PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 5/25 thous. of net tons 1,937 1,939# -0.1 AUTOS 5/25 units 111,791 113,270r# 8.2 TRUCKS 5/25 units 158,963 163,696r# 12.3 ELECTRIC POWER 5/25 millions of kilowatt-hrs. 63,542 65,870# -2.2 CRUDE-OIL REFINING 5/25 thous. of bbl./day 15,010 14,832# -3.6 COAL 5/18 thous. of net tons 19,844# 20,264 -10.3 LUMBER 5/18 millions of ft. 559.2# 546.0r 8.0 RAIL FREIGHT 5/18 billions of ton-miles 27.8# 27.9 -1.8

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 5/17 1992=100 121.9 121.8r 1.6 STOCK PRICES 5/24 S&P 500 1083.8 1106.6 -15.2 CORPORATE BOND YIELD, Aaa 5/24 6.8% 6.9% -4.0 MONEY SUPPLY, M2 5/13 billions $5,535.3 $5,517.1r 7.4 INITIAL CLAIMS, UNEMPLOYMENT 5/24 thous. 410 422r -2.1 MORTGAGE APPLICATIONS, PURCHASE 5/24 348.3 344.3 15.3 MORTGAGE APPLICATIONS, REFINANCE 5/24 1497.5 1425.8 -7.7

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 5/29 $/troy oz. 327.050 317.100 20.7 STEEL SCRAP 5/28 #1 heavy, $/ton 96.33 96.33 27.0 COPPER 5/24 cents/lb. 76.9 77.6 -4.2 ALUMINUM 5/24 cents/lb. 64.8 65.5 -12.5 COTTON 5/24 strict low middling 1-1/16 in., cents/lb. 33.66 32.37 -18.3 OIL 5/29 $/bbl. 25.55 26.45 -10.5 CRB FOODSTUFFS 5/28 1967=100 200.77 199.77 -3.7 CRB RAW INDUSTRIALS 5/28 1967=100 236.76 232.08 -3.4

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 5/29 2.5130 2.5105 2.3605 BRITISH POUND 5/29 1.47 1.46 1.43 CANADIAN DOLLAR 5/29 1.53 1.54 1.54 EUROPEAN EURO 5/29 0.9391 0.9261 0.8566 JAPANESE YEN 5/29 122.94 124.25 120.32 KOREAN WON 5/29 1225.5 1237.2 1290.0 MEXICAN PESO 5/29 9.765 9.533 9.185 TRADE-WEIGHTED DOLLAR INDEX 5/29 118.0 118.2 121.0

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 5/28 1.88% 1.68% 4.09% COMMERCIAL PAPER 5/28 3-month 1.75 1.80 3.75 CERTIFICATES OF DEPOSIT 5/29 3-month 1.83 1.80 3.92 FIXED MORTGAGE 5/24 30-year 6.87 6.95 7.39 ADJUSTABLE MORTGAGE 5/24 one-year 5.07 5.12 6.15 PRIME 5/24 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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