PRODUCTION INDICATORS
                                              LATEST    WEEK       YEARLY
                                              WEEK      AGO        % CHG
      STEEL (7/1) thous. of net tons          1,859     1,947#       -2.8
      AUTOS (7/1) units                       123,362   127,192r#    -2.9
      TRUCKS (7/1) units                      114,821   117,768r#     2.1
      ELECTRIC POWER (7/1) millions
        of kilowatt-hrs.                      NA        67,448#       NA
      CRUDE-OIL REFINING (7/1) thous.
        of bbl./day                           NA        14,737#       NA
      COAL (6/24) thous. of net tons          20,064#   18,661        2.8
      PAPERBOARD (6/24) thous. of tons        NA#       938.3         NA
      PAPER (6/24) thous. of tons             NA#       813.0         NA
      LUMBER (6/24) millions of ft.           423.7#    443.9        -12.4
      RAIL FREIGHT (6/24) billions of
        ton-miles                             23.7#     23.4          4.4
      
      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 (6/30) S&P 500             543.98    546.99       21.9
      CORPORATE BOND YIELD, Aaa (6/30)        7.29%     7.27%       -10.1
      INDUSTRIAL MATERIALS PRICES (6/30)      115.3     114.5        NA*
      BUSINESS FAILURES (6/23)                NA        322          NA
      REAL ESTATE LOANS (6/21) billions       $485.0    $483.8r      12.7
      MONEY SUPPLY, M2 (6/19) billions        $3,660.7  $3,652.1r    2.6
      INITIAL CLAIMS, UNEMPLOYMENT 
        (6/17) thous.                         396       375          12.5
      
      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 (7/5) $/troy oz.                   384.250   388.250     -0.6
      STEEL SCRAP (7/3)#1 heavy, $/ton        140.50    140.50       26.0
      COPPER (7/1)  cents/lb.                 142.5     145.7        27.1
      ALUMINUM (7/1)  cents/lb.               84.5      85.3         20.7
      COTTON (7/1) strict low middling 
        1-1/16 in.,  cents/lb.                105.38    106.66       44.9
      OIL (7/3) $/bbl.                        17.40     17.90       -8.9
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST    WEEK       YEAR
                                              WEEK      AGO        AGO
      FEDERAL FUNDS (7/3)                     5.89%     5.94%       4.38%
      COMMERCIAL PAPER (7/3) 3-month          5.94      5.93        4.78
      CERTIFICATES OF DEPOSIT (7/5) 3-month   5.88      5.90        4.78
      FIXED MORTGAGE (6/30) 30-year           7.80      7.74        8.72
      ADJUSTABLE MORTGAGE (6/30) one-year     5.83      5.84        5.52
      PRIME (7/5)                             9.00      9.00        7.25
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                              LATEST         WEEK             YEAR
                              WEEK            AGO             AGO
      JAPANESE YEN (7/5)      84.96           85.12           98.73
      GERMAN MARK (7/5)       1.38            1.40            1.57
      BRITISH POUND (7/5)     1.59            1.57            1.54
      FRENCH FRANC (7/5)      4.84            4.91            5.40
      ITALIAN LIRA (7/5)      1622.9          1638.0          1565.4
      CANADIAN DOLLAR (7/5)   1.37            1.38            1.39
      MEXICAN PESO (7/5)3     6.240           6.290           3.395
      
      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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