PRODUCTION
      Change from last week:  0%
      Change from last year:  2.7%
         The production index was flat for the week ended July 9. Seasonally adjusted 
      output of autos, trucks, steel, electric power, crude-oil refining, lumber, and 
      rail-freight traffic all declined. Coal, paper, and paperboard production 
      increased. Before calculation of the four-week moving average, the index fell 
      sharply, to 196, from 198.6. Some of the decline reflected a later-than-usual 
      Independence Day and auto-plant closings for model changeovers.
      BW production index copyright 1994 Bloomberg L.P.
      
      LEADING
      Change from last week:  0.2%
      Change from last year:  7.3%
         The leading index increased during the week ended July 9 as materials prices 
      continued to grow at a rapid pace. In addition, higher stock prices and faster 
      growth rates for M2 and real estate loans contributed to the gain. On the 
      negative side, bond yields were higher, while data on large-business failures 
      were unavailable. Before calculation of the four-week moving average, the index 
      rose sharply to 240, from 238.2 in the previous week.
      Leading index copyright 1994 by Center for International Business Cycle Research
      
      
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