PRODUCTION INDICATORS
      
                                                           LATEST      WEEK   YEARLY
                                                             WEEK       AGO    % CHG
      STEEL               6/16 thous. of net tons           2,084    2,039#    -1.1
      AUTOS               6/16 units                       93,000   93,000#    14.4
      TRUCKS              6/16 units                      162,400  162,400#    24.1
      ELECTRIC POWER      6/16 millions of kilowatt-hrs.   81,410   78,952#     1.9
      CRUDE-OIL REFINING  6/16 thous. of bbl./day          14,542   14,543#    -9.1
      COAL                6/9  thous. of net tons          21,302#  21,855     -5.7
      LUMBER              6/9  millions of ft.              302.9#   244.9    -13.2
      RAIL FREIGHT        6/9  billions of ton-miles         33.5#    32.7      5.1
      
      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                  6/8 1992=100     143.8      143.2r     4.9
      STOCK PRICES                       6/15 S&P 500     1532.9     1507.7     22.5
      CORPORATE BOND YIELD, Aaa          6/15                5.9%       5.8%    -0.5
      MONEY SUPPLY, M2                    6/4 billions  $7,240.2   $7,241.8r     6.6
      INITIAL CLAIMS, UNEMPLOYMENT       6/16 thous.         324        314r     3.8
      MORTGAGE APPLICATIONS, PURCHASE    6/16              450.9      464.7      8.7
      MORTGAGE APPLICATIONS, REFINANCE   6/16             1776.8     1854.8     21.2
      
      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                6/20  $/troy oz.                  657.700  647.650     14.5
      STEEL SCRAP         6/21  #1 heavy, $/ton              240.83  240.83       0.3
      COPPER              6/15  cents/lb.                    341.4       NA       3.0
      ALUMINUM            6/15  cents/lb.                    123.0       NA       4.9
      COTTON              6/15  strict low middling
                                1-1/16 in., cents/lb.        51.88    49.84      -1.0
      OIL                 6/20  $/bbl.                       68.14    66.34      -2.8
      CRB FOODSTUFFS      6/19  1967=100                    325.01   319.00      26.9
      CRB RAW INDUSTRIALS 6/19  1967=100                    497.01   493.92      24.5
      
      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                    6/20    1.9340      1.9435      2.2267
      BRITISH POUND                     6/20      1.99        1.97        1.85
      CANADIAN DOLLAR                   6/20      1.07        1.07        1.11
      EUROPEAN EURO                     6/20    1.3405      1.3311      1.2660
      JAPANESE YEN                      6/20    123.57      122.72      114.90
      KOREAN WON                        6/20     927.8       931.5       955.8
      MEXICAN PESO                      6/20    10.842      10.923      11.390
      TRADE-WEIGHTED DOLLAR INDEX       6/20      86.8        87.1        89.1
      
      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                6/19            5.21%      5.26%        4.92%
      COMMERCIAL PAPER             6/19  3-month   5.25       NA           NA
      CERTIFICATES OF DEPOSIT      6/19  3-month   5.32       5.33         5.40
      FIXED MORTGAGE               6/15  30-year   6.86       6.65         6.76
      ADJUSTABLE MORTGAGE          6/15  one-year  6.06       6.01         6.32
      PRIME                        6/19            8.25       8.25         8.00
      
      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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