PRODUCTION
      Change from last week:  -0.1%
      Change from last year:  3.3%
      The production index was little changed during the week ended July 23, because 
      auto-plant closings in previous weeks are dragging down the smoothed index. For 
      the latest week, increases in output levels of autos, trucks, and electric 
      power, plus rising rail-freight traffic offset declines in steel, crude-oil 
      refining, coal, paperboard, paper, and lumber output. As a result, before 
      calculation of the four-week moving average, the index rose to 196.3, from 194.
      BW production index copyright 1994 Bloomberg L.P.
      
      LEADING
      Change from last week:  0.5%
      Change from last year:  7.7%
      The leading index increased during the week ended July 23 on the heels of a 
      stock and bond rally that ended after Federal Reserve Chairman Alan Greenspan's 
      congressional testimony. In addition to higher stock and bond prices, the 
      growth rates for M2 and materials prices rose. Growth in real estate loans was 
      unchanged, and data on business failures were unavailable. Before calculation 
      of the four-week moving average, the index rose to 241.9, from 240.5 revised.
      Leading index copyright 1994 by Center for International Business Cycle Research
      
      
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