PRODUCTION INDICATORS
      
                                                         LATEST       WEEK   YEARLY
                                                           WEEK        AGO    % CHG
      STEEL              4/22 thous. of net tons          2,062      2,044#    -0.3
      AUTOS              4/22 units                      88,925     88,925#    -1.0
      TRUCKS             4/22 units                     141,075    141,075#   -11.8
      ELECTRIC POWER     4/22 millions of kilowatt-hrs.  69,104     67,559#     4.2
      CRUDE-OIL REFINING 4/22 thous. of bbl./day         15,042     14,423#    -1.7
      COAL               4/15 thous. of net tons         23,775#    23,358      7.9
      LUMBER             4/15 millions of ft.             344.3#     343.1     -6.8
      RAIL FREIGHT       4/15 billions of ton-miles        33.0#      33.0     -2.1
      
      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               4/14 1992=100     137.1      137.4      1.7
      STOCK PRICES                     4/21 S&P 500     1311.3     1289.1     13.8
      CORPORATE BOND YIELD, Aaa        4/21                5.9%       5.9%    11.6
      MONEY SUPPLY, M2                 4/10 billions  $6,774.2   $6,798.0r     4.7
      INITIAL CLAIMS, UNEMPLOYMENT     4/22 thous.         315        304r    -3.1
      MORTGAGE APPLICATIONS, PURCHASE  4/22              389.4      407.4    -19.2
      MORTGAGE APPLICATIONS, REFINANCE 4/22             1489.4     1526.1    -27.4
      
      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                4/26 $/troy oz.              635.500   624.750     46.3
      STEEL SCRAP         4/26 #1 heavy, $/ton          236.50    234.83     12.3
      COPPER              4/21 cents/lb.                316.6     285.3     104.8
      ALUMINUM            4/21 cents/lb.                127.2     121.9      38.1
      COTTON              4/21 strict low middling
                               1-1/16 in., cents/lb.     53.12     53.01     -1.3
      OIL                 4/26 $/bbl.                    72.28     72.40     40.3
      CRB FOODSTUFFS      4/25 1967=100                 248.63    242.24     -2.5
      CRB RAW INDUSTRIALS 4/25 1967=100                 393.66    386.33     16.2
      
      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                 4/26         2.1190       2.1147      2.5146
      BRITISH POUND                  4/26           1.78         1.79        1.91
      CANADIAN DOLLAR                4/26           1.13         1.14        1.25
      EUROPEAN EURO                  4/26         1.2454       1.2382      1.2930
      JAPANESE YEN                   4/26         114.73       117.27      105.87
      KOREAN WON                     4/26          946.6        945.6      1002.9
      MEXICAN PESO                   4/26         11.146       10.967      11.096
      TRADE-WEIGHTED DOLLAR INDEX    4/26           89.5         90.1        89.4
      
      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            4/25                 4.74%     4.72%     2.78%
      COMMERCIAL PAPER         4/25  3-month        4.90      NA        NA
      CERTIFICATES OF DEPOSIT  4/25  3-month        5.07      5.05      3.13
      FIXED MORTGAGE           4/21  30-year        6.65      6.62      5.92
      ADJUSTABLE MORTGAGE      4/21  one-year       5.83      5.81      4.57
      PRIME                    4/25                 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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