PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 7/27 thous. of net tons 2,026 1,928# 9.5 AUTOS 7/27 units 109,204 87,695r# 11.5 TRUCKS 7/27 units 141,500 117,398r# 9.4 ELECTRIC POWER 7/27 millions of kilowatt-hrs. 86,086 86,409# 4.6 CRUDE-OIL REFINING 7/27 thous. of bbl./day 15,572 15,444# 1.2 COAL 7/20 thous. of net tons 19,602# 18,227 -12.3 LUMBER 7/20 millions of ft. 536.8# 497.6r 2.9 RAIL FREIGHT 7/20 billions of ton-miles 28.2# 27.8 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 7/19 1992=100 121.3 122.2r 0.9 STOCK PRICES 7/26 S&P 500 852.8 847.8 -29.3 CORPORATE BOND YIELD, Aaa 7/26 6.5% 6.5% -3.4 MONEY SUPPLY, M2 7/15 billions $5,620.7 $5,603.4r 7.1 INITIAL CLAIMS, UNEMPLOYMENT 7/26 thous. 387 367r 9.9 MORTGAGE APPLICATIONS, PURCHASE 7/26 360.5 351.4 15.5 MORTGAGE APPLICATIONS, REFINANCE 7/26 4748.8 3512.4 189.0

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 7/31 $/troy oz. 304.650 311.250 14.0 STEEL SCRAP 7/30 #1 heavy, $/ton 96.83 96.83 23.9 COPPER 7/26 cents/lb. 77.1 77.1 6.8 ALUMINUM 7/26 cents/lb. 66.0 66.0 -2.2 COTTON 7/26 strict low middling 1-1/16 in., cents/lb. 41.86 41.20 7.3 OIL 7/31 $/bbl. 26.75 26.49 1.2 CRB FOODSTUFFS 7/30 1967=100 219.66 221.08 -5.8 CRB RAW INDUSTRIALS 7/30 1967=100 242.58 245.56 -0.2

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 7/31 3.4600 2.9435 2.5005 BRITISH POUND 7/31 1.56 1.57 1.43 CANADIAN DOLLAR 7/31 1.58 1.56 1.54 EUROPEAN EURO 7/31 0.9776 0.9957 0.8815 JAPANESE YEN 7/31 119.85 116.63 124.60 KOREAN WON 7/31 1188.0 1174.9 1292.0 MEXICAN PESO 7/31 9.870 9.658 9.215 TRADE-WEIGHTED DOLLAR INDEX 7/31 115.3 113.6 121.0

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 7/30 1.71% 1.73% 3.82% COMMERCIAL PAPER 7/30 3-month 1.74 1.75 3.54 CERTIFICATES OF DEPOSIT 7/31 3-month 1.78 1.76 3.59 FIXED MORTGAGE 7/26 30-year 6.45 6.55 7.22 ADJUSTABLE MORTGAGE 7/26 one-year 4.58 4.67 6.00 PRIME 7/26 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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