PRODUCTION INDICATORS
      
                                                         LATEST     WEEK  YEARLY
                                                           WEEK      AGO   % CHG
      STEEL              7/15 thous. of net tons          2,037    2,083#   11.3
      AUTOS              7/15 units                      61,950   61,950#   45.9
      TRUCKS             7/15 units                      91,025   91,025#   83.2
      ELECTRIC POWER     7/15 millions of kilowatt-hrs.  89,508   81,685#   -0.2
      CRUDE-OIL REFINING 7/15 thous. of bbl./day         15,644   15,620#    2.4
      COAL                7/8 thous. of net tons         21,390#  22,389    10.4
      LUMBER              7/8 millions of ft.             290.1#   353.1    -2.1
      RAIL FREIGHT        7/8 billions of ton-miles        29.6#    33.9     6.1
      
      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                 7/7 1992=100     136.9      136.4r     2.7
      STOCK PRICES                      7/14 S&P 500     1236.2     1265.5      0.7
      CORPORATE BOND YIELD, Aaa         7/14                5.8%       5.9%    15.4
      MONEY SUPPLY, M2                   7/3 billions  $6,863.2   $6,843.5r     5.2
      INITIAL CLAIMS, UNEMPLOYMENT      7/15 thous.         304        334r    -3.5
      MORTGAGE APPLICATIONS, PURCHASE   7/15              398.5      425.0    -18.5
      MORTGAGE APPLICATIONS, REFINANCE  7/15             1377.6     1400.5    -47.4
      
      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                7/19 $/troy oz.             641.600   650.000     52.0
      STEEL SCRAP         7/19 #1 heavy, $/ton         233.83    283.33     69.8
      COPPER              7/14 cents/lb.               381.7     367.5     128.4
      ALUMINUM            7/14 cents/lb.               122.2     121.1      41.7
      COTTON              7/14 strict low middling      
                               1-1/16 in., cents/lb.    49.67     49.55     -4.1
      OIL                 7/19 $/bbl.                   72.81     75.00     27.7
      CRB FOODSTUFFS      7/18 1967=100                260.39    267.65      3.7
      CRB RAW INDUSTRIALS 7/18 1967=100                405.38    403.34     25.5
      
      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                    7/19       2.1839      2.2025      2.3394
      BRITISH POUND                     7/19         1.84        1.83        1.74
      CANADIAN DOLLAR                   7/19         1.13        1.13        1.22
      EUROPEAN EURO                     7/19       1.2587      1.2703      1.2139
      JAPANESE YEN                      7/19       116.89      115.52      112.90
      KOREAN WON                        7/19        957.9       948.8      1044.5
      MEXICAN PESO                      7/19       10.868      11.061      10.627
      TRADE-WEIGHTED DOLLAR INDEX       7/19         89.5        89.1        91.9
      
      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                7/18                5.22%      5.25%      3.13%
      COMMERCIAL PAPER             7/17  3-month       NA         NA         NA
      CERTIFICATES OF DEPOSIT      7/18  3-month       5.47       5.50       3.59
      FIXED MORTGAGE               7/14  30-year       6.91       6.94       5.84
      ADJUSTABLE MORTGAGE          7/14  one-year      6.18       6.16       4.72
      PRIME                        7/18                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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