PRODUCTION INDICATORS
      
                                       LATEST      WEEK        YEARLY
                                       WEEK        AGO         % CHG
      
      STEEL (7/15) thous. of net tons  1,926       1,919#      2.6
      AUTOS (7/15) units               34,355      12,937r#    -2.6
      TRUCKS (7/15) units              13,616      16,890r#    -9.9
      ELECTRIC POWER (7/15)
       millions of kilowatt-hrs.       74,370      63,775#     8.2
      CRUDE-OIL REFINING (7/15)
       thous. of bbl./day              14,540      14,400#     1.0
      COAL (7/8) thous. of net tons    15,563#     18,615      6.2
      PAPERBOARD (7/8) thous. of tons  892.1#      926.8       4.3
      PAPER (7/8) thous. of tons       825.0#      842.0r      10.0
      LUMBER (7/8) millions of ft.     232.3#      411.4       -32.3
      RAIL FREIGHT (7/8) billions
       of ton-miles                    19.5#       23.4        6.6
      
      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 (7/14) S&P 500      558.75      551.18      24.3
      CORPORATE BOND YIELD, Aaa (7/14) 7.26%       7.29%       -11.2
      INDUSTRIAL MATERIALS
       PRICES (7/14)                   115.5       115.0       NA*
      BUSINESS FAILURES (7/7)          351         336         17.4
      REAL ESTATE LOANS (7/5) billions NA          NA          NA
      MONEY SUPPLY, M2 (7/3) billions  $3,663.9    $3,663.9r   2.3
      INITIAL CLAIMS, UNEMPLOYMENT
       (7/1) thous.                    370         369         7.6
      
      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 (7/19) $/troy oz.           390.450     386.700     1.3
      STEEL SCRAP (7/18)
       #1 heavy, $/ton                 140.50      140.50      19.6
      COPPER (7/15)  cents/lb.         145.9       141.5       27.3
      ALUMINUM (7/15)  cents/lb.       87.0        85.0        17.6
      COTTON (7/15) strict low
       middling 1-1/16 in.,  cents/lb. 96.75       100.60      38.7
      OIL (7/18) $/bbl.                17.34       17.25       -9.7
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
      
                                       LATEST      WEEK        YEAR
                                       WEEK        AGO         AGO
      
      FEDERAL FUNDS (7/18)             5.67%       5.75%       4.30%
      COMMERCIAL PAPER (7/19) 3-month  5.76        5.73        4.69
      CERTIFICATES OF DEPOSIT
       (7/19) 3-month                  5.73        5.73        4.65
      FIXED MORTGAGE (7/14) 30-year    7.64        7.86        8.87
      ADJUSTABLE MORTGAGE (7/14)
       one-year                        5.78        5.86        5.61
      PRIME (7/19)                     8.75        8.75        7.25
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
      
                                       LATEST      WEEK        YEAR
                                       WEEK        AGO         AGO
      
      JAPANESE YEN (7/19)              87.74       87.53       98.88
      GERMAN MARK (7/19)               1.39        1.40        1.59
      BRITISH POUND (7/19)             1.60        1.59        1.52
      FRENCH FRANC (7/19)              4.83        4.88        5.45
      ITALIAN LIRA (7/19)              1621.0      1619.0      1584.5
      CANADIAN DOLLAR (7/19)           1.36        1.35        1.38
      MEXICAN PESO (7/19)3             6.050       6.110       3.400
      
      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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