PRODUCTION INDICATORS
                                                     LATEST       WEEK    YEARLY
                                                       WEEK        AGO%      CHG
      
      STEEL 7/22 thous. of net tons                   2,053      2,037#      8.1
      AUTOS 7/22 units                               61,950     61,950#    -11.3
      TRUCKS 7/22 units                              91,025     91,025#    -20.4
      ELECTRIC POWER 7/22 millions of kilowatt-hrs.  96,314     89,508#      1.1
      CRUDE-OIL REFINING 7/22 thous. of bbl./day     15,644     15,644#      1.0
      COAL 7/15 thous. of net tons                   22,462#    21,390       7.2
      LUMBER 7/15 millions of ft.                     341.8#     290.1      -7.4
      RAIL FREIGHT 7/15 billions of ton-miles          33.0#      29.6       4.1
      
      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 7/14 1992=100            136.9        136.9       1.6
      STOCK PRICES 7/21 S&P 500                  1240.3       1236.2       0.5
      CORPORATE BOND YIELD, Aaa 7/21                5.8%         5.8%     14.4
      MONEY SUPPLY, M2 7/10 billions            6,855.8     $6,866.3r     5.2
      INITIAL CLAIMS, UNEMPLOYMENT 7/22 thous.      298          305r     -4.8
      MORTGAGE APPLICATIONS, PURCHASE 7/22        389.0        398.5     -19.8
      MORTGAGE APPLICATIONS, REFINANCE 7/22      1385.2       1377.6     -40.3
      
      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    EARLY
                                             WEEK       AGO%     CHG
      
      GOLD 7/26 $/troy oz.                614.300   641.600     44.9
      STEEL SCRAP 7/26 #1 heavy, $/ton     233.83    233.83     69.8
      COPPER 7/21  cents/lb.                365.3     381.7    115.2
      ALUMINUM 7/21  cents/lb.              119.1     122.2     37.7
      COTTON 7/21 strict low
       middling 1-1/16 in.,  cents/lb.      51.05     49.67      1.6
      OIL 7/26 $/bbl.                       74.09     72.81     24.9
      CRB FOODSTUFFS 7/26 1967=100         256.31    257.02      2.4
      CRB RAW INDUSTRIALS 7/26 1967=100    401.92    404.18     24.0
      
      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 7/26                2.1957   2.1839   2.4405
      BRITISH POUND 7/26                   1.85     1.84     1.74
      CANADIAN DOLLAR 7/26                 1.13     1.13     1.24
      EUROPEAN EURO 7/26                 1.2717   1.2587   1.2068
      JAPANESE YEN 7/26                  116.27   116.89   112.46
      KOREAN WON 7/26                     954.6    957.9   1030.9
      MEXICAN PESO 7/26                  10.941   10.868   10.658
      TRADE-WEIGHTED DOLLAR INDEX 7/26     89.3     89.5     91.6
      
      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 7/25                      5.24%   5.22%    3.25%
      COMMERCIAL PAPER 7/25 3-month             NA      NA     3.49
      CERTIFICATES OF DEPOSIT 7/25 3-month    5.46    5.47     3.62
      FIXED MORTGAGE 7/21 30-year             6.88    6.91     5.90
      ADJUSTABLE MORTGAGE 7/21 one-year       6.15    6.18     4.77
      PRIME 7/25                              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; 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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