PRODUCTION INDICATORS
      
                                                         LATEST      WEEK    YEARLY
                                                           WEEK       AGO     % CHG
      STEEL              8/27 thous. of net tons          1,973     1,955#     -2.5
      AUTOS              8/27 units                      88,219    93,467r#     5.1
      TRUCKS             8/27 units                     156,654   153,356r#    -0.2
      ELECTRIC POWER     8/27 millions of kilowatt-hrs.  89,035    30,588#      6.1
      CRUDE-OIL REFINING 8/27 thous. of bbl./day         16,110    15,587#     -1.0
      COAL               8/20 thous. of net tons         21,287#   21,485      -0.3
      LUMBER             8/20 millions of ft.             382.0#    385.2       2.0
      RAIL FREIGHT       8/20 billions of ton-miles        33.5#     33.5       2.8
      
      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               8/19 1992=100     135.4      135.5r      3.3
      STOCK PRICES                     8/26 S&P 500     1205.1     1219.7       8.8
      CORPORATE BOND YIELD, Aaa        8/26                5.0%       5.1%    -10.2
      MONEY SUPPLY, M2                 8/15 billions  $6,526.4   $6,521.7       3.5
      INITIAL CLAIMS, UNEMPLOYMENT     8/27 thous.         320        317r     -9.6
      MORTGAGE APPLICATIONS, PURCHASE  8/27              470.6      488.4       6.2
      MORTGAGE APPLICATIONS, REFINANCE 8/27             2187.8     2313.9      21.3
      
      Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,
      Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,
      1990=100)
      
      
      PRICES
      
                                                        LATEST        WEEK   YEARLY
                                                          WEEK         AGO    % CHG
      GOLD                8/31 $/troy oz.              433.250     440.000      6.3
      STEEL SCRAP         8/31 #1 heavy, $/ton          199.93      157.67    -14.9
      COPPER              8/26 cents/lb.                179.0       179.5      37.6
      ALUMINUM            8/26 cents/lb.                 88.8        89.3       5.9
      COTTON              8/26 strict low middling
                               1-1/16 in., cents/lb.     48.83       47.76     -4.9
      OIL                 8/31 $/bbl.                    69.34       67.35     58.9
      CRB FOODSTUFFS      8/30 1967=100                 248.47      248.96    -10.5
      CRB RAW INDUSTRIALS 8/30 1967=100                 327.22      326.00      5.1
      
      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                8/31        2.3570        2.4528        2.9351
      BRITISH POUND                 8/31          1.80          1.80          1.79
      CANADIAN DOLLAR               8/31          1.19          1.19          1.31
      EUROPEAN EURO                 8/31        1.2346        1.2272        1.2188
      JAPANESE YEN                  8/31        110.60        110.22        109.52
      KOREAN WON                    8/31        1034.5        1029.6        1151.2
      MEXICAN PESO                  8/31        10.751        10.909        11.436
      TRADE-WEIGHTED DOLLAR INDEX   8/31          90.4          90.5          93.7
      
      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                8/30               3.52%      3.49%      1.55%
      COMMERCIAL PAPER             8/29  3-month      NA         NA         NA
      CERTIFICATES OF DEPOSIT      8/30  3-month      3.84       3.80       1.76
      FIXED MORTGAGE               8/26  30-year      5.95       5.97       5.97
      ADJUSTABLE MORTGAGE          8/26  one-year     4.93       4.93       4.10
      PRIME                        8/30               6.50       6.50       4.50
      
      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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