PRODUCTION INDICATORS
                                                      LATEST       WEEK    YEARLY
                                                        WEEK        AGO%      CHG
      
      STEEL 12/23 thous. of net tons                   1,818      1,895#     -8.6
      AUTOS 12/23 units                               70,100     70,100#     -9.7
      TRUCKS 12/23 units                             118,600    118,600#    -12.1
      ELECTRIC POWER 12/23 millions of kilowatt-hrs.  74,830     75,777#     -6.6
      CRUDE-OIL REFINING 12/23 thous. of bbl./day     15,383     15,414#      3.4
      COAL 12/16 thous. of net tons                   22,702#    22,088      10.9
      LUMBER 12/16 millions of ft.                     309.0#     304.3     -17.3
      RAIL FREIGHT 12/16 billions of ton-miles          34.4#      33.2       4.9
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA,
      Association of American Railroads
      
      LEADING INDICATORS
                                                   LATEST        WEEK    YEARLY
                                                     WEEK         AGO%      CHG
      
      ECRI LEADING INDEX 12/15 1992=100             139.7       140.7r      3.0
      STOCK PRICES 12/22 S&P 500                   1410.8      1427.1      11.2
      CORPORATE BOND YIELD, Aaa 12/22                 5.4%        5.4%      2.7
      MONEY SUPPLY, M2 12/11 billions            $6,997.2    $7,008.1r     5.1
      INITIAL CLAIMS, UNEMPLOYMENT 12/23 thous.       317         316r      1.0
      MORTGAGE APPLICATIONS, PURCHASE 12/23         390.2       436.5      -9.9
      MORTGAGE APPLICATIONS, REFINANCE 12/23       1604.6      1968.8      27.4
      
      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 12/27 $/troy oz.                628.500   619.250      21.3
      STEEL SCRAP 12/28 #1 heavy, $/ton     207.00    207.00      -6.0
      COPPER 12/22  cents/lb.                298.8     311.4      33.4
      ALUMINUM 12/22  cents/lb.              130.0     132.1      21.8
      COTTON 12/22 strict low
       middling 1-1/16 in.,  cents/lb.       54.47     53.90       1.4
      OIL 12/27 $/bbl.                       60.74     63.32       1.1
      CRB FOODSTUFFS 12/26 1967=100         273.68    270.41      13.9
      CRB RAW INDUSTRIALS 12/26 1967=100    446.45    448.35      25.7
      
      Sources: London Wednesday final setting, Metal Bulletin, Platt's Metals
      Week, Memphis market, NYMEX, Commodity Research Bureau
      
      FOREIGN EXCHANGE
                                         LATEST     WEEK     YEAR
                                           WEEK      AGO      AGO
      
      BRAZILIAN REAL 12/27               2.1468   2.1571   2.3410
      BRITISH POUND 12/27                  1.96     1.96     1.72
      CANADIAN DOLLAR 12/27                1.16     1.15     1.17
      EUROPEAN EURO 12/27                1.3115   1.3174   1.1832
      JAPANESE YEN 12/27                 118.87   118.46   117.92
      KOREAN WON 12/27                    930.6    926.0   1012.9
      MEXICAN PESO 12/27                 10.891   10.825   10.778
      TRADE-WEIGHTED DOLLAR INDEX 12/27    88.5     88.0     91.8
      
      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 12/26                      5.29%   5.21%   4.26%
      COMMERCIAL PAPER 12/26 3-month             NA      NA      NA
      CERTIFICATES OF DEPOSIT 12/26 3-month    5.32    5.32    4.47
      FIXED MORTGAGE 12/22 30-year             6.25    6.21    6.37
      ADJUSTABLE MORTGAGE 12/22 one-year       5.87    5.82    5.37
      PRIME 12/26                              8.25    8.25    7.25
      
      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.
      NA=Not available r=revised NM=Not meaningful
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