PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL              11/19 thous. of net tons          1,956     1,976#    -0.3
      AUTOS              11/19 units                      86,050    79,001r#    4.3
      TRUCKS             11/19 units                     132,073   136,453r#  -17.0
      ELECTRIC POWER     11/19 millions of kilowatt-hrs.  71,993    69,726#     3.7
      CRUDE-OIL REFINING 11/19 thous. of bbl./day         14,557    14,449#    -5.5
      COAL               11/12 thous. of net tons         21,112#   21,343     -2.0
      LUMBER             11/12 millions of ft.             379.5#    375.1      5.2
      RAIL FREIGHT       11/12 billions of ton-miles        34.3#     35.1      0.3
      
      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               11/11 1992=100     135.8      134.7r     2.4
      STOCK PRICES                     11/18 S&P 500     1248.3     1234.7      6.7
      CORPORATE BOND YIELD, Aaa        11/18                5.4%       5.4%    -2.0
      MONEY SUPPLY, M2                  11/7 billions  $6,645.3   $6,632.2r     4.1
      INITIAL CLAIMS, UNEMPLOYMENT     11/19 thous.         335        305r     3.4
      MORTGAGE APPLICATIONS, PURCHASE  11/19              472.3      477.9      1.9
      MORTGAGE APPLICATIONS, REFINANCE 11/19             1584.1     1702.4    -27.3
      
      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                11/22 $/troy oz.             492.600    468.250       9.9
      STEEL SCRAP         11/23 #1 heavy, $/ton         208.00     208.00     -16.6
      COPPER              11/18 cents/lb.               209.6      200.4       39.1
      ALUMINUM            11/18 cents/lb.                97.4       96.6        9.2
      COTTON              11/18 strict low middling      
                                1-1/16 in., cents/lb.    52.80      51.96      12.2
      OIL                 11/22 $/bbl.                   57.94      57.83      19.8
      CRB FOODSTUFFS      11/22 1967=100                250.79     253.96      -7.4
      CRB RAW INDUSTRIALS 11/22 1967=100                332.51     332.30       2.6
      
      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                  11/23       2.2389     2.2015      2.7545
      BRITISH POUND                   11/23         1.72       1.72        1.88
      CANADIAN DOLLAR                 11/23         1.17       1.19        1.18
      EUROPEAN EURO                   11/23       1.1811     1.1670      1.3187
      JAPANESE YEN                    11/23       118.42     119.19      102.80
      KOREAN WON                      11/23       1036.8     1036.5      1066.7
      MEXICAN PESO                    11/23       10.619     10.670      11.285
      TRADE-WEIGHTED DOLLAR INDEX     11/22         92.5       92.8        88.7
      
      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               11/22                 3.99%     3.97%     2.00%
      COMMERCIAL PAPER            11/21  3-month        NA        NA        2.23
      CERTIFICATES OF DEPOSIT     11/22  3-month        4.36      4.31      2.34
      FIXED MORTGAGE              11/18  30-year        6.46      6.48      0.00
      ADJUSTABLE MORTGAGE         11/18  one-year       5.34      5.29      0.00
      PRIME                       11/21                 7.00      7.00      5.00
      
      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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