PRODUCTION INDICATORS
      
                                              LATEST   WEEK      YEARLY
                                              WEEK     AGO       % CHG
      STEEL (7/22) thous. of net tons         1,858    1,926#    1.7
      AUTOS (7/22) units                      103,724  39,936r#  -4.5
      TRUCKS (7/22) units                     91,662   14,573r#  -5.1
      ELECTRIC POWER (7/22) millions
       of kilowatt-hrs.                       73,314   74,370#   2.3
      CRUDE-OIL REFINING (7/22)
       thous. of bbl./day                     14,372   14,540#   0.9
      COAL (7/15) thous. of net tons          19,201#  15,563    9.4
      PAPERBOARD (7/15) thous. of tons        892.3#   879.9r    2.4
      PAPER (7/15) thous. of tons             820.0#   831.0r    2.8
      LUMBER (7/15) millions of ft.           413.8#   232.3     -7.9
      RAIL FREIGHT (7/15)
       billions of ton-miles                  23.3#    19.5      7.9
      
      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 (7/21) S&P 500             555.86   558.75    22.6
      CORPORATE BOND YIELD, Aaa (7/21)        7.48%    7.26%     -7.2
      INDUSTRIAL MATERIALS PRICES (7/21)      115.0    115.5     NA*
      BUSINESS FAILURES (7/14)                NA       NA        NA
      REAL ESTATE LOANS (7/12) billions       $491.5   $489.4r   12.6
      MONEY SUPPLY, M2 (7/10) billions        $3,670.0 $3,664.8r 2.5
      INITIAL CLAIMS, UNEMPLOYMENT
       (7/8) thous.                           399      367r      9.3
      
      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 (7/26) $/troy oz.                  386.000  390.450   0.0
      STEEL SCRAP (7/25) #1 heavy, $/ton      140.50   140.50    19.6
      COPPER (7/22)  cents/lb.                141.3    145.9     19.6
      ALUMINUM (7/22)  cents/lb.              90.0     87.0      23.3
      COTTON (7/22) strict low middling
       1-1/16 in.,  cents/lb.                 91.47    96.75     27.3
      OIL (7/25) $/bbl.                       17.11    17.34     -12.0
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
      
                                              LATEST   WEEK      YEAR
                                              WEEK     AGO       AGO
      FEDERAL FUNDS (7/25)                    5.73%    5.67%     4.28%
      COMMERCIAL PAPER (7/25) 3-month         5.81     5.76      4.73
      CERTIFICATES OF DEPOSIT (7/26) 3-month  5.75     5.73      4.70
      FIXED MORTGAGE (7/21) 30-year           7.95     7.64      8.71
      ADJUSTABLE MORTGAGE (7/21) one-year     5.95     5.78      5.63
      PRIME (7/26)                            8.75     8.75      7.25
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
      
                                              LATEST   WEEK      YEAR
                                              WEEK     AGO       AGO
      JAPANESE YEN (7/26)                     88.01    87.74     100.35
      GERMAN MARK (7/26)                      1.39     1.39      1.59
      BRITISH POUND (7/26)                    1.60     1.60      1.53
      FRENCH FRANC (7/26)                     4.82     4.83      5.44
      ITALIAN LIRA (7/26)                     1595.5   1621.0    1597.6
      CANADIAN DOLLAR (7/26)                  1.36     1.36      1.38
      MEXICAN PESO (7/26)3                    6.105    6.050     3.396
      
      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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