PRODUCTION INDICATORS
                                                      LATEST        WEEK     YEARLY
                                                        WEEK         AGO%       CHG
      
      STEEL 2/11 thous. of net tons                    2,118       2,066#       2.6
      AUTOS 2/11 units                                94,950      86,055r#     -5.3
      TRUCKS 2/11 units                              151,225     131,148r#    -10.3
      ELECTRIC POWER 2/11 millions of kilowatt-hrs.   76,429      72,403#       4.3
      CRUDE-OIL REFINING 2/11 thous. of bbl./day      14,522      14,524#      -5.0
      COAL 2/4 thous. of net tons                     24,217#     23,135       13.3
      LUMBER 2/4 millions of ft.                       354.8#      377.0       -4.7
      RAIL FREIGHT 2/4 billions of ton-miles            33.6#       33.0        5.3
      
      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 2/3 1992=100             138.0      138.2r       2.6
      STOCK PRICES 2/10 S&P 500                  1267.0     1264.0        5.1
      CORPORATE BOND YIELD, Aaa 2/10                5.4%       5.3%       3.9
      MONEY SUPPLY, M2 1/30 billions           $6,740.0    6,758.1r       4.4
      INITIAL CLAIMS, UNEMPLOYMENT 2/11 thous.      297        277r      -3.6
      MORTGAGE APPLICATIONS, PURCHASE 2/11        391.7      425.1       -7.5
      MORTGAGE APPLICATIONS, REFINANCE 2/11      1636.7     1751.0      -35.3
      
      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    EARLY
                                              WEEK      AGO%     CHG
      
      GOLD 2/15 $/troy oz.                 540.500   548.750     27.7
      STEEL SCRAP 2/15 #1 heavy, $/ton      224.33    206.33     14.8
      COPPER 2/10  cents/lb.                  34.6     233.1     56.5
      ALUMINUM 2/10  cents/lb.               123.0     120.3     35.9
      COTTON 2/10 strict low
       middling 1-1/16 in.,  cents/lb.       55.94     55.79     21.6
      OIL 2/15 $/bbl.                        57.40     62.35     19.5
      CRB FOODSTUFFS 2/14 1967=100          242.32    240.44     -0.8
      CRB RAW INDUSTRIALS 2/14 1967=100     372.87    372.16     14.9
      
      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 2/15                 2.1360   2.1862   2.5780
      BRITISH POUND 2/15                    1.74     1.74     1.89
      CANADIAN DOLLAR 2/15                  1.16     1.15     1.24
      EUROPEAN EURO 2/15                  1.1889   1.1961   1.3029
      JAPANESE YEN 2/15                   117.88   118.52   105.42
      KOREAN WON 2/15                      974.1    971.3   1027.0
      MEXICAN PESO 2/15                   10.542   10.533   11.146
      TRADE-WEIGHTED DOLLAR INDEX 2/15      91.0     90.9     89.5
      
      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 2/14                       4.45%   4.47%   2.53%
      COMMERCIAL PAPER 2/13 3-month              NA      NA      NA
      CERTIFICATES OF DEPOSIT 2/14 3-month     4.71    4.68    2.76
      FIXED MORTGAGE 2/10 30-year              6.39    6.37    5.66
      ADJUSTABLE MORTGAGE 2/10 one-year        5.46    5.43    4.35
      PRIME 2/14                               7.50    7.50    5.50
      
      Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets
      
      # Raw data in the production indicators are seasonally adjusted in computing
      the BW index; 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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