PRODUCTION INDICATORS
                                                    LATEST       WEEK     YEARLY
                                                      WEEK        AGO%       CHG
      
      STEEL 7/8 thous. of net tons                   2,083      2,091#      11.8
      AUTOS 7/8 units                               61,950     81,320#     202.9
      TRUCKS 7/8 units                              91,025    130,900#     173.6
      ELECTRIC POWER 7/8 millions of kilowatt-hrs.  81,685     83,095#      -0.3
      CRUDE-OIL REFINING 7/8 thous. of bbl./day     15,620     15,764#      -2.3
      COAL 7/1 thous. of net tons                   22,389#    22,473        6.1
      LUMBER 7/1 millions of ft.                     353.1#     355.1       -8.7
      RAIL FREIGHT 7/1 billions of ton-miles          33.9#      33.6        3.7
      
      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 6/30 1992=100          136.8       135.9r      1.9
      STOCK PRICES 7/7 S&P 500                 1265.5      1270.2       4.4
      CORPORATE BOND YIELD, Aaa 7/7               5.9%        5.9%     16.6
      MONEY SUPPLY, M2 6/26 billions         $6,843.6    $6,833.4r     4.7
      INITIAL CLAIMS, UNEMPLOYMENT 7/8 thous.     332         313       0.0
      MORTGAGE APPLICATIONS, PURCHASE 7/8       425.0       414.2     -13.1
      MORTGAGE APPLICATIONS, REFINANCE 7/8     1400.5      1423.9     -45.2
      
      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 7/12 $/troy oz.                  650.000   623.000      53.1
      STEEL SCRAP 7/12 #1 heavy, $/ton       283.33    283.33     134.5
      COPPER 7/7  cents/lb.                   367.5     346.8     121.8
      ALUMINUM 7/7  cents/lb.                 121.1     118.2      47.7
      COTTON 7/7 strict low middling
       1-1/16 in.,  cents/lb.                 49.55     50.04     -10.5
      OIL 7/12 $/bbl.                         75.00     75.27      25.0
      CRB FOODSTUFFS 7/11 1967=100           267.65    261.89       6.4
      CRB RAW INDUSTRIALS 7/11 1967=100      403.34    401.21      24.4
      
      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 7/12                2.2025   2.2080   2.3556
      BRITISH POUND 7/12                   1.83     1.83     1.76
      CANADIAN DOLLAR 7/12                 1.13     1.11     1.21
      EUROPEAN EURO 7/12                 1.2703   1.2725   1.2094
      JAPANESE YEN 7/12                  115.52   115.73   111.87
      KOREAN WON 7/12                     948.8    946.8   1037.5
      MEXICAN PESO 7/12                  11.061   11.250   10.661
      TRADE-WEIGHTED DOLLAR INDEX 7/12     89.1     88.9     91.3
      
      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 7/11                       5.25%    5.25%   3.23%
      COMMERCIAL PAPER 7/11 3-month            NA       NA      3.42
      CERTIFICATES OF DEPOSIT 7/11 3-month     5.50     5.43    3.54
      FIXED MORTGAGE 7/7 30-year               6.94     6.98    5.81
      ADJUSTABLE MORTGAGE 7/7 one-year         6.16     6.18    4.70
      PRIME 7/11                               8.25     8.25    6.25
      
      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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