PRODUCTION INDICATORS
      
                                                           LATEST      WEEK   YEARLY
                                                             WEEK       AGO    % CHG
      STEEL              10/16 thous. of net tons           1,985     1,998#     2.8
      AUTOS              10/16 units                       93,748    88,800r#    5.4
      TRUCKS             10/16 units                      166,909   166,584r#    1.6
      ELECTRIC POWER     10/16 millions of kilowatt-hrs.   68,842    71,113#    -0.7
      CRUDE-OIL REFINING 10/16 thous. of bbl./day          14,741    14,671#    -3.4
      COAL                10/9 thous. of net tons          21,471#   21,748     -0.1
      LUMBER              10/9 millions of ft.              568.9#    560.5r     7.6
      RAIL FREIGHT        10/9 billions of ton-miles         32.7#     31.2      1.9
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA,
      Association of American Railroads
      
      
      LEADING INDICATORS
      
                                                          LATEST       WEEK   YEARLY
                                                            WEEK        AGO    % CHG
      ECRI LEADING INDEX                 10/8 1992=100     131.0      131.8      2.6
      STOCK PRICES                      10/15 S&P 500     1108.2     1122.1      6.6
      CORPORATE BOND YIELD, Aaa         10/15                5.5%       5.5%    -5.5
      MONEY SUPPLY, M2                   10/4 billions  $6,328.5   $6,340.2r     4.1
      INITIAL CLAIMS, UNEMPLOYMENT      10/16 thous.         329        354r   -15.9
      MORTGAGE APPLICATIONS, PURCHASE   10/16              461.4      436.3     19.5
      MORTGAGE APPLICATIONS, REFINANCE  10/16             2155.2     1949.2     -2.2
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's, Fed-
      eral Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16, 1990=100)
      
      
      PRICES
      
                                                         LATEST       WEEK   YEARLY
                                                           WEEK        AGO    % CHG
      GOLD                10/20 $/troy oz.              423.600    411.250     10.1
      STEEL SCRAP         10/20 #1 heavy, $/ton          221.83     221.83     74.0
      COPPER              10/15 cents/lb.                141.5      148.0      52.4
      ALUMINUM            10/15 cents/lb.                 89.7       91.5      26.1
      COTTON              10/15 strict low middling     
                                1-1/16 in., cents/lb.     49.78      49.57    -30.9
      OIL                 10/20 $/bbl.                    54.72      53.53     85.2
      CRB FOODSTUFFS      10/19 1967=100                 258.64     254.36      3.0
      CRB RAW INDUSTRIALS 10/19 1967=100                 312.94     317.69      6.2
      
      Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin,
      Platt's Metals Week, Memphis market, NYMEX, Commodity Research Bureau
      
      
      FOREIGN EXCHANGE
      
                                                      LATEST        WEEK        YEAR
                                                        WEEK         AGO         AGO
      BRAZILIAN REAL                   10/20          2.8748      2.8425      2.8607
      BRITISH POUND                    10/20            1.82        1.79        1.69
      CANADIAN DOLLAR                  10/20            1.25        1.26        1.30
      EUROPEAN EURO                    10/20          1.2590      1.2348      1.1804
      JAPANESE YEN                     10/20          108.24      109.75      108.99
      KOREAN WON                       10/20          1142.4      1147.4      1181.3
      MEXICAN PESO                     10/20          11.482      11.279      11.244
      TRADE-WEIGHTED DOLLAR INDEX      10/20            91.7        92.8        94.4
      
      Sources: Major New York banks. Currencies expressed in units per U.S. dollar,
      except for British Pound and European Euro in dollars. Trade-weighted dollar
      via J.P. Morgan.
      
      
      INTEREST RATES
      
                                                    LATEST       WEEK       YEAR
                                                      WEEK        AGO        AGO
      FEDERAL FUNDS             10/19                 1.72%      1.78%      0.99%
      COMMERCIAL PAPER          10/18  3-month          NA         NA       1.04
      CERTIFICATES OF DEPOSIT   10/19  3-month        2.03       2.01       1.11
      FIXED MORTGAGE            10/15  30-year        5.82       5.93       6.19
      ADJUSTABLE MORTGAGE       10/15  one-year       4.04       4.07       4.01
      PRIME                     10/19                 4.75       4.75       4.00
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      #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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