PRODUCTION INDICATORS
      
                                                  LATEST      WEEK       YEARLY
                                                  WEEK        AGO        % CHG
      STEEL (5/27) thous. of net tons             1,909      1,986#       -2.8
      AUTOS (5/27) units                          130,872    134,156r#    -3.1
      TRUCKS (5/27) units                         116,200    126,115r#     1.8
      ELECTRIC POWER (5/27) millions 
        of kilowatt-hrs.                          NA         58,259#       NA
      CRUDE-OIL REFINING (5/27) thous. 
        of bbl./day                               NA         14,327#       NA
      COAL (5/20) thous. of net tons              19,038#    19,232       -3.5
      PAPERBOARD (5/20) thous. of tons            936.5#     885.4r        7.9
      PAPER (5/20) thous. of tons                 831.0#     845.0r        3.5
      LUMBER (5/20) millions of ft.               431.2#     424.7       -11.1
      RAIL FREIGHT (5/20) billions of ton-miles   23.7#      23.6          3.0
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA1, SFPA2, Association of American Railroads
      
      LEADING INDICATORS
      
                                                   LATEST      WEEK      YEARLY
                                                   WEEK        AGO       % CHG
      STOCK PRICES (5/26) S&P 500                  526.62      524.35     15.6
      CORPORATE BOND YIELD, Aaa (5/26)             7.51%       7.60%      -5.9
      INDUSTRIAL MATERIALS PRICES (5/26)           113.9       113.7       NA*
      BUSINESS FAILURES (5/19)                     NA          NA          NA
      REAL ESTATE LOANS (5/17) billions           $477.3      $477.9r     11.5
      MONEY SUPPLY, M2 (5/15) billions            $3,617.0    $3,613.7r    1.2
      INITIAL CLAIMS, UNEMPLOYMENT (5/13) thous.   367         368r        0.0
      
      Sources: Center for International Business Cycle Research (CIBCR), Standard & 
      Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun & Bradstreet 
      (failures of large companies), Federal Reserve, Labor Dept. CIBCR seasonally 
      adjusts data on business failures and real estate loans. *Historical data 
      available from CIBCR.
      
      PRICES
      
                                                  LATEST      WEEK      YEARLY
                                                  WEEK        AGO       % CHG
      GOLD (5/31) $/troy oz.                      384.300     383.100    -0.5
      STEEL SCRAP (5/30)#1 heavy, $/ton           142.50      142.50     16.3
      COPPER (5/27)  cents/lb.                    135.5       130.3      25.0
      ALUMINUM (5/27)  cents/lb.                  87.0        84.0       34.9
      COTTON (5/27) strict low middling 
        1-1/16 in.,  cents/lb.                    108.57      103.04     34.7
      OIL (5/30) $/bbl.                           18.78       19.75       3.2
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
      
                                                  LATEST      WEEK       YEAR
                                                  WEEK        AGO        AGO
      FEDERAL FUNDS (5/30)                        6.07%       5.96%      4.27%
      COMMERCIAL PAPER (5/31) 3-month             6.02        6.06       4.60
      CERTIFICATES OF DEPOSIT (5/31) 3-month      5.96        5.99       4.52
      FIXED MORTGAGE (5/26) 30-year               8.04        8.10       8.68
      ADJUSTABLE MORTGAGE (5/26) one-year         6.03        6.15       5.53
      PRIME (5/31)                                9.00        9.00       7.25
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
      
                              LATEST          WEEK            YEAR
                              WEEK            AGO             AGO
      JAPANESE YEN (5/31)     84.43           87.28           105.30
      GERMAN MARK (5/31)      1.41            1.44            1.66
      BRITISH POUND (5/31)    1.59            1.58            1.51
      FRENCH FRANC (5/31)     4.96            5.11            5.67
      ITALIAN LIRA (5/31)     1639.5          1672.3          1618.8
      CANADIAN DOLLAR (5/31)  1.37            1.36            1.38
      MEXICAN PESO (5/31)3    6.153           6.045           3.320
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      #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.   2=Southern Forest 
      Products Assn.    3=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      
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