PRODUCTION INDICATORS

LATEST WEEK YEARLY WEEK AGO % CHG STEEL 7/17 thous. of net tons 1,991 1,994# 2.2 AUTOS 7/17 units 37,202 27,944r# -30.3 TRUCKS 7/17 units 45,382 36,608r# -62.8 ELECTRIC POWER 7/17 millions of kilowatt-hrs. 85,742 79,811# -0.3 CRUDE-OIL REFINING 7/17 thous. of bbl./day 15,481 15,328# -0.7 COAL 7/10 thous. of net tons 19,889# 21,160 5.1 LUMBER 7/10 millions of ft. 462.9# 508.2r -8.3 RAIL FREIGHT 7/10 billions of ton-miles 26.2# 30.8 -3.7

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 7/9 1992=100 131.5 133.4r 3.7 STOCK PRICES 7/16 S&P 500 1101.4 1112.8 10.9 CORPORATE BOND YIELD, Aaa 7/16 5.7% 5.8% 4.9 MONEY SUPPLY, M2 7/5 billions $6,282.4 $6,293.3r 3.1 INITIAL CLAIMS, UNEMPLOYMENT 7/17 thous. 339 350r -13.3 MORTGAGE APPLICATIONS, PURCHASE 7/17 440.3 468.8 -0.5 MORTGAGE APPLICATIONS, REFINANCE 7/17 1651.1 1662.4 -73.3

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 7/21 $/troy oz. 398.500 403.800 13.2 STEEL SCRAP 7/21 #1 heavy, $/ton 161.00 161.00 47.9 COPPER 7/16 cents/lb. 134.0 130.5 61.7 ALUMINUM 7/16 cents/lb. 85.5 85.5 25.7 COTTON 7/16 strict low middling 1-1/16 in., cents/lb. 50.32 51.55 -12.1 OIL 7/21 $/bbl. 40.43 40.85 36.0 CRB FOODSTUFFS 7/20 1967=100 274.62 273.40 18.2 CRB RAW INDUSTRIALS 7/20 1967=100 312.15 307.60 18.3

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 7/21 3.0283 3.0275 2.9000 BRITISH POUND 7/21 1.84 1.86 1.61 CANADIAN DOLLAR 7/21 1.32 1.32 1.40 EUROPEAN EURO 7/21 1.2260 1.2380 1.1486 JAPANESE YEN 7/21 109.80 109.17 118.78 KOREAN WON 7/21 1159.1 1152.9 1180.9 MEXICAN PESO 7/21 11.476 11.450 10.560 TRADE-WEIGHTED DOLLAR INDEX 7/21 93.9 93.3 97.3

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 7/20 1.25% 1.24% 1.00% COMMERCIAL PAPER 7/20 3-month 1.50 1.46 1.01 CERTIFICATES OF DEPOSIT 7/20 3-month 1.57 1.54 1.05 FIXED MORTGAGE 7/16 30-year 6.16 6.15 5.83 ADJUSTABLE MORTGAGE 7/16 one-year 4.17 4.17 3.83 PRIME 7/20 4.25 4.25 4.00

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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