PRODUCTION INDICATORS
                                                       LATEST       WEEK     YEARLY
                                                         WEEK        AGO%       CHG
      
      STEEL 10/23 thous. of net tons                    2,019      1,985#       4.3
      AUTOS 10/23 units                                90,144     86,616r#    -12.3
      TRUCKS 10/23 units                              167,015    168,280r#     -0.8
      ELECTRIC POWER 10/23 millions of kilowatt-hrs.   70,854     68,842#       2.3
      CRUDE-OIL REFINING 10/23 thous. of bbl./day      14,838     14,741#      -3.6
      COAL 10/16 thous. of net tons                    21,670#    21,471        0.4
      LUMBER 10/16 millions of ft.                      566.9#     566.9r       7.9
      RAIL FREIGHT 10/16 billions of ton-miles           33.1#      32.7        2.2
      
      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 10/15 1992=100           131.6      131.0r      2.1
      STOCK PRICES 10/22 S&P 500                 1095.7     1108.2       6.5
      CORPORATE BOND YIELD, Aaa 10/22               5.4%       5.5%     -4.4
      MONEY SUPPLY, M2 10/11 billions          $6,326.9   $6,332.6r      4.1
      INITIAL CLAIMS, UNEMPLOYMENT 10/23 thous.     350        330r     -9.3
      MORTGAGE APPLICATIONS, PURCHASE 10/23       440.9      461.4      21.2
      MORTGAGE APPLICATIONS, REFINANCE 10/23     2233.8     2155.2      -3.4
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,
      1990=100)
      
      PRICES
                                            LATEST      WEEK    YEARLY
                                              WEEK       AGO%      CHG
      
      GOLD 10/27 $/troy oz.                428.250   423.600      11.1
      STEEL SCRAP 10/27 #1 heavy, $/ton     221.83    221.83      74.0
      COPPER 10/22  cents/lb.                135.8     141.5      43.7
      ALUMINUM 10/22  cents/lb.               89.8      89.7      25.4
      COTTON 10/22 strict low
       middling 1-1/16 in., cents/lb.           NA        NA        NA
      OIL 10/27 $/bbl.                       52.26     54.72      82.3
      CRB FOODSTUFFS 10/26 1967=100         258.52    258.64       2.6
      CRB RAW INDUSTRIALS 10/26 1967=100    313.14    312.94       5.4
      
      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 10/27                2.8615   2.8748   2.8395
      BRITISH POUND 10/27                   1.83     1.82     1.70
      CANADIAN DOLLAR 10/27                 1.23     1.25     1.31
      EUROPEAN EURO 10/27                 1.2713   1.2590   1.1662
      JAPANESE YEN 10/27                  106.44   108.24   108.32
      KOREAN WON 10/27                    1128.4   1142.4   1178.1
      MEXICAN PESO 10/27                  11.518   11.482   11.091
      TRADE-WEIGHTED DOLLAR INDEX 10/27     91.0     91.7     94.5
      
      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 10/26                        1.72%   1.72%   0.98%
      COMMERCIAL PAPER 10/25 3-month               NA      NA    1.09
      CERTIFICATES OF DEPOSIT 10/26 3-month      2.06    2.03    1.11
      FIXED MORTGAGE 10/22 30-year               5.81    5.82    5.48
      ADJUSTABLE MORTGAGE 10/22 one-year         4.04    4.04    4.02
      PRIME 10/26                                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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