PRODUCTION INDICATORS
      
                                                          LATEST      WEEK   YEARLY
                                                            WEEK       AGO    % CHG
      STEEL                3/3 thous. of net tons          1,981     1,961#    -5.6
      AUTOS                3/3 units                      79,600    79,600#   -16.2
      TRUCKS               3/3 units                     150,200   150,200#    -0.7
      ELECTRIC POWER       3/3 millions of kilowatt-hrs.  73,979    76,705#     0.9
      CRUDE-OIL REFINING   3/3 thous. of bbl./day         14,363    14,348#     1.3
      COAL                2/24 thous. of net tons         22,431#   21,379      2.9
      LUMBER              2/24 millions of ft.             297.1#    320.5    -15.2
      RAIL FREIGHT        2/24 billions of ton-miles        32.5#     30.9     -0.6
      
      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               2/23 1992=100      140.0      139.3      2.1
      STOCK PRICES                      3/2 S&P 500      1387.2     1451.2      7.8
      CORPORATE BOND YIELD, Aaa         3/2                 5.2%       5.4%    -4.2
      MONEY SUPPLY, M2                 2/19 billions   $7,110.5   $7,098.2r     5.5
      INITIAL CLAIMS, UNEMPLOYMENT      3/3 thous.          328        338      5.8
      MORTGAGE APPLICATIONS, PURCHASE   3/3               405.3      401.3      1.6
      MORTGAGE APPLICATIONS, REFINANCE  3/3              2234.2     1943.5     38.4
      
      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                3/7 $/troy oz.            646.400  664.200      18.7
      STEEL SCRAP         3/8 #1 heavy, $/ton        289.17   223.33      26.8
      COPPER              3/2 cents/lb.              282.2    276.6       23.7
      ALUMINUM            3/2 cents/lb.              133.3    130.1       17.2
      COTTON              3/2 strict low middling     
                              1-1/16 in., cents/lb.   53.15    52.47      -2.9
      OIL                 3/7 $/bbl.                  61.57    61.72       2.5
      CRB FOODSTUFFS      3/6 1967=100               291.39   288.38      21.0
      CRB RAW INDUSTRIALS 3/6 1967=100               452.41   451.36      21.7
      
      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                    3/7      2.1120      2.1175      2.1800
      BRITISH POUND                     3/7        1.93        1.96        1.74
      CANADIAN DOLLAR                   3/7        1.18        1.17        1.16
      EUROPEAN EURO                     3/7      1.3177      1.3229      1.1925
      JAPANESE YEN                      3/7      116.07      118.56      117.86
      KOREAN WON                        3/7       948.1       942.9       982.1
      MEXICAN PESO                      3/7      11.188      11.167      10.716
      TRADE-WEIGHTED DOLLAR INDEX       3/7        88.8        88.7        91.3
      
      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             3/6                   5.22%        5.27%      4.51%
      COMMERCIAL PAPER          3/6  3-month          NA           5.19       NA
      CERTIFICATES OF DEPOSIT   3/6  3-month          5.29         5.31       4.84
      FIXED MORTGAGE            3/2  30-year          6.27         6.33       6.39
      ADJUSTABLE MORTGAGE       3/2  one-year         5.91         5.90       5.56
      PRIME                     3/6                   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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