PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 5/22 thous. of net tons 2,030 1,956# 9.1 AUTOS 5/22 units 88,318 89,470r# -3.2 TRUCKS 5/22 units 167,803 167,310r# 13.3 ELECTRIC POWER 5/22 millions of kilowatt-hrs. 74,055 73,541# 11.2 CRUDE-OIL REFINING 5/22 thous. of bbl./day 15,547 15,496# -0.1 COAL 5/15 thous. of net tons 20,528# 20,418 1.9 LUMBER 5/15 millions of ft. 570.9# 573.5r 14.5 RAIL FREIGHT 5/15 billions of ton-miles 31.6# 30.8 6.0

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 5/14 1992=100 133.8 135.6r 8.3 STOCK PRICES 5/20 S&P 500 1093.6 1095.7 17.2 CORPORATE BOND YIELD, Aaa 5/20 6.1% 6.1% 23.1 MONEY SUPPLY, M2 5/10 billions $6,267.3 $6,274.8 4.4 INITIAL CLAIMS, UNEMPLOYMENT 5/22 thous. 344 347r -19.2 MORTGAGE APPLICATIONS, PURCHASE 5/22 449.8 454.2 13.7 MORTGAGE APPLICATIONS, REFINANCE 5/22 1694.9 1816.9 -80.8

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 5/26 $/troy oz. 389.650 380.750 7.3 STEEL SCRAP 5/26 #1 heavy, $/ton 166.50 166.50 54.2 COPPER 5/21 cents/lb. 123.4 123.3 53.2 ALUMINUM 5/21 cents/lb. 79.8 79.3 17.3 COTTON 5/21 strict low middling 1-1/16 in., cents/lb. 66.03 66.78 28.8 OIL 5/26 $/bbl. 40.47 41.32 44.1 CRB FOODSTUFFS 5/25 1967=100 280.42 282.19 18.3 CRB RAW INDUSTRIALS 5/25 1967=100 314.49 310.13 21.0

Sources: London Wednesday final setting, Institute of Scrap Recycling Indus- tries, Metals Week, Memphis market, NYMEX, Commodity Research Bureau

FOREIGN EXCHANGE

LATEST WEEK YEAR WEEK AGO AGO BRAZILIAN REAL 5/26 3.1815 3.1345 3.0120 BRITISH POUND 5/26 1.81 1.78 1.64 CANADIAN DOLLAR 5/26 1.37 1.38 1.38 EUROPEAN EURO 5/26 1.2106 1.2011 1.1758 JAPANESE YEN 5/26 111.93 113.07 118.58 KOREAN WON 5/26 1177.6 1177.5 1200.4 MEXICAN PESO 5/26 11.464 11.554 10.372 TRADE-WEIGHTED DOLLAR INDEX 5/26 95.0 95.6 103.6

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 5/25 1.00% 1.00% 1.32% COMMERCIAL PAPER 5/24 3-month NA 1.09 1.19 CERTIFICATES OF DEPOSIT 5/25 3-month 1.25 1.20 1.22 FIXED MORTGAGE 5/21 30-year 6.41 6.49 5.50 ADJUSTABLE MORTGAGE 5/21 one-year 4.18 4.08 3.84 PRIME 5/25 4.00 4.00 4.25

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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