PRODUCTION INDICATORS LATEST WEEK YEARLY WEEK AGO% CHG

STEEL 5/19 thous. of net tons 1,979 1,822# -15.9 AUTOS 5/19 units 111,262 114,411r# -12.4 TRUCKS 5/19 units 140,951 147,368r# -15.3 ELECTRIC POWER 5/19 millions of kilowatt-hrs. 65,347 64,279# 0.9 CRUDE-OIL REFINING 5/19 thous. of bbl./day 15,533 15,213# 0.9 COAL 5/12 thous. of net tons 22,946# 22,058 8.0 LUMBER 5/12 millions of ft. 499.9# 502.1 -6.6 RAIL FREIGHT 5/12 billions of ton-miles 28.5# 28.4 2.9

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA, Association of American Railroads

LEADING INDICATORS LATEST WEEK YEARLY WEEK AGO% CHG

ECRI LEADING INDEX 5/11 1992=100 123.4 123.1r -1.2 STOCK PRICES 5/18 S&P 500 1292.0 1245.7 -8.2 CORPORATE BOND YIELD, Aaa 5/18 7.2% 7.1% -11.5 MONEY SUPPLY, M2 5/7 billions $5,150.5 $5,137.7r 8.7 INITIAL CLAIMS, UNEMPLOYMENT 5/18 thous. 407 392r 46.4 MORTGAGE APPLICATIONS, PURCHASE 5/18 291.2 321.9 -10.8 MORTGAGE APPLICATIONS, REFINANCE 5/18 1546.8 1948.1 370.3

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 5/23 $/troy oz. 283.150 270.900 3.4 STEEL SCRAP 5/22 #1 heavy, $/ton 75.83 75.83 -26.4 COPPER 5/18 cents/lb. 80.0 80.3 -9.2 ALUMINUM 5/18 cents/lb. 72.5 74.0 0.0 COTTON 5/18 strict low middling 1-1/16 in., cents/lb 43.04 41.86 -29.6 OIL 5/23 $/bbl. 28.83 28.80 1.6 CRB FOODSTUFFS 5/22 1967=100 211.01 212.48 8.4 CRB RAW INDUSTRIALS 5/22 1967=100 244.78 245.29 -9.1

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin, Metals Week, Memphis market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE LATEST WEEK YEAR WEEK AGO AGO

BRAZILIAN REAL 5/23 2.3485 2.3195 1.8400 BRITISH POUND 5/23 1.42 1.43 1.48 CANADIAN DOLLAR 5/23 1.55 1.54 1.51 EUROPEAN EURO 5/23 0.8571 0.8836 0.9044 JAPANESE YEN 5/23 119.97 123.57 107.68 KOREAN WON 5/23 1287.0 1309.0 1133.3 MEXICAN PESO 5/23 9.075 9.150 9.530 TRADE-WEIGHTED DOLLAR INDEX 5/23 120.9 120.5 113.5

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 5/22 3.99% 4.22% 6.47% COMMERCIAL PAPER 5/22 3-month 3.89 3.95 6.61 CERTIFICATES OF DEPOSIT 5/23 3-month 4.00 3.96 6.76 FIXED MORTGAGE 5/18 30-year 7.43 7.23 8.82 ADJUSTABLE MORTGAGE 5/18 one-year 6.22 6.11 7.37 PRIME 5/18 7.00 7.50 9.50

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 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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