PRODUCTION INDICATORS

                                                      LATEST     WEEK    YEARLY
                                                        WEEK      AGO     % CHG
STEEL               12/9  thous. of net tons           1,903    1,889r#    -9.6
AUTOS               12/9  units                      117,643  115,366r#   -10.8
TRUCKS              12/9  units                      148,035  143,897r#    -9.7
ELECTRIC POWER      12/9  millions of kilowatt-hrs.   74,737   69,281#     11.0
CRUDE-OIL REFINING  12/9  thous. of bbl./day          15,246   15,140#      3.4
COAL                12/2  thous. of net tons          23,322#  19,199       7.3
LUMBER              12/2  millions of ft.              471.6#   285.3r     -0.3
RAIL FREIGHT        12/2  billions of ton-miles         30.5#    23.5      -1.3

Sources: American Iron & Steel Institute, Ward's Automotive Reports, Edison 
Electric Institute, American Petroleum Institute, Energy Dept., WWPA, SFPA, 
Association of American Railroads


LEADING INDICATORS

                                                    LATEST     WEEK   YEARLY
                                                      WEEK      AGO    % CHG
ECRI LEADING INDEX                 12/1  1992=100    123.7    122.5     -1.9
STOCK PRICES                       12/8  S&P 500    1369.9   1315.2     -3.3
CORPORATE BOND YIELD, Aaa          12/8                7.0%     7.1     -5.7
MONEY SUPPLY, M2                   11/27 billions   4897.8   4883.7r     5.4
INITIAL CLAIMS, UNEMPLOYMENT       12/8  thous.        320      352      9.2
MORTGAGE APPLICATIONS, PURCHASE    12/8              344.0    333.8     20.4
MORTGAGE APPLICATIONS, REFINANCE   12/8              758.4    663.9     95.4
                                                                                
      
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                 12/13  $/troy oz.               269.600  271.600     -3.7
STEEL SCRAP          12/11  #1 heavy, $/ton            77.67    76.50r    -7.5
COPPER                12/8  cents/lb.                  91.8     89.5      10.6
ALUMINUM              12/8  cents/lb.                  72.8     72.0      -1.4
COTTON                12/8  strict low middling              
                            1-1/16 in.,  cents/lb.     63.66    63.81     33.9
OIL                  12/13  $/bbl.                     28.97    29.54r    12.5
CRB FOODSTUFFS       12/12  1967=100                  184.55   192.66      3.9
CRB RAW INDUSTRIALS  12/12  1967=100                  255.06   254.41     -4.4

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin, Metals 
Week, Memphis market, NYMEX, Commodity Research Bureau


FOREIGN EXCHANGE

                                        LATEST      WEEK        YEAR
                                          WEEK       AGO         AGO
BRAZILIAN REAL                12/13     1.9650    1.9750      1.8500
BRITISH POUND                 12/13       1.46      1.44        1.61
CANADIAN DOLLAR               12/13       1.52      1.53        1.48
EUROPEAN EURO                 12/13     0.8771    0.8887      1.0077
JAPANESE YEN                  12/13     112.35    110.64      103.56
KOREAN WON                    12/13     1190.5    1192.0      1134.5
MEXICAN PESO                  12/13      9.405     9.429       9.361
TRADE-WEIGHTED DOLLAR INDEX   12/13      116.9     116.1       107.2

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               12/12             6.43%        6.51%        5.31%
COMMERCIAL PAPER            12/12  3-month    6.35         6.45         5.92
CERTIFICATES OF DEPOSIT     12/13  3-month    6.50         6.53         6.07
FIXED MORTGAGE               12/8  30-year    7.67         7.81         7.93
ADJUSTABLE MORTGAGE          12/8  one-year   7.21         7.24         6.46
PRIME                        12/8             9.50         9.50         8.50

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.  2=Southern Forest 
Products Assn.  3=Free market value  NA=Not available  r=revised  NM=Not 
meaningful