PRODUCTION INDICATORS
                                                     LATEST      WEEK     YEARLY
                                                       WEEK       AGO%       CHG
      
      STEEL 7/16 thous. of net tons                   1,830     1,863#      -8.1
      AUTOS 7/16 units                               42,049    20,455r#      8.6
      TRUCKS 7/16 units                              49,395    33,272r#      9.3
      ELECTRIC POWER 7/16 millions of kilowatt-hrs.  89,719    81,953#       4.6
      CRUDE-OIL REFINING 7/16 thous. of bbl./day     15,277    15,993#      -1.3
      COAL 7/9 thous. of net tons                    19,377#   21,099       -2.6
      LUMBER 7/9 millions of ft.                      296.4#    386.8       -4.7
      RAIL FREIGHT 7/9 billions of ton-miles           27.9#     32.1        0.4
      
      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 7/8 1992=100            133.5      134.4        1.6
      STOCK PRICES 7/15 S&P 500                 1227.9     1211.9       11.5
      CORPORATE BOND YIELD, Aaa 7/15               5.1%       5.1%     -11.9
      MONEY SUPPLY, M2 7/4 billions            $6,515.5   $6,514.5r      3.8
      INITIAL CLAIMS, UNEMPLOYMENT 7/16 thous.     303        337r     -11.9
      MORTGAGE APPLICATIONS, PURCHASE 7/16       488.7      489.0       11.0
      MORTGAGE APPLICATIONS, REFINANCE 7/16     2618.2     2554.3       58.6
      
      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 7/20 $/troy oz.                  422.150   424.500       5.9
      STEEL SCRAP 7/20 #1 heavy, $/ton       137.67    120.83     -14.5
      COPPER 7/15  cents/lb.                  167.1     165.7      24.7
      ALUMINUM 7/15  cents/lb.                 86.3      82.0       0.8
      COTTON 7/15 strict low
       middling 1-1/16 in.,  cents/lb.        51.78     55.39       2.9
      OIL 7/20 $/bbl.                         57.01     60.01      41.0
      CRB FOODSTUFFS 7/19 1967=100           251.02    251.63      -8.6
      CRB RAW INDUSTRIALS 7/19 1967=100      323.09    324.14       3.5
      
      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 7/20                 2.3394   2.3556   3.0283
      BRITISH POUND 7/20                    1.74     1.76     1.84
      CANADIAN DOLLAR 7/20                  1.22     1.21     1.32
      EUROPEAN EURO 7/20                  1.2139   1.2094   1.2259
      JAPANESE YEN 7/20                   112.90   111.87   109.80
      KOREAN WON 7/20                     1044.5   1037.5   1159.1
      MEXICAN PESO 7/20                   10.627   10.661   11.476
      TRADE-WEIGHTED DOLLAR INDEX 7/20      91.9     91.3     93.9
      
      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 7/19                       3.13%   3.23%   1.25%
      COMMERCIAL PAPER 7/18 3-month            NA      NA      1.49
      CERTIFICATES OF DEPOSIT 7/19 3-month     3.59    3.54    1.57
      FIXED MORTGAGE 7/15 30-year              5.84    5.81    6.16
      ADJUSTABLE MORTGAGE 7/15 one-year        4.72    4.70    4.17
      PRIME 7/19                               6.25    6.25    4.25
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      # Raw data in the production indicators are seasonally adjusted in computing
      the BW index; 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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