PRODUCTION AND LEADING INDEXES
      
      The production index was little changed in the week ended Mar. 4, but before 
      calculation of the four-week moving average, it rose to 123.6, from 123.2. The 
      index has been revised to reflect new seasonal factors for 1994 and 1995. The 
      index for all of February stood at 123.4, from 123.5 in January.
      
      The leading index, before calculation of the moving average, rose to 254.8, 
      from 254.4. The index for February increased to 254.6, from 253.9 in January.
      
      BW production index copyright 1994 Bloomberg L.P.
      BW leading index copyright 1994 by CIBCR
      
      PRODUCTION INDICATORS
                                              LATEST          WEEK         YEARLY
                                              WEEK            AGO          % CHG
      STEEL (3/11) thous. of net tons         2,015           1,997#       6.7
      AUTOS (3/11) units                      145,025         146,825r#    -1.8
      TRUCKS (3/11) units                     120,822         118,478r#    0.1
      ELECTRIC POWER (3/11) millions
        of kilowatt-hrs.                      58,329          60,720#      2.5
      CRUDE-OIL REFINING (3/11)
        thous. of bbl./day                    13,686          13,647#      5.8
      COAL (3/4) thous. of net tons           21,198#         22,991r      -0.3
      PAPERBOARD (3/4) thous. of tons         941.7#          913.2r       8.4
      PAPER (3/4) thous. of tons              859.0#          851.0r       3.1
      LUMBER (3/4) millions of ft.            449.4#          432.3        -8.7
      RAIL FREIGHT (3/4) billions
        of ton-miles                          24.2#           24.7         6.6
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
      Electric Institute, American Petroleum Institute, Energy Dept., American Forest 
      & Paper Association, WWPA1, SFPA2, Association of American Railroads
      
      LEADING INDICATORS
                                              LATEST          WEEK         YEARLY
                                              WEEK            AGO          % CHG
      STOCK PRICES (3/10) S&P 500             484.73          485.48       4.0
      CORPORATE BOND YIELD, Aaa (3/10)        8.22%           8.15%        10.5
      INDUSTRIAL MATERIALS PRICES (3/10)      113.5           113.0r       NA*
      BUSINESS FAILURES (3/3)                 312             301          -10.6
      REAL ESTATE LOANS (3/1) billions        $468.3          $466.9r      11.3
      MONEY SUPPLY, M2 (2/27) billions        $3,587.5        $3,585.6r    1.6
      INITIAL CLAIMS, UNEMPLOYMENT
        (2/25) thous.                         332             344          5.7
      
      Sources: Center for International Business Cycle Research (CIBCR), Standard & 
      Poor's, Moody's, Journal of Commerce (index: 1990=100), Dun & Bradstreet 
      (failures of large companies), Federal Reserve, Labor Dept. CIBCR seasonally 
      adjusts data on business failures and real estate loans. *Historical data 
      available from CIBCR.
      
      PRICES
                                              LATEST          WEEK         YEARLY
                                              WEEK            AGO          % CHG
      GOLD (3/15) $/troy oz.                  386.150         380.000      0.2
      STEEL SCRAP (3/14) #1 heavy, $/ton      137.50          141.50       -1.4
      COPPER (3/11)  cents/lb.                140.8           136.5        52.2
      ALUMINUM (3/11)  cents/lb.              90.0            87.5         46.3
      COTTON (3/11) strict low middling
        1-1/16 in.,  cents/lb.                107.58          101.39       47.3
      OIL (3/14) $/bbl.                       17.85           18.62        18.6
      
      Sources: London Wednesday final setting, Chicago market, Metals Week, Memphis 
      market, NYMEX
      
      INTEREST RATES
                                              LATEST          WEEK         YEAR
                                              WEEK            AGO          AGO
      FEDERAL FUNDS (3/14)                    5.93%           5.93%        3.19%
      COMMERCIAL PAPER (3/14) 3-month         6.14            6.18         3.84
      CERTIFICATES OF DEPOSIT (3/15) 3-month  6.15            6.21         3.75
      FIXED MORTGAGE (3/10) 30-year           8.86            8.72         7.74
      ADJUSTABLE MORTGAGE (3/10) one-year     6.53            6.51         4.61
      PRIME (3/15)                            9.00            9.00         6.00
      
      Sources: Federal Reserve, HSH Associates, Reuters Holdings PLC
      
      FOREIGN EXCHANGE
                                              LATEST          WEEK         YEAR
                                              WEEK            AGO          AGO
      JAPANESE YEN (3/15)                     89.57           90.48        106.15
      GERMAN MARK (3/15)                      1.39            1.38         1.69
      BRITISH POUND (3/15)                    1.60            1.63         1.49
      FRENCH FRANC (3/15)                     4.94            4.94         5.77
      ITALIAN LIRA (3/15)                     1680.3          1650.5       1674.8
      CANADIAN DOLLAR (3/15)                  1.42            1.41         1.37
      MEXICAN PESO (3/15)3                    6.725           6.715        3.293
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar, 
      except for British pound in dollars
      
      #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.   2=Southern Forest 
      Products Assn.    3=Free market value   NA=Not available   r=revised   NM=Not 
      meaningful
      
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