PRODUCTION INDICATORS
      
                                                         LATEST     WEEK   YEARLY
                                                           WEEK      AGO    % CHG
      STEEL              7/29 thous. of net tons          2,073    2,053#     7.2
      AUTOS              7/29 units                      61,950   61,950#   -26.6
      TRUCKS             7/29 units                      91,025   91,025#   -41.4
      ELECTRIC POWER     7/29 millions of kilowatt-hrs.  93,102   96,314#     0.4
      CRUDE-OIL REFINING 7/29 thous. of bbl./day         15,429   15,644#    -2.0
      COAL               7/22 thous. of net tons         22,375#  22,462      7.1
      LUMBER             7/22 millions of ft.             362.6#   341.8     -6.0
      RAIL FREIGHT       7/22 billions of ton-miles        33.1#    33.0      3.4
      
      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               7/21 1992=100     136.3       136.9      1.2
      STOCK PRICES                     7/28 S&P 500     1278.6      1240.3      3.6
      CORPORATE BOND YIELD, Aaa        7/28                5.8%        5.8%    14.0
      MONEY SUPPLY, M2                 7/17 billions  $6,860.5    $6,860.8r     4.9
      INITIAL CLAIMS, UNEMPLOYMENT     7/29 thous.         315         301r    -0.9
      MORTGAGE APPLICATIONS, PURCHASE  7/29              376.2       389.0    -23.9
      MORTGAGE APPLICATIONS, REFINANCE 7/29             1417.2      1385.2    -37.0
      
      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                  8/2 $/troy oz.             654.400    614.300     50.6
      STEEL SCRAP           8/2 #1 heavy, $/ton         233.83     233.83     63.9
      COPPER               7/28 cents/lb.               358.0      365.3     107.3
      ALUMINUM             7/28 cents/lb.               117.6      119.1      35.2
      COTTON               7/28 strict low middling      
                                1-1/16 in., cents/lb.    52.47      51.05      1.6
      OIL                   8/2 $/bbl.                   75.93      74.09     24.1
      CRB FOODSTUFFS        8/1 1967=100                261.09     255.65      3.6
      CRB RAW INDUSTRIALS   8/1 1967=100                406.30     402.49     24.6
      
      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                  8/2       2.1820      2.1957      2.3115
      BRITISH POUND                   8/2         1.88        1.85        1.78
      CANADIAN DOLLAR                 8/2         1.13        1.13        1.22
      EUROPEAN EURO                   8/2       1.2787      1.2717      1.2337
      JAPANESE YEN                    8/2       114.67      116.27      111.07
      KOREAN WON                      8/2        962.3       954.6      1015.5
      MEXICAN PESO                    8/2       10.980      10.941      10.581
      TRADE-WEIGHTED DOLLAR INDEX     8/2         88.6        89.3        90.3
      
      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                8/1                5.27%     5.24%     3.20%
      COMMERCIAL PAPER            7/31  3-month       NA        NA        3.54
      CERTIFICATES OF DEPOSIT      8/1  3-month       5.43      5.46      3.69
      FIXED MORTGAGE              7/28  30-year       6.80      6.88      5.92
      ADJUSTABLE MORTGAGE         7/28  one-year      6.14      6.15      4.82
      PRIME                        8/1                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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