PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              9/17 thous. of net tons          2,005     2,009#     2.0
      AUTOS              9/17 units                      94,704    70,286r#    6.1
      TRUCKS             9/17 units                     164,982   137,177r#    5.9
      ELECTRIC POWER     9/17 millions of kilowatt-hrs.  83,365    80,692#     4.6
      CRUDE-OIL REFINING 9/17 thous. of bbl./day         15,001    14,413#     0.3
      COAL               9/10 thous. of net tons         21,601#   20,811      0.0
      LUMBER             9/10 millions of ft.             332.8#    363.1      1.8
      RAIL FREIGHT       9/10 billions of ton-miles        32.3#     33.4      6.3
      
      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                9/9 1992=100      135.3      135.8r     2.9
      STOCK PRICES                     9/16 S&P 500      1237.9     1241.5      9.7
      CORPORATE BOND YIELD, Aaa        9/16                 5.2%       5.1%    -4.6
      MONEY SUPPLY, M2                  9/5 billions   $6,564.1   $6,552.5r     4.0
      INITIAL CLAIMS, UNEMPLOYMENT     9/17 thous.          432        424r    23.4
      MORTGAGE APPLICATIONS, PURCHASE  9/17               500.3      513.4      9.6
      MORTGAGE APPLICATIONS, REFINANCE 9/17              2353.7     2198.7     14.7
      
      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                9/21 $/troy oz.                469.100   449.300     15.7
      STEEL SCRAP         9/21 #1 heavy, $/ton            239.50    236.83      1.9
      COPPER              9/16 cents/lb.                  174.3     176.2      30.2
      ALUMINUM            9/16 cents/lb.                   86.4      87.1       3.2
      COTTON              9/16 strict low middling         
                               1-1/16 in., cents/lb.       50.52     52.53     -3.8
      OIL                 9/21 $/bbl.                      66.58     65.54     37.3
      CRB FOODSTUFFS      9/20 1967=100                   251.15    248.34     -7.4
      CRB RAW INDUSTRIALS 9/20 1967=100                   327.37    329.94      3.0
      
      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                 9/21     2.2750      2.3205      2.8843
      BRITISH POUND                  9/21       1.81        1.82        1.79
      CANADIAN DOLLAR                9/21       1.17        1.18        1.28
      EUROPEAN EURO                  9/21     1.2214      1.2286      1.2269
      JAPANESE YEN                   9/21     111.29      110.38      110.60
      KOREAN WON                     9/21     1028.2      1025.4      1144.3
      MEXICAN PESO                   9/21     10.810      10.821      11.422
      TRADE-WEIGHTED DOLLAR INDEX    9/21       90.3        90.1        93.3
      
      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               9/20                   3.67%     3.45%      1.70%
      COMMERCIAL PAPER            9/19  3-month          NA        NA         1.78
      CERTIFICATES OF DEPOSIT     9/20  3-month          3.88      3.84       1.89
      FIXED MORTGAGE              9/16  30-year          5.91      5.87       5.86
      ADJUSTABLE MORTGAGE         9/16  one-year         4.85      4.83       4.05
      PRIME                       9/20                   6.75      6.50       4.75
      
      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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