PRODUCTION INDICATORS
      
                                                         LATEST      WEEK    YEARLY
                                                           WEEK       AGO     % CHG
      STEEL              2/19 thous. of net tons          2,033     2,065#      2.4
      AUTOS              2/19 units                      98,708   100,218r#     2.0
      TRUCKS             2/19 units                     172,132   168,578r#    -0.6
      ELECTRIC POWER     2/19 millions of kilowatt-hrs.  72,431    73,259#     -4.4
      CRUDE-OIL REFINING 2/19 thous. of bbl./day         14,935    15,279#      2.1
      COAL               2/12 thous. of net tons         21,593#   21,376       5.9
      LUMBER             2/12 millions of ft.             376.5#    372.2       7.8
      RAIL FREIGHT       2/12 billions of ton-miles        31.8#     31.2       7.1
      
      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               2/11 1992=100      134.3      134.3r      0.8
      STOCK PRICES                     2/18 S&P 500      1201.6     1205.3       5.0
      CORPORATE BOND YIELD, Aaa        2/18                 5.3%       5.2%     -3.8
      MONEY SUPPLY, M2                  2/7 billions   $6,455.4   $6,459.4r      5.8
      INITIAL CLAIMS, UNEMPLOYMENT     2/19 thous.          312        303r    -11.4
      MORTGAGE APPLICATIONS, PURCHASE  2/19               417.8      423.3      -1.3
      MORTGAGE APPLICATIONS, REFINANCE 2/19              2532.0     2530.1     -24.7
      
      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                2/23 $/troy oz.            432.600  423.100      8.1
      STEEL SCRAP         2/23 #1 heavy, $/ton        195.33   195.33     -1.5
      COPPER              2/18 cents/lb.              153.9    149.9      13.9
      ALUMINUM            2/18 cents/lb.               92.9     90.5      10.7
      COTTON              2/18 strict low middling     
                               1-1/16 in., cents/lb.   48.14    45.99    -26.3
      OIL                 2/23 $/bbl.                  50.24    48.03     36.4
      CRB FOODSTUFFS      2/22 1967=100               249.87   244.33    -10.6
      CRB RAW INDUSTRIALS 2/22 1967=100               328.48   324.45      5.5
      
      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                  2/23     2.5945       2.5780       2.9395
      BRITISH POUND                   2/23       1.91         1.89         1.87
      CANADIAN DOLLAR                 2/23       1.25         1.24         1.33
      EUROPEAN EURO                   2/23     1.3216       1.3029       1.2501
      JAPANESE YEN                    2/23     104.84       105.42       108.99
      KOREAN WON                      2/23     1003.0       1027.0       1170.2
      MEXICAN PESO                    2/23     11.093       11.146       11.057
      TRADE-WEIGHTED DOLLAR INDEX     2/23       88.7         89.5         92.9
      
      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             2/22                 2.57%        2.53%        0.99%
      COMMERCIAL PAPER          2/21  3-month        NA           NA           1.00
      CERTIFICATES OF DEPOSIT   2/22  3-month        2.81         2.76         1.05
      FIXED MORTGAGE            2/18  30-year        5.71         5.66         5.71
      ADJUSTABLE MORTGAGE       2/18  one-year       4.36         4.35         3.71
      PRIME                     2/22                 5.50         5.50         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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