PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL              2/17 thous. of net tons           1,915     1,973#    -8.9
      AUTOS              2/17 units                       79,600    79,600#   -16.2
      TRUCKS             2/17 units                      150,200   150,200#    -0.7
      ELECTRIC POWER     2/17 millions of kilowatt-hrs.   82,886    84,063#     7.9
      CRUDE-OIL REFINING 2/17 thous. of bbl./day          14,393    14,492#    -0.3
      COAL               2/10 thous. of net tons          22,021#   22,352     -3.7
      LUMBER             2/10 millions of ft.              309.2#    315.2    -19.0
      RAIL FREIGHT       2/10 billions of ton-miles         31.7#     32.3     -4.2
      
      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                2/9 1992=100      138.9      140.2r     1.8
      STOCK PRICES                     2/16 S&P 500      1455.5     1438.1     13.1
      CORPORATE BOND YIELD, Aaa        2/16                 5.4%       5.4%     0.8
      MONEY SUPPLY, M2                  2/5 billions   $7,092.5   $7,092.6r     5.6
      INITIAL CLAIMS, UNEMPLOYMENT     2/17 thous.          332        359r    14.9
      MORTGAGE APPLICATIONS, PURCHASE  2/17               381.4      400.7     -6.7
      MORTGAGE APPLICATIONS, REFINANCE 2/17              1921.1     2031.7     22.3
      
      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                 2/21 $/troy oz.              661.250   668.250     19.6
      STEEL SCRAP          2/22 #1 heavy, $/ton          223.33    223.33     -0.4
      COPPER               2/16 cents/lb.                264.0     251.3      15.5
      ALUMINUM             2/16 cents/lb.                132.3     128.8      16.4
      COTTON               2/16 strict low middling       
                                1-1/16 in., cents/lb.     51.73     52.79     -7.9
      OIL                  2/21 $/bbl.                    59.12     58.07      2.1
      CRB FOODSTUFFS       2/20 1967=100                 288.23    285.13     18.3
      CRB RAW INDUSTRIALS  2/20 1967=100                 444.72    439.43     20.0
      
      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                     2/21   2.0773       2.0915       2.1410
      BRITISH POUND                      2/21     1.95         1.96         1.74
      CANADIAN DOLLAR                    2/21     1.16         1.17         1.15
      EUROPEAN EURO                      2/21   1.3139       1.3131       1.1914
      JAPANESE YEN                       2/21   120.93       120.81       118.54
      KOREAN WON                         2/21    938.5        937.0        974.6
      MEXICAN PESO                       2/21   10.993       10.923       10.463
      TRADE-WEIGHTED DOLLAR INDEX        2/21     88.9         88.9         90.9
      
      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                2/20                  5.27%      5.26%      4.54%
      COMMERCIAL PAPER             2/20  3-month         NA         NA         NA
      CERTIFICATES OF DEPOSIT      2/20  3-month         5.31       5.31       4.74
      FIXED MORTGAGE               2/16  30-year         6.35       6.35       6.45
      ADJUSTABLE MORTGAGE          2/16  one-year        5.95       5.93       5.48
      PRIME                        2/20                  8.25       8.25       7.50
      
      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. NA=Not
      available  r=revised  NM=Not meaningful
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