PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL              2/26 thous. of net tons           2,004     2,033#     -0.4
      AUTOS              2/26 units                       92,540   104,987r#    -0.6
      TRUCKS             2/26 units                      166,703   170,058r#     0.1
      ELECTRIC POWER     2/26 millions of kilowatt-hrs.   72,590    72,431#     -1.6
      CRUDE-OIL REFINING 2/26 thous. of bbl./day          14,860    14,935#      1.6
      COAL               2/19 thous. of net tons          21,877#   21,593       4.3
      LUMBER             2/19 millions of ft.              376.5#    376.5       6.2
      RAIL FREIGHT       2/19 billions of ton-miles         32.6#     31.8       5.8
      
      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               2/18 1992=100      133.9      134.3      -0.1
      STOCK PRICES                     2/25 S&P 500      1211.4     1201.6       5.8
      CORPORATE BOND YIELD, Aaa        2/25                 5.3%       5.3%     -2.8
      MONEY SUPPLY, M2                 2/14 billions   $6,425.8   $6,455.2r      4.8
      INITIAL CLAIMS, UNEMPLOYMENT     2/26 thous.          310        311r     -9.4
      MORTGAGE APPLICATIONS, PURCHASE  2/26               440.0      417.8       4.1
      MORTGAGE APPLICATIONS, REFINANCE 2/26              2281.1     2532.0     -35.4
      
      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                 3/2 $/troy oz.             431.750   432.600       10.6
      STEEL SCRAP          3/2 #1 heavy, $/ton         195.33    195.33      -14.6
      COPPER              2/25 cents/lb.               154.4     153.9        12.7
      ALUMINUM            2/25 cents/lb.                95.9      92.9        14.9
      COTTON              2/25 strict low middling      
                               1-1/16 in., cents/lb.    49.70     48.14      -27.5
      OIL                  3/2 $/bbl.                   52.87     50.24       48.4
      CRB FOODSTUFFS       3/1 1967=100                250.60    249.87      -11.6
      CRB RAW INDUSTRIALS  3/1 1967=100                329.03    328.48        4.5
      
      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                   3/2         2.6390      2.5945      2.8785
      BRITISH POUND                    3/2           1.91        1.91        1.83
      CANADIAN DOLLAR                  3/2           1.24        1.25        1.34
      EUROPEAN EURO                    3/2         1.3142      1.3216      1.2206
      JAPANESE YEN                     3/2         104.75      104.84      110.04
      KOREAN WON                       3/2         1007.0      1003.0      1177.6
      MEXICAN PESO                     3/2         11.087      11.093      11.059
      TRADE-WEIGHTED DOLLAR INDEX      3/2           88.8        88.7        94.1
      
      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                  3/1                2.39%      2.57%     1.00%
      COMMERCIAL PAPER              2/28  3-month       NA         NA        1.00
      CERTIFICATES OF DEPOSIT        3/1  3-month       2.88       2.81      1.06
      FIXED MORTGAGE                2/25  30-year       5.79       5.71      5.72
      ADJUSTABLE MORTGAGE           2/25  one-year      4.37       4.36      3.69
      PRIME                          3/1                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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