PRODUCTION INDICATORS
                                                LATEST      WEEK    YEARLY
                                                  WEEK       AGO%      CHG

STEEL 12/23 thous. of net tons                      NA    1,759#        NA
AUTOS 12/23 units                               86,201   106,129r#    -1.2
TRUCKS 12/23 units                             130,719   140,459r#     7.3
ELECTRIC POWER 12/23 millions of kilowatt-hrs.  77,210    75,217#     13.7
CRUDE-OIL REFINING 12/23 thous. of bbl./day     15,156    15,108#      5.4
COAL 12/16 thous. of net tons                   21,588#   23,879      -2.8
LUMBER 12/16 millions of ft.                     468.4#    475.3      -9.1
RAIL FREIGHT 12/16 billions of ton-miles          27.9#     30.3      -6.7

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 12/15 1992=100           122.6     124.6      -2.9
STOCK PRICES 12/22 S&P 500                 1306.0    1312.2     -10.4
CORPORATE BOND YIELD, Aaa 12/22               6.8%      6.9     -10.4
MONEY SUPPLY, M2 12/11 billions            4911.4    4905.6r      5.8
INITIAL CLAIMS, UNEMPLOYMENT 12/22 thous.     333       356r     17.7
MORTGAGE APPLICATIONS, PURCHASE 12/22       278.2     302.2       9.8
MORTGAGE APPLICATIONS, REFINANCE 12/22      794.1     777.2     134.9

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 12/27 $/troy oz.               275.050    272.450      -4.3
STEEL SCRAP 12/25 #1 heavy, $/ton     78.00      78.00      -7.1
COPPER 12/22  cents/lb.                90.9       92.6       6.5
ALUMINUM 12/22  cents/lb.              75.5       77.8       1.3
COTTON 12/22 strict low
 middling 1-1/16 in.,  cents/lb.      61.55      62.02      31.5
OIL 12/27 $/bbl.                      26.24      25.82      -1.4
CRB FOODSTUFFS 12/26 1967=100        183.80     184.78       2.7
CRB RAW INDUSTRIALS 12/26 1967=100   256.70     257.49      -3.4

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 12/27                1.9550    1.9500    1.8065
BRITISH POUND 12/27                   1.50      1.48      1.62
CANADIAN DOLLAR 12/27                 1.51      1.52      1.45
EUROPEAN EURO 12/27                 0.9304    0.9099    1.0051
JAPANESE YEN 12/27                  114.32    112.71    102.10
KOREAN WON 12/27                    1258.5    1217.5    1142.0
MEXICAN PESO 12/27                   9.575     9.515     9.456
TRADE-WEIGHTED DOLLAR INDEX 12/27    114.7     115.5     106.1

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 12/26                      6.58%    6.47%     5.33%
COMMERCIAL PAPER 12/26 3-month           6.26     6.32      6.03
CERTIFICATES OF DEPOSIT 12/27 3-month    6.33     6.41      6.12
FIXED MORTGAGE 12/22 30-year             7.44     7.55      8.10
ADJUSTABLE MORTGAGE 12/22 one-year       6.99     7.10      6.51
PRIME 12/22                              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