PRODUCTION INDICATORS
      
                                                          LATEST      WEEK  YEARLY
                                                            WEEK       AGO   % CHG
      STEEL              5/20 thous. of net tons           2,094     2,105#    0.2
      AUTOS              5/20 units                       81,360    81,360#   -5.4
      TRUCKS             5/20 units                      129,720   129,720#  -20.3
      ELECTRIC POWER     5/20 millions of kilowatt-hrs.   69,451    69,860#   -0.1
      CRUDE-OIL REFINING 5/20 thous. of bbl./day          15,098    15,093#   -1.8
      COAL               5/13 thous. of net tons          23,482#   23,255    15.3
      LUMBER             5/13 millions of ft.              363.1#    346.0    -3.6
      RAIL FREIGHT       5/13 billions of ton-miles         33.9#     34.0     5.3
      
      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               5/12 1992=100     137.6      138.3      3.6
      STOCK PRICES                     5/19 S&P 500     1267.0     1291.2      6.5
      CORPORATE BOND YIELD, Aaa        5/19                5.9%       6.0%    15.3
      MONEY SUPPLY, M2                  5/8 billions  $6,770.9   $6,794.8      4.4
      INITIAL CLAIMS, UNEMPLOYMENT     5/20 thous.         329        369r     0.6
      MORTGAGE APPLICATIONS, PURCHASE  5/20              396.4      426.7    -17.8
      MORTGAGE APPLICATIONS, REFINANCE 5/20             1480.5     1546.8    -31.7
      
      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                5/24 $/troy oz.             648.500    699.500     55.0
      STEEL SCRAP         5/24 #1 heavy, $/ton         283.33     236.50     64.6
      COPPER              5/19 cents/lb.               389.7      387.5     159.2
      ALUMINUM            5/19 cents/lb.               137.2      145.0      62.0
      COTTON              5/19 strict low middling      
                               1-1/16 in., cents/lb.    50.89      51.36     -1.8
      OIL                 5/24 $/bbl.                   69.49      68.59     37.3
      CRB FOODSTUFFS      5/23 1967=100                251.87     252.29     -1.1
      CRB RAW INDUSTRIALS 5/23 1967=100                399.35     401.02     21.4
      
      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                     5/24       2.3275     2.2095     2.4088
      BRITISH POUND                      5/24         1.87       1.88       1.83
      CANADIAN DOLLAR                    5/24         1.12       1.11       1.26
      EUROPEAN EURO                      5/24       1.2754     1.2743     1.2601
      JAPANESE YEN                       5/24       112.94     110.98     107.71
      KOREAN WON                         5/24        949.6      943.5     1000.5
      MEXICAN PESO                       5/24       11.216     11.205     10.934
      TRADE-WEIGHTED DOLLAR INDEX        5/24         88.7       88.0       90.5
      
      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              5/23                 4.94%    4.98%    2.99%
      COMMERCIAL PAPER           5/22  3-month        5.01     NA       NA
      CERTIFICATES OF DEPOSIT    5/23  3-month        5.18     5.13     3.24
      FIXED MORTGAGE             5/19  30-year        6.78     6.74     5.86
      ADJUSTABLE MORTGAGE        5/19  one-year       5.94     5.91     4.53
      PRIME                      5/23                 8.00     8.00     6.00
      
      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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