PRODUCTION INDICATORS
      
                                                          LATEST      WEEK    YEARLY
                                                            WEEK       AGO     % CHG
      STEEL               4/1 thous. of net tons           2,051     2,127#      1.3
      AUTOS               4/1 units                       88,080    88,080r#    12.7
      TRUCKS              4/1 units                      139,700   139,700r#    -1.0
      ELECTRIC POWER      4/1 millions of kilowatt-hrs.   69,031    72,446#      1.9
      CRUDE-OIL REFINING  4/1 thous. of bbl./day          14,457    14,765#     -6.2
      COAL               3/25 thous. of net tons          22,943#   22,132       5.2
      LUMBER             3/25 millions of ft.              369.7#    359.9      -5.5
      RAIL FREIGHT       3/25 billions of ton-miles         34.0#     32.9       3.7
      
      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               3/24 1992=100      137.0      136.2r     1.6
      STOCK PRICES                     3/31 S&P 500      1294.8     1303.0     10.4
      CORPORATE BOND YIELD, Aaa        3/31                 5.7%       5.5%     5.8
      MONEY SUPPLY, M2                 3/20 billions   $6,779.1   $6,753.2r     4.6
      INITIAL CLAIMS, UNEMPLOYMENT      4/1 thous.          299        304r   -13.6
      MORTGAGE APPLICATIONS, PURCHASE   4/1               438.2      404.1     -1.7
      MORTGAGE APPLICATIONS, REFINANCE  4/1              1640.8     1558.4     -8.8
      
      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                  4/5 $/troy oz.              586.500    565.000      37.8
      STEEL SCRAP           4/5 #1 heavy, $/ton          228.00     228.00      15.3
      COPPER               3/31 cents/lb.                254.6      242.8       65.2
      ALUMINUM             3/31 cents/lb.                119.0      117.6       23.6
      COTTON               3/31 strict low middling       
                                1-1/16 in., cents/lb.     53.65      53.24       0.9
      OIL                   4/5 $/bbl.                    66.97      66.57      20.1
      CRB FOODSTUFFS        4/4 1967=100                 240.85     237.42      -3.4
      CRB RAW INDUSTRIALS   4/4 1967=100                 376.94     373.66      13.0
      
      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                 4/5       2.1378      2.2142      2.6015
      BRITISH POUND                  4/5         1.75        1.73        1.88
      CANADIAN DOLLAR                4/5         1.16        1.17        1.22
      EUROPEAN EURO                  4/5       1.2289      1.2024      1.2871
      JAPANESE YEN                   4/5       117.42      117.82      108.68
      KOREAN WON                     4/5        957.4       975.2      1013.4
      MEXICAN PESO                   4/5       11.032      10.942      11.215
      TRADE-WEIGHTED DOLLAR INDEX    4/5         90.7        91.5        89.9
      
      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                  4/4                4.76%      4.70%     2.72%
      COMMERCIAL PAPER               4/4  3-month       NA         NA        NA
      CERTIFICATES OF DEPOSIT        4/4  3-month       4.97       4.93      3.05
      FIXED MORTGAGE                3/31  30-year       6.51       6.46      6.17
      ADJUSTABLE MORTGAGE           3/31  one-year      5.73       5.66      4.64
      PRIME                          4/4                7.75       7.75      5.75
      
      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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