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12-month moving averages of leading business indicators.

Index of industrial production

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Steady production gains brought industrial plant use to 83% of capacity, close to its optimum level.

Percent change in demand and savings deposits (M.sup.2)

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The uptrend resumed as yearend portfolio switching subsided.

Prime six-month commercial paper-discount rate

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The slight uptick could signal the beginning of a trend.

U.S. merchandise imports and exports (in billions of dollars)

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Continued export growth offset rising imports keeping the trade gap on an even keel.

Civilian employment (in millions of workers employed)

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Increased industrial output should stimulate employment demand in goods-producing industries.
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Publication:Journal of Accountancy
Article Type:Illustration
Date:Jun 1, 1994
Words:104
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