PRODUCTION INDICATORS
                                                     LATEST      WEEK    YEARLY
                                                       WEEK       AGO%      CHG
      
      STEEL 5/27 thous. of net tons                   2,304     2,354#     14.5
      AUTOS 5/27 units                              108,199   126,962r#    -1.4
      TRUCKS 5/27 units                             148,149   166,437r#    -4.7
      ELECTRIC POWER 5/27 millions of kilowatt-hrs.      NA     64,750#      NA
      CRUDE-OIL REFINING 5/27 thous. of bbl./day         NA     15,388#      NA
      COAL 5/20 thous. of net tons                   21,441#    21,241      3.2
      LUMBER 5/20 millions of ft.                     517.7#     535.3     -4.3
      RAIL FREIGHT 5/20 billions of ton-miles          27.4#      27.3     -1.8
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPAFD, 
      Association of American Railroads
      
      LEADING INDICATORS
                                                 LATEST          WEEK      YEARLY
                                                   WEEK           AGO%        CHG
      
      ECRI LEADING INDEX 5/19 1992=100            125.6         124.7         0.5
      STOCK PRICES 5/26 S&P 500                 1378.02       1406.95         5.9
      CORPORATE BOND YIELD, Aaa 5/26               7.90%         8.10%       12.5
      MONEY SUPPLY, M2 5/15 billions           $4,753.5      $4,739.6r        5.4
      INITIAL CLAIMS, UNEMPLOYMENT 5/19 thous.      284           278r       -5.6
      MORTGAGE APPLICATIONS, PURCHASE 5/26        302.8         326.3         0.9
      MORTGAGE APPLICATIONS, REFINANCE 5/26       294.4         328.9       -65.5
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, 
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 
      1990=100)
      
      PRICES
                                            LATEST          WEEK      YEARLY
                                              WEEK           AGO%        CHG
      
      GOLD 5/31 $/troy oz.                 272.250       273.900         1.9
      STEEL SCRAP 5/31 #1 heavy, $/ton      103.00        103.00        41.1
      COPPER 5/26  cents/lb.                  87.0          88.1        26.9
      ALUMINUM 5/26  cents/lb.                72.3          72.5        13.8
      COTTON 5/26 strict low
       middling 1-1/16 in.,  cents/lb.       62.34         61.17         8.9
      OIL 5/30 $/bbl.                        30.10         28.37        86.6
      CRB FOODSTUFFS 5/30 1967=100          193.14        194.60        -0.9
      CRB RAW INDUSTRIALS 5/30 1967=100     267.31        269.39         8.0
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                           LATEST          WEEK        YEAR
                                             WEEK           AGO         AGO
      
      BRAZILIAN REAL 5/31                  1.8260        1.8400      1.7375
      BRITISH POUND 5/31                     1.49          1.48        1.60
      CANADIAN DOLLAR 5/31                   1.50          1.51        1.48
      EUROPEAN EURO 5/31                   0.9283        0.9044      1.0359
      JAPANESE YEN 5/31                    107.72        107.68      121.49
      KOREAN WON 5/31                      1124.0        1133.3      1186.1
      MEXICAN PESO 5/31                     9.506         9.530       9.700
      TRADE-WEIGHTED DOLLAR INDEX 5/31      112.2         113.5       111.0
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British Pound and European Euro in dollars. Trade-weighted dollar 
      via J.P. Morgan.
      
      INTEREST RATES
                                               LATEST          WEEK        YEAR
                                                 WEEK           AGO         AGO
      
      FEDERAL FUNDS 5/30                         6.71%         6.47%       4.78%
      COMMERCIAL PAPER 5/30 3-month              6.62          6.61        4.86
      CERTIFICATES OF DEPOSIT 5/31 3-month       6.84          6.76        5.02
      FIXED MORTGAGE 5/26 30-year                8.74          8.82        7.31
      ADJUSTABLE MORTGAGE 5/26 one-year          7.32          7.37        5.86
      PRIME 5/26                                 9.50          9.50        7.75
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #Raw data in the production indicators are seasonally adjusted in computing 
      the BW index (chart); other components (estimated 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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