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To: Lee who wrote (26676)	6/1/1999 6:54:00 AM
From: IQBAL LATIF	Read Replies (2) \| Respond to of 50167

Lee- Thanks a lot for this particular chart... stls.frb.org I have many a times highlighted this issue of output and capacity utilisation, if you closely look at this chart you will see that whenever output rises inevitably we see a rise in stock market too, this gap between output and capacity is a graphic indicator of future inflationary pressures, atleast this indicates that any selling will be an opportunity..

To: Lee who wrote (26676)	6/1/1999 10:26:00 AM
From: Lee	Read Replies (2) \| Respond to of 50167

Economic data for June 1st, 1999 NAPM for May = 55.2% Prices Paid = 52.2% napm.org Purchasing Managers' Index (PMI) at 55.2%, Growth in Production, New Orders, New Export Orders NAPM's Backlog of Orders Index gained additional momentum indicating growing manufacturing order backlog, while NAPM's Supplier Deliveries Index reversed direction from April and indicates deliveries are slowing. Manufacturing Employment grew during May signaling a possible reversal of the trend that began in June of 1998. NAPM's Price Index also reversed direction, ending a decline in prices that began in January 1998. Export Orders are again growing and have reversed the downward trend that first surfaced in December 1997 NAPM's New Orders Index continued its strong performance with an index of 58.9 percent in May, an increase of 4.1 percentage points NAPM's Price Index gained 2.3 percentage points to 52.2, rising above the 50 mark for the first time since December 1997. Construction Spending for April = -2.4% census.gov Construction put in place during April 1999 was estimated at a seasonally adjusted annual rate of $697.4 billion, 2(+/-5) percent below the revised March estimate of $714.8 billion, according to the U.S. Commerce Department's Bureau of the Census. The April figure represents an 8 percent increase over April 1998. LEI for April = -0.1% tcb-indicators.org The leading index decreased 0.1 percent, the coincident index increased 0.2 percent, and the lagging index increased 0.4 percent in April. Taken together, the three composite indexes and their components show a healthy economy: