PRODUCTION INDICATORS
                                                LATEST      WEEK    YEARLY
                                                  WEEK       AGO%      CHG

STEEL 12/30 thous. of net tons                   1,593     1,680r#   -23.6
AUTOS 12/30 units                                    0    86,201#       NM
TRUCKS 12/30 units                               4,138   130,719#    109.9
ELECTRIC POWER 12/30 millions of kilowatt-hrs.  72,638    77,210#     11.5
CRUDE-OIL REFINING 12/30 thous. of bbl./day     15,005    15,156#      3.7
COAL 12/23 thous. of net tons                   20,462#   21,588       8.6
LUMBER 12/23 millions of ft.                     442.9#    443.1r      8.7
RAIL FREIGHT 12/23 billions of ton-miles          26.9#     27.9      11.2

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 12/22 1992=100           121.9      122.6      -2.8
STOCK PRICES 12/29 S&P 500                 1320.3     1306.0     -10.1
CORPORATE BOND YIELD, Aaa 12/29               6.8%       6.8     -10.6
MONEY SUPPLY, M2 12/18 billions            4929.1     4911.4       5.5
INITIAL CLAIMS, UNEMPLOYMENT 12/29 thous.     375        359r     40.4
MORTGAGE APPLICATIONS, PURCHASE 12/29       219.9      278.2      -7.6
MORTGAGE APPLICATIONS, REFINANCE 12/29      757.0      794.1     149.9

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 1/3 $/troy oz.                   267.150    275.050       -4.7
STEEL SCRAP 1/2 #1 heavy, $/ton         81.83      78.00       -2.6
COPPER 12/29  cents/lb.                  89.2       90.9        0.8
ALUMINUM 12/29  cents/lb.                74.3       75.5       -4.8
COTTON 12/29 strict low middling
 1-1/16 in.,  cents/lb.                 59.23      61.55       25.8
OIL 1/3 $/bbl.                          27.78      26.24        8.6
CRB FOODSTUFFS 1/2 1967=100            183.96     183.80        3.0
CRB RAW INDUSTRIALS 1/2 1967=100       253.76     256.70       -5.1

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 1/3                1.9400    1.9550    1.8390
BRITISH POUND 1/3                   1.49      1.50      1.64
CANADIAN DOLLAR 1/3                 1.50      1.51      1.45
EUROPEAN EURO 1/3                 0.9297    0.9304    1.0321
JAPANESE YEN 1/3                  113.60    114.32    104.14
KOREAN WON 1/3                    1271.0    1258.5    1134.5
MEXICAN PESO 1/3                   9.655     9.575     9.571
TRADE-WEIGHTED DOLLAR INDEX 1/3    113.6     114.7     105.5

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 1/2                        6.67%     6.58%    5.38%
COMMERCIAL PAPER 1/2 3-month             6.15      6.26     5.65
CERTIFICATES OF DEPOSIT 1/3 3-month      6.19      6.33     5.94
FIXED MORTGAGE 12/29 30-year             7.43      7.44     8.15
ADJUSTABLE MORTGAGE 12/29 one-year       6.94      6.99     6.56
PRIME 12/29                              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