PRODUCTION INDICATORS
      
                                                         LATEST       WEEK    YEARLY
                                                           WEEK        AGO     % CHG
      STEEL              5/28 thous. of net tons          1,988      2,090#     -2.6
      AUTOS              5/28 units                      76,965     86,014r#    -7.8
      TRUCKS             5/28 units                     132,863    162,787r#   -11.8
      ELECTRIC POWER     5/28 millions of kilowatt-hrs.  71,491     69,526#     -5.1
      CRUDE-OIL REFINING 5/28 thous. of bbl./day         15,915     15,379#      3.3
      COAL               5/21 thous. of net tons         18,197#    20,372     -11.0
      LUMBER             5/21 millions of ft.             390.7#     376.6       6.5
      RAIL FREIGHT       5/21 billions of ton-miles        30.7#      31.8      -3.5
      
      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               5/20 1992=100      132.9       133.1      0.2
      STOCK PRICES                     5/27 S&P 500      1198.8      1189.3      7.0
      CORPORATE BOND YIELD, Aaa        5/27                 5.1%        5.1%   -14.6
      MONEY SUPPLY, M2                 5/16 billions   $6,460.1    $6,467.6r     2.8
      INITIAL CLAIMS, UNEMPLOYMENT     5/28 thous.          350         325r     1.4
      MORTGAGE APPLICATIONS, PURCHASE  5/28               462.7       482.3      0.6
      MORTGAGE APPLICATIONS, REFINANCE 5/28              2142.1      2167.9     35.3
      
      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                 6/1 $/troy oz.             415.350    418.400        5.2
      STEEL SCRAP          6/1 #1 heavy, $/ton         172.17     172.17        3.4
      COPPER              5/27 cents/lb.               157.7      150.4        21.1
      ALUMINUM            5/27 cents/lb.                84.8       84.7         3.6
      COTTON              5/27 strict low middling      
                               1-1/16 in., cents/lb.    51.51      51.81      -21.1
      OIL                  6/1 $/bbl.                   54.83      50.63       37.9
      CRB FOODSTUFFS      5/31 1967=100                253.48     254.55       -9.9
      CRB RAW INDUSTRIALS 5/31 1967=100                330.21     328.92        4.2
      
      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                    6/1        2.4570       2.4088      3.1312
      BRITISH POUND                     6/1          1.81         1.83        1.83
      CANADIAN DOLLAR                   6/1          1.25         1.26        1.36
      EUROPEAN EURO                     6/1        1.2180       1.2601      1.2215
      JAPANESE YEN                      6/1        108.76       107.71      109.90
      KOREAN WON                        6/1        1010.5       1000.5      1165.2
      MEXICAN PESO                      6/1        10.820       10.934      11.467
      TRADE-WEIGHTED DOLLAR INDEX       6/1          90.9         90.5        94.3
      
      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             5/31                 3.09%        2.99%        1.02%
      COMMERCIAL PAPER          5/30  3-month        NA           NA           NA
      CERTIFICATES OF DEPOSIT   5/31  3-month        3.28         3.24         1.29
      FIXED MORTGAGE            5/27  30-year        5.82         5.86         6.41
      ADJUSTABLE MORTGAGE       5/27  one-year       4.52         4.53         4.14
      PRIME                     5/31                 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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