PRODUCTION INDICATORS
      
                                                         LATEST     WEEK   YEARLY
                                                           WEEK      AGO    % CHG
      STEEL              3/17 thous. of net tons          2,001    2,017#    -3.9
      AUTOS              3/17 units                      74,600   74,600#   -15.3
      TRUCKS             3/17 units                     131,800  131,800#    -5.7
      ELECTRIC POWER     3/17 millions of kilowatt-hrs.  70,517   74,786#     0.3
      CRUDE-OIL REFINING 3/17 thous. of bbl./day         14,410   14,369#    -2.2
      COAL               3/10 thous. of net tons         22,711#  22,440      0.9
      LUMBER             3/10 millions of ft.             311.5#   311.9    -16.1
      RAIL FREIGHT       3/10 billions of ton-miles        33.6#    32.9      0.3
      
      Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison
      Electric Institute, American Petroleum Institute, Energy Dept., WWPA, Asso-
      ciation of American Railroads
      
      
      LEADING INDICATORS
      
                                                         LATEST       WEEK   YEARLY
                                                           WEEK        AGO    % CHG
      ECRI LEADING INDEX                3/9 1992=100      140.3      140.2r     2.7
      STOCK PRICES                     3/16 S&P 500      1387.0     1402.9      6.1
      CORPORATE BOND YIELD, Aaa        3/16                 5.3%       5.3%    -4.2
      MONEY SUPPLY, M2                  3/5 billions   $7,127.5   $7,144.3r     5.5
      INITIAL CLAIMS, UNEMPLOYMENT     3/17 thous.          316        320r     1.3
      MORTGAGE APPLICATIONS, PURCHASE  3/17               410.6      414.3      4.3
      MORTGAGE APPLICATIONS, REFINANCE 3/17              2208.6     2312.2     40.3
      
      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                 3/21 $/troy oz.            658.750   643.250       19.6
      STEEL SCRAP          3/22 #1 heavy, $/ton        289.17    289.17       26.8
      COPPER               3/16 cents/lb.              295.5     280.5        26.4
      ALUMINUM             3/16 cents/lb.              129.0     126.9        11.8
      COTTON               3/16 strict low middling     
                                1-1/16 in., cents/lb.   53.29     53.52       -1.8
      OIL                  3/21 $/bbl.                  58.52     58.11       -3.7
      CRB FOODSTUFFS       3/20 1967=100               297.23    292.71       21.3
      CRB RAW INDUSTRIALS  3/20 1967=100               459.34    456.90       23.4
      
      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                   3/21        2.0535       2.0905       2.1539
      BRITISH POUND                    3/21          1.97         1.94         1.75
      CANADIAN DOLLAR                  3/21          1.16         1.18         1.17
      EUROPEAN EURO                    3/21        1.3386       1.3223       1.2078
      JAPANESE YEN                     3/21        117.54       117.09       117.02
      KOREAN WON                       3/21         938.0        946.3        973.6
      MEXICAN PESO                     3/21        11.007       11.149       10.869
      TRADE-WEIGHTED DOLLAR INDEX      3/21          88.2         88.6         91.0
      
      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               3/20                 5.26%     5.25%     4.54%
      COMMERCIAL PAPER            3/20  3-month        5.22      NA        NA
      CERTIFICATES OF DEPOSIT     3/20  3-month        5.30      5.30      4.90
      FIXED MORTGAGE              3/16  30-year        6.26      6.27      6.49
      ADJUSTABLE MORTGAGE         3/16  one-year       5.87      5.89      5.67
      PRIME                       3/20                 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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