PRODUCTION INDICATORS
      
                                                         LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL              6/18 thous. of net tons           1,800     1,861#     -8.8
      AUTOS              6/18 units                       90,687    88,154r#     1.5
      TRUCKS             6/18 units                      167,391   161,845r#    14.4
      ELECTRIC POWER     6/18 millions of kilowatt-hrs.   82,800    82,325#      0.0
      CRUDE-OIL REFINING 6/18 thous. of bbl./day          15,897    16,273#      1.4
      COAL               6/11 thous. of net tons          21,165#   21,013      -0.6
      LUMBER             6/11 millions of ft.              388.7#    338.2       2.0
      RAIL FREIGHT       6/11 billions of ton-miles         31.8#     30.1      -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               6/10 1992=100      134.1      132.8r     1.5
      STOCK PRICES                     6/17 S&P 500      1217.0     1198.1      7.2
      CORPORATE BOND YIELD, Aaa        6/17                 5.0%       5.0%   -15.7
      MONEY SUPPLY, M2                  6/6 billions   $6,484.7   $6,464.1r     3.4
      INITIAL CLAIMS, UNEMPLOYMENT     6/18 thous.          314        334r    -9.8
      MORTGAGE APPLICATIONS, PURCHASE  6/18               479.4      529.3      5.5
      MORTGAGE APPLICATIONS, REFINANCE 6/18              2575.0     2967.4      77.0
      
      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    YEARLY
                                                            WEEK       AGO     % CHG
      GOLD                6/22 $/troy oz.                437.000   428.700      10.9
      STEEL SCRAP         6/22 #1 heavy, $/ton            120.83    120.83     -19.4
      COPPER              6/17 cents/lb.                  168.1     165.9       35.7
      ALUMINUM            6/17 cents/lb.                  83.1      84.4         0.6
      COTTON              6/17 strict low middling
                               1-1/16 in.,  cents/lb.     48.77     48.39      -15.2
      OIL                 6/22 $/bbl.                     57.90     55.69       54.4
      CRB FOODSTUFFS      6/21 1967=100                   259.65    253.67      -6.8
      CRB RAW INDUSTRIALS 6/21 1967=100                   333.99    331.26      10.1
      
      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              6/22   2.3851          2.4233          3.1093
      BRITISH POUND               6/22     1.82            1.82            1.82
      CANADIAN DOLLAR             6/22     1.23            1.24            1.36
      EUROPEAN EURO               6/22   1.2129          1.2115          1.2093
      JAPANESE YEN                6/22   108.87          109.19          108.50
      KOREAN WON                  6/22   1010.7          1013.5          1159.8
      MEXICAN PESO                6/22   10.763          10.802          11.333
      TRADE-WEIGHTED DOLLAR INDEX 6/21     90.8            91.2            94.4
      
      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             6/21                   2.96%       3.01%       1.00%
      COMMERCIAL PAPER          6/20  3-month          3.30        3.27        NA
      CERTIFICATES OF DEPOSIT   6/21  3-month          3.41        3.35        1.50
      FIXED MORTGAGE            6/17  30-year          5.81        5.74        6.46
      ADJUSTABLE MORTGAGE       6/17  one-year         4.58        4.49        4.35
      PRIME                     6/21                   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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