 28. 
      Seasonally adjusted output of steel, trucks, electric power, coal, and lumber 
      and rail-freight traffic all increased. Auto production was down, and crude-oil 
      refining, paper, and paperboard output levels were unchanged. Before 
      calculation of the four-week moving average, the index rose to 195, from 193.6. 
      The index rose to 194.2 for the entire month of May, from April's 191.6 reading.
      BW production index copyright 1994 Bloomberg L.P.
      
      LEADING
      Change from last week:  0.2%
      Change from last year:  8.5%
      The leading index increased slightly during the week ended May 28. Higher stock 
      prices and faster growth rates in materials prices and M2 barely offset the 
      drag indicated from higher bond yields and slower growth in real estate loans. 
      Data on business failures were unavailable. Before calculation of the four-week 
      moving average, the index was virtually unchanged at 236.3. For the month of 
      May, the index increased to 236, from 235.1 in April.
      Leading index copyright 1994 by Center for International Business Cycle Research
      
      
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