PRODUCTION INDICATORS
                                                      LATEST        WEEK    YEARLY
                                                        WEEK         AGO%      CHG
      
      STEEL 2/18 thous. of net tons                    2,101       2,118#      3.3
      AUTOS 2/18 units                                94,950      94,950#     -9.6
      TRUCKS 2/18 units                              151,225     151,225#    -11.1
      ELECTRIC POWER 2/18 millions of kilowatt-hrs.   76,818      76,429#      6.1
      CRUDE-OIL REFINING 2/18 thous. of bbl./day      14,441      14,522#     -3.3
      COAL 2/11 thous. of net tons                    22,866#     24,217       5.9
      LUMBER 2/11 millions of ft.                      381.9#      354.8       1.5
      RAIL FREIGHT 2/11 billions of ton-miles           32.3#       33.6      -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 2/10 1992=100             136.9        138.2       2.1
      STOCK PRICES 2/17 S&P 500                   1287.2       1267.0       7.1
      CORPORATE BOND YIELD, Aaa 2/17                 5.3%         5.4%      0.0
      MONEY SUPPLY, M2 2/6 billions             $6,740.2     $6,739.9r      4.5
      INITIAL CLAIMS, UNEMPLOYMENT 2/18 thous.       278          298r    -10.0
      MORTGAGE APPLICATIONS, PURCHASE 2/18         408.7        391.7      -2.2
      MORTGAGE APPLICATIONS, REFINANCE 2/18       1571.4       1636.7     -37.9
      
      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 2/22 $/troy oz.                  553.000   540.500      27.8
      STEEL SCRAP 2/22 #1 heavy, $/ton       224.33    224.33      14.8
      COPPER 2/17  cents/lb.                  228.7     234.6      48.6
      ALUMINUM 2/17  cents/lb.                113.7     123.0      22.4
      COTTON 2/17 strict
       low middling 1-1/16 in.,  cents/lb.    56.13     55.94      16.6
      OIL 2/22 $/bbl.                         57.91     57.40      15.3
      CRB FOODSTUFFS 2/21 1967=100           243.56    242.32      -2.5
      CRB RAW INDUSTRIALS 2/21 1967=100      370.59    372.87      12.8
      
      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 2/22                 2.1410   2.1360          2.5945
      BRITISH POUND 2/22                    1.74     1.74            1.91
      CANADIAN DOLLAR 2/22                  1.15     1.16            1.25
      EUROPEAN EURO 2/22                  1.1914   1.1889          1.3216
      JAPANESE YEN 2/22                   118.54   117.88          104.84
      KOREAN WON 2/22                      974.6    974.1          1003.0
      MEXICAN PESO 2/22                   10.463   10.542          11.093
      TRADE-WEIGHTED DOLLAR INDEX 2/22      90.9     91.0            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 2/21                       4.54%    4.45%   2.57%
      COMMERCIAL PAPER 2/21 3-month              NA       NA      NA
      CERTIFICATES OF DEPOSIT 2/21 3-month     4.74     4.71    2.81
      FIXED MORTGAGE 2/17 30-year              6.45     6.39    5.71
      ADJUSTABLE MORTGAGE 2/17 one-year        5.48     5.46    4.36
      PRIME 2/21                               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 (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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