PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO% CHG STEEL 7/19 thous. of net tons 1,948 1,998# 1.0 AUTOS 7/19 units 66,062 42,415r# -24.7 TRUCKS 7/19 units 122,090 52,585r# 4.0 ELECTRIC POWER 7/19 millions of kilowatt-hrs. 85,969 82,993# -0.5 CRUDE-OIL REFINING 7/19 thous. of bbl./day 15,596 15,545# 1.0 COAL 7/12 thous. of net tons 18,927# 18,785 3.8 LUMBER 7/12 millions of ft. 483.0# 376.4r -2.9 RAIL FREIGHT 7/12 billions of ton-miles 24.5# 24.5 3.8

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 7/11 1992=100 126.8 124.9r 4.9 STOCK PRICES 7/17 S&P 500 993.3 998.1 17.2 CORPORATE BOND YIELD, Aaa 7/17 5.5% 5.3% -16.0 MONEY SUPPLY, M2 7/7 billions $6,092.9 $6,074.1r 8.7 INITIAL CLAIMS, UNEMPLOYMENT 7/18 thous. 386 415r 5.2 MORTGAGE APPLICATIONS, PURCHASE 7/18 442.4 447.2 25.9 MORTGAGE APPLICATIONS, REFINANCE 7/18 6181.2 6657.2 76.0

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 EARLY WEEK AGO% CHG GOLD 7/23 $/troy oz. 352.000 343.200 13.1 STEEL SCRAP 7/22 #1 heavy, $/ton 108.83 108.83 12.4 COPPER 7/18 cents/lb. 82.9 81.4 7.5 ALUMINUM 7/18 cents/lb. 68.0 68.0 3.0 COTTON 7/18 strict low middling

1-1/16 in., cents/lb. 57.25 57.59 38.9 OIL 7/23 $/bbl. 29.72 30.69 12.2 CRB FOODSTUFFS 7/22 1967=100 232.34 231.43 5.1 CRB RAW INDUSTRIALS 7/22 1967=100 263.85 265.08 7.4

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 7/23 2.9000 2.8435 2.9435 BRITISH POUND 7/23 1.61 1.60 1.57 CANADIAN DOLLAR 7/23 1.40 1.39 1.56 EUROPEAN EURO 7/23 1.1486 1.1220 0.9957 JAPANESE YEN 7/23 118.78 118.10 116.63 KOREAN WON 7/23 1180.9 1176.5 1174.9 MEXICAN PESO 7/23 10.560 10.369 9.658 TRADE-WEIGHTED DOLLAR INDEX 7/23 97.3 97.4 113.6

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 7/22 1.00% 1.13% 1.73% COMMERCIAL PAPER 7/22 3-month 1.01 1.00 1.75 CERTIFICATES OF DEPOSIT 7/23 3-month 1.05 1.05 1.76 FIXED MORTGAGE 7/17 30-year 5.83 5.69 6.55 ADJUSTABLE MORTGAGE 7/17 one-year 3.83 3.76 4.67 PRIME 7/17 4.00 4.00 4.75

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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