PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL              1/22 thous. of net tons           2,041     2,094#      4.5
      AUTOS              1/22 units                       81,621    92,647r#    10.7
      TRUCKS             1/22 units                      136,551   141,224r#     1.0
      ELECTRIC POWER     1/22 millions of kilowatt-hrs.   80,958    74,329#      0.0
      CRUDE-OIL REFINING 1/22 thous. of bbl./day          15,127    15,362#      2.6
      COAL               1/15 thous. of net tons          20,837#   21,091      -1.6
      LUMBER             1/15 millions of ft.              365.6#    344.9r      6.5
      RAIL FREIGHT       1/15 billions of ton-miles         30.5#     29.5      -1.3
      
      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               1/14 1992=100      133.3      130.7r     -0.1
      STOCK PRICES                     1/21 S&P 500      1167.9     1184.5       2.3
      CORPORATE BOND YIELD, Aaa        1/21                 5.3%       5.4%     -3.6
      MONEY SUPPLY, M2                 1/10 billions   $6,389.9   $6,389.3r      5.3
      INITIAL CLAIMS, UNEMPLOYMENT     1/22 thous.          325        318r     -6.3
      MORTGAGE APPLICATIONS, PURCHASE  1/22               439.0      448.1      -2.8
      MORTGAGE APPLICATIONS, REFINANCE 1/22              1932.8     2048.6     -41.4
      
      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                1/26 $/troy oz.            425.800    424.950       3.6
      STEEL SCRAP         1/26 #1 heavy, $/ton        195.33     195.33      17.5
      COPPER              1/21 cents/lb.              150.9      148.1       30.3
      ALUMINUM            1/21 cents/lb.               90.5       90.3       16.8
      COTTON              1/21 strict low middling        
                               1-1/16 in., cents/lb.   48.43      47.10      -33.2
      OIL                 1/26 $/bbl.                  48.38      47.05       46.5
      CRB FOODSTUFFS      1/25 1967=100               249.89     254.72       -7.3
      CRB RAW INDUSTRIALS 1/25 1967=100               321.16     319.36        3.5
      
      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                  1/26       2.6645        2.7100        2.9075
      BRITISH POUND                   1/26         1.88          1.87          1.82
      CANADIAN DOLLAR                 1/26         1.23          1.23          1.33
      EUROPEAN EURO                   1/26       1.3073        1.3010        1.2470
      JAPANESE YEN                    1/26       103.07        102.77        106.23
      KOREAN WON                      1/26       1031.6        1030.9        1171.6
      MEXICAN PESO                    1/26       11.260        11.225        11.001
      TRADE-WEIGHTED DOLLAR INDEX     1/26         88.9          88.9          91.8
      
      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            1/25                2.29%        2.31%        1.02%
      COMMERCIAL PAPER         1/25  3-month       2.56         2.52         1.00
      CERTIFICATES OF DEPOSIT  1/25  3-month       2.66         2.62         1.05
      FIXED MORTGAGE           1/21  30-year       5.77         5.82         5.78
      ADJUSTABLE MORTGAGE      1/21  one-year      4.39         4.33         3.80
      PRIME                    1/25                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; 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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