PRODUCTION INDEX

The production index rose during the week ended July 26. Before calculation of

the four-week moving average, the index rose to 127.3 from 126.0. In the latest

week, the seasonally adjusted levels of auto and truck production rose

strongly, as more car plants returned to production. Rail-freight traffic and

crude-oil refining also posted gains. Steel production increased slightly.

Output of both coal and lumber declined, and electric power output also fell.

PRODUCTION INDICATORS
                                        LATEST      WEEK         YEARLY
                                         WEEK        AGO         % CHG
      
      STEEL (8/2) thous. of net tons     1,922      1,983 #       -4.2
      AUTOS (8/2) units                115,986    108,312 r#      -7.7
      TRUCKS (8/2) units               117,509    107,672 r#      11.5
      ELECTRIC POWER (8/2)
         millions of kilowatt-hrs.      74,982     74,851 #        4.4
      CRUDE-OIL REFINING (8/2)
         thous. of bbl./day             15,000     14,827 #        4.9
      COAL (7/26) thous. of net tons    20,945 #   20,710         -0.7
      LUMBER (7/26) millions of ft.      505.1 #    506.4          3.7
      RAIL FREIGHT (7/26)
         billions of ton-miles            26.6 #     25.9         -0.7
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA1, SFPA2, 
      Association of American Railroads
      
      LEADING INDICATORS
                                               LATEST      WEEK    YEARLY
                                                WEEK        AGO     % CHG
      
      STOCK PRICES (8/1) S&P 500               947.14     938.79     43.0
      CORPORATE BOND YIELD, Aaa (8/1)            7.01 %     7.09 %   -7.2
      INDUSTRIAL MATERIALS PRICES (8/1)         107.8      107.3      0.5
      BUSINESS FAILURES (7/25)                     NA         NA       NA
      REAL ESTATE LOANS (7/23) billions            NA         NA       NA
      MONEY SUPPLY, M2 (7/21) billions        $3,931.0  $3,927.1 r    4.8
      INITIAL CLAIMS, UNEMPLOYMENT (7/26) thous.   277       299     -6.7
      
      Sources: Standard & Poor's, Moody's, Journal of Commerce (index: 1990=100), 
      Federal Reserve, Labor Dept.
      
      PRICES
                                          LATEST      WEEK       YEARLY
                                           WEEK        AGO        % CHG
      
      GOLD (8/6) 
      
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