May 5, 1986

The economy slowed in April as production, inventories and employment declined, the National Association of Purchasing Management said yesterday in its monthly report. The report, based on a survey of 250 corporate purchasing managers, said production levels decreased from the high levels reported since January. Buyers had been reporting a growing economy since the first of the year.

Penetrating the extraordinary security surrounding the economic summit meeting, attackers today fired five homemade rockets at the state guest house during welcoming ceremonies there for the leaders of the industrial nations meeting in Tokyo. The rockets overshot their mark, the Akasaka Palace, landing on the street and on buildings near the Canadian Embassy, south of the palace grounds. No one was hurt, but several strollers near the embassy said they had barely missed being struck by falling projectiles. The missiles, which were fired from an apartment house about two miles from the palace, were set off by a timing device, the police said.

In the Capitol corridors in these days of municipal scandal, elected officials talk often about how they have read the pulse of the public and found deep outrage of the sort that spurs reform. But in more private conversations, many of these same lawmakers and officials - some chagrined and some grateful - report that, in fact, there is no outcry from constituents, no barrage of letters and telephone calls, no groundswell of disgust. Catherine T. Nolan, a Democrat, took note of this public silence at a recent town meeting in her Assembly district in Ridgewood, Queens. On a Friday night, when only politically aware constituents might choose to attend, 130 people came to chat, but not a single one asked about or commented on the corruption scandal in New York City and the attendant calls for new ethics legislation.

Advisers to the heads of the leading industrial democracies produced draft statements on nuclear safety and international terrorism in an all-night session, and President Reagan was described today as ''extremely pleased'' with the efforts to address the two issues here. Reagan Administration officials said that, barring last-minute snags, Mr. Reagan and the six other leaders were expected to approve the drafts at the first plenary session of the Tokyo summit conference later this morning. The declarations were to be issued this afternoon. The officials said some parts of the terrorism statement were still being ironed out this afternoon. The Japanese Foreign Minister, Shintaro Abe, said at a news conference that there seemed to be ''a convergence of views'' but that some work remained on the wording.

For seven years Mark E. Spangler appeared to be a rising young financial consultant and money manager here. His Spangler Group Inc. claimed impressive returns on its investments, as much as 86.4 percent a year, and the company's client list grew to 150, representing $25 million under management. Last month, however, the Securities and Exchange Commission filed a civil suit against Mr. Spangler, who is now 33 years old, charging him with lying about his academic credentials, misrepresenting his professional background and forging an audit report on his company's performance. The agency has obtained an injunction from Federal District Judge William G. Young here barring Mr. Spangler and his company from handling its existing client accounts. In addition, Judge Young has appointed a receiver to take control of the concern's assets and review its books.