PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL                1/1 thous. of net tons          2,036     1,988#      2.1
      AUTOS                1/1 units                           0    66,347r#     0.0
      TRUCKS               1/1 units                           0   124,053r#  -100.0
      ELECTRIC POWER       1/1 millions of kilowatt-hrs.  73,517    78,936#      4.2
      CRUDE-OIL REFINING   1/1 thous. of bbl./day         15,960    15,705#      3.9
      COAL               12/25 thous. of net tons         20,750#   21,844       6.2
      LUMBER             12/25 millions of ft.             243.1#    344.8r     50.2
      RAIL FREIGHT       12/25 billions of ton-miles        25.6#     31.7       8.0
      
      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               12/24 1992=100      133.5      133.0      2.5
      STOCK PRICES                     12/31 S&P 500      1211.9     1210.13     9.3
      CORPORATE BOND YIELD, Aaa        12/31                 5.4%       5.5%    -5.2
      MONEY SUPPLY, M2                 12/20 billions   $6,402.5   $6,380.1r     5.4
      INITIAL CLAIMS, UNEMPLOYMENT       1/1 thous.          364        321r     0.0
      MORTGAGE APPLICATIONS, PURCHASE    1/1               417.3      483.8      4.0
      MORTGAGE APPLICATIONS, REFINANCE   1/1              1701.3     1803.9     -3.1
      
      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                  1/5 $/troy oz.             426.000   440.250      1.0
      STEEL SCRAP           1/5 #1 heavy, $/ton         249.17    249.17     58.0
      COPPER              12/31 cents/lb.               155.6     154.1      43.6
      ALUMINUM            12/31 cents/lb.                95.7      92.7      25.8
      COTTON              12/31 strict low middling      
                                1-1/16 in., cents/lb.    46.48     45.81    -34.6
      OIL                   1/5 $/bbl.                   43.14     43.34     29.0
      CRB FOODSTUFFS        1/4 1967=100                254.60    255.77     -0.9
      CRB RAW INDUSTRIALS   1/4 1967=100                319.22    323.75      3.2
      
      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                  1/5       2.7140      2.6660       2.8550
      BRITISH POUND                   1/5         1.88        1.92         1.82
      CANADIAN DOLLAR                 1/5         1.23        1.21         1.29
      EUROPEAN EURO                   1/5       1.3261      1.3607       1.2631
      JAPANESE YEN                    1/5       104.15      103.86       106.17
      KOREAN WON                      1/5       1046.4      1041.1       1186.8
      MEXICAN PESO                    1/5       11.356      11.249       10.894
      TRADE-WEIGHTED DOLLAR INDEX     1/5         88.8        88.2         91.6
      
      Sources: Major New York banks. Currencies expressed in units for British
      Pound and European Euro in dollars. Trade-weighte.
      
      
      INTEREST RATES
      
                                                     LATEST       WEEK       YEAR
                                                       WEEK        AGO        AGO
      FEDERAL FUNDS               1/4                  2.25%      2.24%      0.92%
      COMMERCIAL PAPER            1/3  3-month         NA         NA         1.29
      CERTIFICATES OF DEPOSIT     1/4  3-month         2.52       2.50       1.08
      FIXED MORTGAGE            12/31  30-year         5.88       5.83       5.98
      ADJUSTABLE MORTGAGE       12/31  one-year        4.27       4.29       3.93
      PRIME                       1/4                  5.25       5.25       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. no longer included. Historical data has been adjusted.
      3=Free market value  NA=Not available  r=revised  NM=Not meaningful
      
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