PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL               4/2 thous. of net tons           2,025     2,030#      1.1
      AUTOS               4/2 units                       79,999    78,033r#   -16.0
      TRUCKS              4/2 units                      144,917   128,016r#   -14.4
      ELECTRIC POWER      4/2 millions of kilowatt-hrs.   67,733    69,008#     -1.6
      CRUDE-OIL REFINING  4/2 thous. of bbl./day          15,408    15,201#      4.9
      COAL               3/26 thous. of net tons          21,813#   22,042       3.0
      LUMBER             3/26 millions of ft.              391.0#    387.4      12.4
      RAIL FREIGHT       3/26 billions of ton-miles         31.9#     32.3       3.6
      
      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               3/25 1992=100      135.0      135.0r      1.0
      STOCK PRICES                      4/1 S&P 500      1172.9     1171.4       2.7
      CORPORATE BOND YIELD, Aaa         4/1                 5.4%       5.5%     -3.4
      MONEY SUPPLY, M2                 3/21 billions   $6,477.6   $6,447.4r      5.1
      INITIAL CLAIMS, UNEMPLOYMENT      4/2 thous.          334        353r     -1.5
      MORTGAGE APPLICATIONS, PURCHASE   4/2               446.0      470.9      -6.6
      MORTGAGE APPLICATIONS, REFINANCE  4/2              1798.8     1857.2     -56.4
      
      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                4/6 $/troy oz.            425.750   426.450       1.6
      STEEL SCRAP         4/6 #1 heavy, $/ton        197.67    195.17     -19.0
      COPPER              4/1 cents/lb.              154.1     152.6        9.8
      ALUMINUM            4/1 cents/lb.               96.2      97.1       14.5
      COTTON              4/1 strict low middling     
                              1-1/16 in., cents/lb.   53.15     51.11     -14.6
      OIL                 4/6 $/bbl.                  55.75     53.73      55.0
      CRB FOODSTUFFS      4/5 1967=100               249.45    249.28     -11.9
      CRB RAW INDUSTRIALS 4/5 1967=100               333.48    333.96       3.4
      
      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                   4/6     2.6015       2.6755       2.8775
      BRITISH POUND                    4/6       1.88         1.88         1.84
      CANADIAN DOLLAR                  4/6       1.22         1.22         1.31
      EUROPEAN EURO                    4/6     1.2871       1.2915       1.2175
      JAPANESE YEN                     4/6     108.68       107.55       105.22
      KOREAN WON                       4/6     1013.4       1023.5       1143.3
      MEXICAN PESO                     4/6     11.215       11.222       11.248
      TRADE-WEIGHTED DOLLAR INDEX      4/6       89.9         89.5         92.6
      
      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             4/5                 2.72%        2.72%        1.00%
      COMMERCIAL PAPER          4/4  3-month        NA           NA           NA
      CERTIFICATES OF DEPOSIT   4/5  3-month        3.05         3.04         1.07
      FIXED MORTGAGE            4/1  30-year        6.17         6.14         5.70
      ADJUSTABLE MORTGAGE       4/1  one-year       4.64         4.60         3.60
      PRIME                     4/5                 5.75         5.75         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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