Douglas Elliman, in its midyear 1995 report, concludes that both the price and the volume of luxury condominium sales have risen.

"New Jersey has not felt the effects of the general economic slowdown as severely as some other parts of the country," the midyear report said.

The Fed chairman's midyear report to Congress seemed to offer a signal that the central bank is ready to allow further declines in interest rates.

Mr. Frankel said that after midyear reports were sent to colleges, he briefly experienced the senior slump.

A midyear report by Gold Fields Mineral Services notes that this kind of selling has been building.

In the midyear report issued last month, the state budget division had already lowered its estimates of corporate tax revenues by $108 million, to $3.7 billion.

"If I were doing the midyear report now the numbers would be lower," Mr. Forsythe said.

The midyear report predicted total state tax revenues of $29.6 billion.

Further details on the reorganization, which was outlined in a midyear report, will be released on Sept. 18.

If there is any sector staying afloat, the midyear reports indicated, it is the industrial market.