PRODUCTION INDICATORS
                                                           LATEST         WEEK      YEARLY
                                                             WEEK          AGO       % CHG
      STEEL               7/2  thous. of net tons           1,885        1,877  #     -6.2
      AUTOS               7/2  units                       85,372       94,879r #      5.5
      TRUCKS              7/2  units                      142,307      163,946r #     -8.9
      ELECTRIC POWER      7/2  millions of kilowatt-hrs.   87,022       81,375  #     10.2
      CRUDE-OIL REFINING  7/2  thous. of bbl./day          16,358       16,081  #       4%
      COAL               6/25  thous. of net tons         21,238 #     21,062         -0.1
      LUMBER             6/25  millions of ft.             380.9 #      373.0         -2.4
      RAIL FREIGHT       6/25  billions of ton-miles        32.1 #       31.8          1.6
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison Electric
      Institute, American Petroleum Institute, Energy Dept., WWPA¹, SFPA², Association of
      American Railroads
      
      LEADING INDICATORS
                                                            LATEST         WEEK    YEARLY
                                                              WEEK          AGO     % CHG
      ECRI LEADING INDEX                 6/24  1992=100      133.7        133.3 r     1.9
      STOCK PRICES                        7/1  S&P 500      1194.4       1191.6       6.1
      CORPORATE BOND YIELD, Aaa           7/1                  5.0%         4.9%    -14.1
      MONEY SUPPLY, M2                   6/20  billions   $6,501.7     $6,467.1 r     3.3
      INITIAL CLAIMS, UNEMPLOYMENT        7/2  thous.          319          312 r    -1.2
      MORTGAGE APPLICATIONS, PURCHASE     7/2                520.8        477.4       4.0
      MORTGAGE APPLICATIONS, REFINANCE    7/2               2788.2       2529.2      57.6
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Federal
      Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)
      
      PRICES
                                                               LATEST       WEEK   YEARLY
                                                                 WEEK        AGO    % CHG
      GOLD                  7/6  $/troy oz.                   423.500    435.800      6.0
      STEEL SCRAP           7/6  #1 heavy, $/ton               120.83     120.83    -19.4
      COPPER                7/1  ¢/lb.                          164.7      172.9     30.9
      ALUMINUM              7/1  ¢/lb.                           82.5       84.3     -2.2
      COTTON                7/1  strict low middling            55.13      51.82      2.7
                                 1-1/16 in., ¢/lb
      OIL                   7/6  $/bbl.                         61.45      57.36     57.6
      CRB FOODSTUFFS        7/5  1967=100                      254.10     252.19     -8.0
      CRB RAW INDUSTRIALS   7/5  1967=100                      329.56     331.36      7.5
      
      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                           7/6           2.3939     2.3525     3.0430
      BRITISH POUND                            7/6             1.75       1.81       1.86
      CANADIAN DOLLAR                          7/6             1.24       1.23       1.32
      EUROPEAN EURO                            7/6           1.1932     1.2070     1.2373
      JAPANESE YEN                             7/6           112.18     110.43     108.63
      KOREAN WON                               7/6           1048.2     1028.9     1151.5
      MEXICAN PESO                             7/6           10.780     10.742     11.493
      TRADE-WEIGHTED DOLLAR INDEX              7/6             92.2       91.2       93.2
      
      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                      7/5                 3.27%        3.17%      1.30%
      COMMERCIAL PAPER                   7/4  3-month          NA           NA         NA
      CERTIFICATES OF DEPOSIT            7/5  3-month        3.51         3.45       1.51
      FIXED MORTGAGE                     7/1  30-year        5.72         5.78       6.42
      ADJUSTABLE MORTGAGE                7/1  one-year       4.64         4.67       4.18
      PRIME                              7/5                 6.25         6.00       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. no longer included. Historical data
      has been adjusted.  3=Free market value  NA=Not available  r=revised  NM=Not meaningful
      
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