PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL              5/21 thous. of net tons           2,090     1,969#     3.0
      AUTOS              5/21 units                       83,239    92,554r#   -6.8
      TRUCKS             5/21 units                      167,045   168,902r#    1.7
      ELECTRIC POWER     5/21 millions of kilowatt-hrs.   69,526    68,636#    -6.1
      CRUDE-OIL REFINING 5/21 thous. of bbl./day          15,379    15,690#    -1.1
      COAL               5/14 thous. of net tons          20,372#   21,739     -0.8
      LUMBER             5/14 millions of ft.              376.6#    373.2      3.7
      RAIL FREIGHT       5/14 billions of ton-miles         31.8#     32.7     -1.2
      
      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               5/13 1992=100     133.1      134.3r      0.2
      STOCK PRICES                     5/20 S&P 500     1189.3     1154.1       8.8
      CORPORATE BOND YIELD, Aaa        5/20                5.1%       5.1%    -16.1
      MONEY SUPPLY, M2                  5/9 billions  $6,466.7   $6,478.8r      3.3
      INITIAL CLAIMS, UNEMPLOYMENT     5/21 thous.         323        322r     -6.1
      MORTGAGE APPLICATIONS, PURCHASE  5/21              482.3      469.3       7.2
      MORTGAGE APPLICATIONS, REFINANCE 5/21             2167.9     2036.7      27.9
      
      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                5/25 $/troy oz.             418.400   419.750      7.4
      STEEL SCRAP         5/25 #1 heavy, $/ton         172.17    175.00      3.4
      COPPER              5/20 cents/lb.               150.4     151.9      21.9
      ALUMINUM            5/20 cents/lb.                84.7      86.1       5.9
      COTTON              5/20 strict low middling      
                               1-1/16 in., cents/lb.    51.81     55.11    -21.5
      OIL                 5/25 $/bbl.                   50.63     47.65     25.1
      CRB FOODSTUFFS      5/24 1967=100                254.55    254.71     -9.2
      CRB RAW INDUSTRIALS 5/24 1967=100                328.92    328.39      4.6
      
      Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin,
      Platt's Metals Week, Memphis market, NYMEX, Commodity Research Bureau
      
      
      FOREIGN EXCHANGE
      
                                             LATEST         WEEK         YEAR
                                               WEEK          AGO          AGO
      BRAZILIAN REAL                 5/25    2.4088       2.4570       3.1815
      BRITISH POUND                  5/25      1.83         1.84         1.81
      CANADIAN DOLLAR                5/25      1.26         1.26         1.37
      EUROPEAN EURO                  5/25    1.2601       1.2679       1.2106
      JAPANESE YEN                   5/25    107.71       106.98       111.93
      KOREAN WON                     5/25    1000.5        998.5       1177.6
      MEXICAN PESO                   5/25    10.934       10.927       11.464
      TRADE-WEIGHTED DOLLAR INDEX    5/25      90.5         90.3         95.1
      
      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              5/24                  2.99%        2.99%      1.00%
      COMMERCIAL PAPER           5/23  3-month         NA           NA         NA
      CERTIFICATES OF DEPOSIT    5/24  3-month         3.24         3.21       1.25
      FIXED MORTGAGE             5/20  30-year         5.86         5.90       6.41
      ADJUSTABLE MORTGAGE        5/20  one-year        4.53         4.52       4.18
      PRIME                      5/24                  6.00         6.00       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. no longer included. Historical data has been adjusted.
      3=Free market value  NA=Not available  r=revised  NM=Not meaningful
      
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