PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              1/8 thous. of net tons           2,051     2,036#     7.0
      AUTOS              1/8 units                       91,379         0#    10.6
      TRUCKS             1/8 units                      143,172         0#    -6.8
      ELECTRIC POWER     1/8 millions of kilowatt-hrs.   72,544    73,517#    -8.3
      CRUDE-OIL REFINING 1/8 thous. of bbl./day          15,574    15,960#     3.3
      COAL               1/1 thous. of net tons          20,603#   20,750      0.0
      LUMBER             1/1 millions of ft.              257.8#    243.1     -7.6
      RAIL FREIGHT       1/1 billions of ton-miles         26.5#     25.6      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               12/31 1992=100      131.4      133.8r     0.9
      STOCK PRICES                       1/7 S&P 500      1186.2     1211.9      5.7
      CORPORATE BOND YIELD, Aaa          1/7                 5.5%       5.4%    -0.9
      MONEY SUPPLY, M2                 12/27 billions   $6,413.9   $6,402.7r     5.7
      INITIAL CLAIMS, UNEMPLOYMENT       1/8 thous.          367        357r     4.3
      MORTGAGE APPLICATIONS, PURCHASE    1/8               393.1      417.3    -11.8
      MORTGAGE APPLICATIONS, REFINANCE   1/8              1720.5     1701.3    -21.6
      
      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                1/12 $/troy oz.              426.600    426.000       1.7
      STEEL SCRAP         1/12 #1 heavy, $/ton          195.33     249.17      17.5
      COPPER               1/7 cents/lb.                148.8      155.6       32.2
      ALUMINUM             1/7 cents/lb.                 89.8       95.7       17.5
      COTTON               1/7 strict low middling                          
                               1-1/16 in., cents/lb.     47.38      46.48     -33.8
      OIL                 1/12 $/bbl.                    46.09      43.14      34.6
      CRB FOODSTUFFS      1/11 1967=100                 254.18     254.60      -2.8
      CRB RAW INDUSTRIALS 1/11 1967=100                 320.91     319.22       1.4
      
      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               1/12       2.7065          2.7140          2.8144
      BRITISH POUND                1/12         1.89            1.88            1.83
      CANADIAN DOLLAR              1/12         1.20            1.23            1.29
      EUROPEAN EURO                1/12       1.3255          1.3261          1.2647
      JAPANESE YEN                 1/12       102.44          104.15          106.17
      KOREAN WON                   1/12       1042.0          1046.4          1180.5
      MEXICAN PESO                 1/12       11.163          11.356          10.844
      TRADE-WEIGHTED DOLLAR INDEX  1/12         88.1            88.8            91.2
      
      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              1/11                2.24%     2.25%     0.99%
      COMMERCIAL PAPER           1/10  3-month       2.45      NA        1.25
      CERTIFICATES OF DEPOSIT    1/11  3-month       2.58      2.52      1.05
      FIXED MORTGAGE              1/7  30-year       5.86      5.88      5.98
      ADJUSTABLE MORTGAGE         1/7  one-year      4.31      4.27      3.87
      PRIME                      1/11                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.  3=Free market value  NA=Not available  r=revised
      NM=Not meaningful
      
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