PRODUCTION INDICATORS
      
                                                         LATEST      WEEK   YEARLY
                                                           WEEK       AGO    % CHG
      STEEL              2/25 thous. of net tons          2,074     2,101#     3.5
      AUTOS              2/25 units                      94,950    94,950#    -1.1
      TRUCKS             2/25 units                     151,225   151,225#    -9.9
      ELECTRIC POWER     2/25 millions of kilowatt-hrs.  76,633    76,818#     5.6
      CRUDE-OIL REFINING 2/25 thous. of bbl./day         14,638    14,441#    -1.5
      COAL               2/18 thous. of net tons         21,710#   22,866     -0.8
      LUMBER             2/18 millions of ft.             368.7#    381.9     -2.1
      RAIL FREIGHT       2/18 billions of ton-miles        31.8#     32.3     -5.4
      
      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               2/17 1992=100     137.4      136.8r     2.4
      STOCK PRICES                     2/24 S&P 500     1289.4     1287.2      6.4
      CORPORATE BOND YIELD, Aaa        2/24                5.3%       5.3%     0.8
      MONEY SUPPLY, M2                 2/13 billions  $6,742.9   $6,739.8r     4.6
      INITIAL CLAIMS, UNEMPLOYMENT     2/25 thous.         294        279r    -7.0
      MORTGAGE APPLICATIONS, PURCHASE  2/25              400.8      408.7     -8.9
      MORTGAGE APPLICATIONS, REFINANCE 2/25             1573.5     1571.4    -31.0
      
      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                  3/1 $/troy oz.             564.250   553.000      30.7
      STEEL SCRAP           3/1 #1 heavy, $/ton         226.00    224.33      15.7
      COPPER               2/24 cents/lb.               229.9     228.7       48.9
      ALUMINUM             2/24 cents/lb.               112.4     113.7       17.3
      COTTON               2/24 strict low middling            
                                1-1/16 in., cents/lb.    56.06     56.13      12.8
      OIL                   3/1 $/bbl.                   62.09     57.91      17.4
      CRB FOODSTUFFS       2/28 1967=100                241.94    243.56      -3.5
      CRB RAW INDUSTRIALS  2/28 1967=100                369.84    370.59      12.4
      
      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                  3/1         2.1155        2.1410       2.6390
      BRITISH POUND                   3/1           1.75          1.74         1.91
      CANADIAN DOLLAR                 3/1           1.13          1.15         1.24
      EUROPEAN EURO                   3/1         1.1923        1.1914       1.3142
      JAPANESE YEN                    3/1         116.10        118.54       104.75
      KOREAN WON                      3/1          971.0         974.6       1007.0
      MEXICAN PESO                    3/1         10.475        10.463       11.087
      TRADE-WEIGHTED DOLLAR INDEX     3/1           90.3          90.9         88.8
      
      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              2/28                 4.52%        4.54%      2.39%
      COMMERCIAL PAPER           2/28  3-month        NA           NA         NA
      CERTIFICATES OF DEPOSIT    2/28  3-month        4.78         4.74       2.88
      FIXED MORTGAGE             2/24  30-year        6.40         6.45       5.79
      ADJUSTABLE MORTGAGE        2/24  one-year       5.52         5.48       4.37
      PRIME                      2/28                 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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