PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 5/18 thous. of net tons 1,939 1,909# -2.0 AUTOS 5/18 units 112,468 108,837r# 3.2 TRUCKS 5/18 units 158,948 156,109r# 9.2 ELECTRIC POWER 5/18 millions of kilowatt-hrs. 65,870 66,461# 0.8 CRUDE-OIL REFINING 5/18 thous. of bbl./day 14,832 15,024# -4.5 COAL 5/11 thous. of net tons 20,264# 19,971 -11.7 LUMBER 5/11 millions of ft. 545.9# 511.5 9.2 RAIL FREIGHT 5/11 billions of ton-miles 27.9# 27.9 -2.1

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 5/10 1992=100 121.9 122.6 1.3 STOCK PRICES 5/17 S&P 500 1106.6 1055.0 -14.3 CORPORATE BOND YIELD, Aaa 5/17 6.9% 6.7% -4.5 MONEY SUPPLY, M2 5/6 billions $5,517.5 $5,498.2r 7.1 INITIAL CLAIMS, UNEMPLOYMENT 5/17 thous. 416 425r 1.2 MORTGAGE APPLICATIONS, PURCHASE 5/17 344.3 356.5 18.2 MORTGAGE APPLICATIONS, REFINANCE 5/17 1425.8 1556.2 -7.8

Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed- eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)

PRICES

LATEST WEEK YEARLY WEEK AGO % CHG GOLD 5/22 $/troy oz. 317.100 308.300 12.0 STEEL SCRAP 5/21 #1 heavy, $/ton 96.33 87.17r 27.0 COPPER 5/17 cents/lb. 77.6 76.5 -3.0 ALUMINUM 5/17 cents/lb. 65.5 66.5 -9.7 COTTON 5/17 strict low middling 1-1/16 in., cents/lb. 32.37 30.23 -24.8 OIL 5/22 $/bbl. 26.45 27.81 -8.3 CRB FOODSTUFFS 5/21 1967=100 199.77 196.11 -5.3 CRB RAW INDUSTRIALS 5/21 1967=100 232.08 231.76 -5.2

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 5/22 2.5105 2.5050 2.3485 BRITISH POUND 5/22 1.46 1.46 1.42 CANADIAN DOLLAR 5/22 1.54 1.55 1.55 EUROPEAN EURO 5/22 0.9261 0.9127 0.8571 JAPANESE YEN 5/22 124.25 127.53 119.97 KOREAN WON 5/22 1237.2 1264.8 1287.0 MEXICAN PESO 5/22 9.533 9.463 9.075 TRADE-WEIGHTED DOLLAR INDEX 5/22 118.2 120.6 120.9

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 5/21 1.68% 1.69% 3.99% COMMERCIAL PAPER 5/21 3-month 1.80 1.81 3.89 CERTIFICATES OF DEPOSIT 5/22 3-month 1.80 1.84 4.00 FIXED MORTGAGE 5/17 30-year 6.95 6.90 7.43 ADJUSTABLE MORTGAGE 5/17 one-year 5.12 5.10 6.22 PRIME 5/17 4.75 4.75 7.00

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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