PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 6/2 thous. of net tons 1,942 1,939# -12.6 AUTOS 6/2 units 97,741 103,274r# -9.1 TRUCKS 6/2 units 114,193 141,519r# -15.7 ELECTRIC POWER 6/2 millions of kilowatt-hrs. 63,145 64,999# -7.4 CRUDE-OIL REFINING 6/2 thous. of bbl./day 15,894 15,571# 2.9 COAL 5/26 thous. of net tons 22,712# 22,119 2.9 LUMBER 5/26 millions of ft. 516.3# 517.8 0.0 RAIL FREIGHT 5/26 billions of ton-miles 28.5# 28.3 0.4

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 5/25 1992=100 120.6 120.0r -3.0 STOCK PRICES 6/1 S&P 500 1260.7 1277.9 -14.7 CORPORATE BOND YIELD, Aaa 6/1 6.9% 7.1% -10.6 MONEY SUPPLY, M2 5/21 billions $5,173.7 $5,153.9 8.5 INITIAL CLAIMS, UNEMPLOYMENT 6/1 thous. 432 419 49.0 MORTGAGE APPLICATIONS, PURCHASE 6/1 344.1 302.2 2.7

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 6/6 $/troy oz. 265.500 271.000 -6.5 STEEL SCRAP 6/5 #1 heavy, $/ton 75.83 75.83 -26.4 COPPER 6/1 cents/lb. 79.8 80.3 -5.5 ALUMINUM 6/1 cents/lb. 71.5 74.0 1.0 COTTON 6/1 strict low middling 1-1/16 in., cents/lb. 38.02 41.22 -36.3 OIL 6/6 $/bbl. 27.61 28.55 -6.6 CRB FOODSTUFFS 6/5 1967=100 209.15 208.46 7.5 CRB RAW INDUSTRIALS 6/5 1967=100 246.22 245.03 -7.1

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 6/6 2.3895 2.3605 1.7990 BRITISH POUND 6/6 1.39 1.43 1.52 CANADIAN DOLLAR 6/6 1.52 1.54 1.48 EUROPEAN EURO 6/6 0.8491 0.8566 0.9615 JAPANESE YEN 6/6 120.29 120.32 105.49 KOREAN WON 6/6 1285.5 1290.0 1113.2 MEXICAN PESO 6/6 9.125 9.185 9.840 TRADE-WEIGHTED DOLLAR INDEX 6/6 121.4 121.0 109.9

Sources: Major New York banks. Currencies expressed in units per U.S. dollar, except for British Pound and European Euro in dol- lars. Trade-weighted dollar via J.P. Morgan.

INTEREST RATES

LATEST WEEK YEAR WEEK AGO AGO FEDERAL FUNDS 6/5 3.93% 4.09% 6.47% COMMERCIAL PAPER 6/5 3-month 3.79 3.75 6.58 CERTIFICATES OF DEPOSIT 6/6 3-month 3.83 3.92 6.71 FIXED MORTGAGE 6/1 30-year 7.47 7.39 8.65 ADJUSTABLE MORTGAGE 6/1 one-year 6.12 6.15 7.35 PRIME 6/1 7.00 7.00 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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