PRODUCTION INDICATORS
                                                      LATEST      WEEK   YEARLY
                                                        WEEK       AGO%     CHG
      
      STEEL 12/24 thous. of net tons                   1,988     1,969#     0.0
      AUTOS 12/24 units                               77,664    94,235r#   17.1
      TRUCKS 12/24 units                             134,902   161,171r#    8.7
      ELECTRIC POWER 12/24 millions of kilowatt-hrs.  80,134    81,217#     1.5
      CRUDE-OIL REFINING 12/24 thous. of bbl./day     14,875    14,905#    -5.3
      COAL 12/17 thous. of net tons                   20,476#   19,455     -6.3
      LUMBER 12/17 millions of ft.                     373.4#    379.8      8.3
      RAIL FREIGHT 12/17 billions of ton-miles          33.3#     32.3     -0.9
      
      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 12/16 1992=100            135.4      135.5r      1.3
      STOCK PRICES 12/23 S&P 500                  1268.7     1267.3       4.7
      CORPORATE BOND YIELD, Aaa 12/23                5.3%       5.4%     -3.8
      MONEY SUPPLY, M2 12/12 billions            $6,671.2  $6,663.3r      3.9
      INITIAL CLAIMS, UNEMPLOYMENT 12/24 thous.      322        319r     -0.6
      MORTGAGE APPLICATIONS, PURCHASE 12/24        432.9      453.1     -10.5
      MORTGAGE APPLICATIONS, REFINANCE 12/24      1259.1     1418.1     -30.2
      
      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 12/28 $/troy oz.                518.000   489.000      17.7
      STEEL SCRAP 12/28 #1 heavy, $/ton     220.17    220.17     -11.6
      COPPER 12/23  cents/lb.                224.1     220.6      45.4
      ALUMINUM 12/23  cents/lb.              106.7     106.9      15.1
      COTTON 12/23 strict low middling
       1-1/16 in.,  cents/lb.                53.73     53.90      17.3
      OIL 12/28 $/bbl.                       60.07     58.51      38.6
      CRB FOODSTUFFS 12/27 1967=100         240.18    239.30      -6.1
      CRB RAW INDUSTRIALS 12/27 1967=100    355.19    353.31      10.1
      
      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 12/28                2.3410   2.3080   2.6660
      BRITISH POUND 12/28                   1.72     1.74     1.92
      CANADIAN DOLLAR 12/28                 1.17     1.17     1.21
      EUROPEAN EURO 12/28                 1.1832   1.1837   1.3607
      JAPANESE YEN 12/28                  117.92   117.40   103.86
      KOREAN WON 12/28                    1012.9   1018.9   1041.1
      MEXICAN PESO 12/28                  10.778   10.618   11.249
      TRADE-WEIGHTED DOLLAR INDEX 12/28     91.8     91.7     88.2
      
      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 12/27                       4.26%   4.30%   2.24%
      COMMERCIAL PAPER 12/26 3-month              NA      NA      NA
      CERTIFICATES OF DEPOSIT 12/27 3-month     4.47    4.46    2.50
      FIXED MORTGAGE 12/23 30-year              6.37    6.41    5.83
      ADJUSTABLE MORTGAGE 12/23 one-year        5.37    5.37    4.29
      PRIME 12/27                               7.25    7.25    5.25
      
      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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