PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 7/20 thous. of net tons 1,928 1,918# 0.6 AUTOS 7/20 units 96,200 43,206r# 21.2 TRUCKS 7/20 units 143,733 27,911r# 15.2 ELECTRIC POWER 7/20 millions of kilowatt-hrs. 86,409 80,850# 9.6 CRUDE-OIL REFINING 7/20 thous. of bbl./day 15,444 15,564# 0.6 COAL 7/13 thous. of net tons 18,227# 16,448 -11.2 LUMBER 7/13 millions of ft. 495.4# 329.5r 0.4 RAIL FREIGHT 7/13 billions of ton-miles 27.8# 23.8 4.1

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 7/12 1992=100 122.3 123.4 2.3 STOCK PRICES 7/19 S&P 500 847.8 921.4 -30.0 CORPORATE BOND YIELD, Aaa 7/19 6.5% 6.5% -3.6 MONEY SUPPLY, M2 7/8 billions $5,603.5 $5,609.8r 7.2 INITIAL CLAIMS, UNEMPLOYMENT 7/19 thous. 362 383r -1.9 MORTGAGE APPLICATIONS, PURCHASE 7/19 351.4 377.1 8.2 MORTGAGE APPLICATIONS, REFINANCE 7/19 3512.4 2729.5 122.1

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 7/24 $/troy oz. 311.250 316.150 16.0 STEEL SCRAP 7/23 #1 heavy, $/ton 96.83 96.83r 23.1 COPPER 7/19 cents/lb. 77.1 79.1 3.9 ALUMINUM 7/19 cents/lb. 66.0 66.3 -3.6 COTTON 7/19 strict low middling 1-1/16 in., cents/lb. 41.20 41.56 8.1 OIL 7/24 $/bbl. 26.49 27.67 0.2 CRB FOODSTUFFS 7/23 1967=100 221.08 218.24 -1.4 CRB RAW INDUSTRIALS 7/23 1967=100 245.56 245.67 0.8

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 7/24 2.9435 2.8960 2.4890 BRITISH POUND 7/24 1.57 1.57 1.43 CANADIAN DOLLAR 7/24 1.56 1.54 1.54 EUROPEAN EURO 7/24 0.9957 1.0074 0.8804 JAPANESE YEN 7/24 116.63 116.32 123.63 KOREAN WON 7/24 1174.9 1171.9 1306.0 MEXICAN PESO 7/24 9.658 9.687 9.155 TRADE-WEIGHTED DOLLAR INDEX 7/24 113.6 112.3 120.7

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 7/23 1.73% 1.72% 3.82% COMMERCIAL PAPER 7/23 3-month 1.75 1.74 3.54 CERTIFICATES OF DEPOSIT 7/24 3-month 1.76 1.80 3.61 FIXED MORTGAGE 7/19 30-year 6.55 6.60 7.26 ADJUSTABLE MORTGAGE 7/19 one-year 4.67 4.72 6.09 PRIME 7/19 4.75 4.75 6.75

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 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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