PRODUCTION INDICATORS
      
                                                           LATEST      WEEK   YEARLY
                                                             WEEK       AGO    % CHG
      STEEL              12/11 thous. of net tons           1,975     1,953#     9.5
      AUTOS              12/11 units                      103,261   102,166r#    5.4
      TRUCKS             12/11 units                      181,160   183,097r#   -0.1
      ELECTRIC POWER     12/11 millions of kilowatt-hrs.   73,162    73,352#    -5.1
      CRUDE-OIL REFINING 12/11 thous. of bbl./day          15,562    15,745#     2.7
      COAL                12/4 thous. of net tons          21,381#   20,887     -0.1
      LUMBER              12/4 millions of ft.              487.1#    373.3r    -7.8
      RAIL FREIGHT        12/4 billions of ton-miles         32.8#     28.1      0.6
      
      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                12/3 1992=100      133.0      132.4r     2.2
      STOCK PRICES                     12/10 S&P 500      1188.0     1191.2     10.6
      CORPORATE BOND YIELD, Aaa        12/10                 5.4%       5.5%    -3.9
      MONEY SUPPLY, M2                 11/29 billions   $6,387.2   $6,386.9r     5.3
      INITIAL CLAIMS, UNEMPLOYMENT     12/11 thous.          317        360r   -12.4
      MORTGAGE APPLICATIONS, PURCHASE  12/11               488.9      490.9     11.8
      MORTGAGE APPLICATIONS, REFINANCE 12/11              1852.4     1890.6    -10.6
      
      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                12/15 $/troy oz.             439.000  436.900     7.5
      STEEL SCRAP         12/15 #1 heavy, $/ton         249.17   249.17    58.0
      COPPER              12/10 cents/lb.               145.2    149.8     42.5
      ALUMINUM            12/10 cents/lb.                89.1     90.8     20.5
      COTTON              12/10 strict low middling      
                                1-1/16 in., cents/lb.    45.10    45.84   -31.2
      OIL                 12/15 $/bbl.                   44.09    41.70    33.4
      CRB FOODSTUFFS      12/14 1967=100                257.34   273.77    -1.1
      CRB RAW INDUSTRIALS 12/14 1967=100                322.24   324.26     6.0
      
      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                  12/15       2.7255       2.7590      2.9305
      BRITISH POUND                   12/15         1.94         1.93        1.77
      CANADIAN DOLLAR                 12/15         1.22         1.21        1.33
      EUROPEAN EURO                   12/15       1.3392       1.3337      1.2412
      JAPANESE YEN                    12/15       104.24       103.98      107.40
      KOREAN WON                      12/15       1061.0       1058.7      1190.5
      MEXICAN PESO                    12/15       11.177       11.239      11.245
      TRADE-WEIGHTED DOLLAR INDEX     12/15         88.5         88.9        93.3
      
      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              12/14                2.24%      1.99%      0.99%
      COMMERCIAL PAPER           12/13  3-month       NA         2.26       1.05
      CERTIFICATES OF DEPOSIT    12/14  3-month       2.46       2.40       1.10
      FIXED MORTGAGE             12/10  30-year       5.78       5.90       6.02
      ADJUSTABLE MORTGAGE        12/10  one-year      4.18       4.22       3.94
      PRIME                      12/14                5.25       5.00       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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