PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              9/10 thous. of net tons          2,009     1,984#     1.9
      AUTOS              9/10 units                      72,390    79,053r#    4.5
      TRUCKS             9/10 units                     132,388   149,946r#    4.4
      ELECTRIC POWER     9/10 millions of kilowatt-hrs.  80,692    86,069#     2.6
      CRUDE-OIL REFINING 9/10 thous. of bbl./day         14,413    14,479#   -10.5
      COAL                9/3 thous. of net tons         20,811#   20,832     -3.6
      LUMBER              9/3 millions of ft.             363.1#    378.3      1.0
      RAIL FREIGHT        9/3 billions of ton-miles        33.4#     33.6      0.6
      
      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                9/2 1992=100      135.9      135.3r    2.9
      STOCK PRICES                      9/9 S&P 500      1241.5     1218.0    10.5
      CORPORATE BOND YIELD, Aaa         9/9                 5.1%       5.0%   -8.7
      MONEY SUPPLY, M2                 8/29 billions   $6,553.6   $6,560.8r    3.8
      INITIAL CLAIMS, UNEMPLOYMENT     9/10 thous.          398        327r   19.5
      MORTGAGE APPLICATIONS, PURCHASE  9/10               513.4      499.1    12.7
      MORTGAGE APPLICATIONS, REFINANCE 9/10              2198.7     2357.1    11.5
      
      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                9/14 $/troy oz.             449.300    445.050      11.1
      STEEL SCRAP         9/14 #1 heavy, $/ton         236.83     199.93       0.8
      COPPER               9/9 cents/lb.               176.2      177.0       33.3
      ALUMINUM             9/9 cents/lb.                87.1       87.9        6.6
      COTTON               9/9 strict low middling      
                               1-1/16 in., cents/lb.    52.53      50.11      -2.7
      OIL                 9/14 $/bbl.                   65.54      64.85      51.1
      CRB FOODSTUFFS      9/13 1967=100                248.34     245.13      -9.2
      CRB RAW INDUSTRIALS 9/13 1967=100                329.94     330.47       3.2
      
      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                  9/14      2.3205       2.3248       2.9030
      BRITISH POUND                   9/14        1.82         1.84         1.78
      CANADIAN DOLLAR                 9/14        1.18         1.19         1.30
      EUROPEAN EURO                   9/14      1.2286       1.2417       1.2151
      JAPANESE YEN                    9/14      110.38       110.10       110.03
      KOREAN WON                      9/14      1025.4       1026.5       1144.2
      MEXICAN PESO                    9/14      10.821       10.736       11.523
      TRADE-WEIGHTED DOLLAR INDEX     9/14        90.1         89.7         93.9
      
      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            9/13             3.45%        3.57%        1.40%
      COMMERCIAL PAPER         9/12 3-month       NA           NA           NA
      CERTIFICATES OF DEPOSIT  9/13 3-month     3.84         3.74         1.84
      FIXED MORTGAGE            9/9 30-year     5.87         5.90         5.93
      ADJUSTABLE MORTGAGE       9/9 one-year    4.83         4.91         4.10
      PRIME                    9/13             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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