PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              5/26 thous. of net tons          2,076     2,085#    -0.1
      AUTOS              5/26 units                      77,220    77,220#    -5.1
      TRUCKS             5/26 units                     135,840   135,840#     4.7
      ELECTRIC POWER     5/26 millions of kilowatt-hrs.  73,946    71,696#     0.0
      CRUDE-OIL REFINING 5/26 thous. of bbl./day         15,061    15,002#    -3.0
      COAL               5/19 thous. of net tons         21,822#   20,998     -4.8
      LUMBER             5/19 millions of ft.             311.9#    302.2    -13.3
      RAIL FREIGHT       5/19 billions of ton-miles        33.7#     32.7     -4.3
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA,
      Association of American Railroads
      
      
      LEADING INDICATORS
      
                                                        LATEST       WEEK   YEARLY
                                                          WEEK        AGO    % CHG
      ECRI LEADING INDEX               5/18 1992=100     142.4      142.6r     3.8
      STOCK PRICES                     5/25 S&P 500     1515.7     1522.8     18.4
      CORPORATE BOND YIELD, Aaa        5/25                5.6%       5.5%    -5.8
      MONEY SUPPLY, M2                 5/14 billions  $7,226.2   $7,228.1r     6.6
      INITIAL CLAIMS, UNEMPLOYMENT     5/26 thous.         310        314r    -5.5
      MORTGAGE APPLICATIONS, PURCHASE  5/26              427.0      438.1      8.0
      MORTGAGE APPLICATIONS, REFINANCE 5/26             1874.6     2154.7     33.0
      
      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                5/30 $/troy oz.            652.650   662.050        -0.1
      STEEL SCRAP         5/31 #1 heavy, $/ton        240.83    240.83         1.8
      COPPER              5/25 cents/lb.              336.4     347.6        -14.9
      ALUMINUM            5/25 cents/lb.              129.9     129.2         -0.2
      COTTON              5/25 strict low middling     
                               1-1/16 in., cents/lb.   48.50     46.89        -3.8
      OIL                 5/30 $/bbl.                  63.54     64.98       -10.9
      CRB FOODSTUFFS      5/29 1967=100               314.74    314.64        26.4
      CRB RAW INDUSTRIALS 5/29 1967=100               485.33    486.25        19.5
      
      Sources: London Wednesday final setting, Metal Bulletin, Platt's Metals Week,
      Memphis market, NYMEX, Commodity Research Bureau
      
      
      FOREIGN EXCHANGE
      
                                                  LATEST       WEEK       YEAR
                                                    WEEK        AGO        AGO
      BRAZILIAN REAL                   5/30       1.9410     1.9560     2.3070
      BRITISH POUND                    5/30         1.98       1.99       1.87
      CANADIAN DOLLAR                  5/30         1.07       1.08       1.10
      EUROPEAN EURO                    5/30       1.3429     1.3460     1.2808
      JAPANESE YEN                     5/30       121.66     121.67     112.65
      KOREAN WON                       5/30        931.0      933.2      945.7
      MEXICAN PESO                     5/30       10.747     10.802     11.337
      TRADE-WEIGHTED DOLLAR INDEX      5/30         86.8       86.8       88.1
      
      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               5/29                   5.29%     5.23%     5.02%
      COMMERCIAL PAPER            5/29  3-month          NA        5.18      NA
      CERTIFICATES OF DEPOSIT     5/29  3-month          5.32      5.31      5.20
      FIXED MORTGAGE              5/25  30-year          6.46      6.38      6.74
      ADJUSTABLE MORTGAGE         5/25  one-year         5.95      5.94      5.95
      PRIME                       5/29                   8.25      8.25      8.00
      
      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. NA=Not
      available  r=revised  NM=Not meaningful
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