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PRODUCTION INDICATORS



                                                    LATEST      WEEK    YEARLY
                                                      WEEK       AGO     % CHG
STEEL              8/21 thous. of net tons           1,997     2,006#     15.9
AUTOS              8/21 units                       92,099    86,732r#    -6.2
TRUCKS             8/21 units                      152,629   153,736r#    -5.5
ELECTRIC POWER     8/21 millions of kilowatt-hrs.   79,917    79,939#    -10.3
CRUDE-OIL REFINING 8/21 thous. of bbl./day          16,253    16,110#      5.0
COAL               8/14 thous. of net tons          21,525#   21,096       2.5
LUMBER             8/14 millions of ft.              568.0#    566.3r      7.2
RAIL FREIGHT       8/14 billions of ton-miles         31.1#     30.3       3.3



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               8/13 1992=100      131.7      131.4r     3.6
STOCK PRICES                     8/20 S&P 500      1098.4     1064.8     10.6
CORPORATE BOND YIELD, Aaa        8/20                 5.6%       5.6%    -4.1
MONEY SUPPLY, M2                  8/9 billions   $6,273.1   $6,282.9r     2.3
INITIAL CLAIMS, UNEMPLOYMENT     8/21 thous.          343        333r   -13.8
MORTGAGE APPLICATIONS, PURCHASE  8/21               443.7      467.1     18.2
MORTGAGE APPLICATIONS, REFINANCE 8/21              1824.9     1982.7    -15.9



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                8/25 $/troy oz.             406.000   402.450       9.4
STEEL SCRAP         8/25 #1 heavy, $/ton         235.00    235.00      97.2
COPPER              8/20 cents/lb.               134.7     132.7       72.6
ALUMINUM            8/20 cents/lb.                84.5      82.5       29.0
COTTON              8/20 strict low middling
                         1-1/16 in., cents/lb.    50.19     47.63      -7.5
OIL                 8/25 $/bbl.                   43.17     46.93      39.7
CRB FOODSTUFFS      8/24 1967=100                274.25    270.94      15.7
CRB RAW INDUSTRIALS 8/24 1967=100                311.39    307.68      17.3



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                   8/25       2.9546       2.9800       2.9561
BRITISH POUND                    8/25         1.80         1.82         1.57
CANADIAN DOLLAR                  8/25         1.30         1.30         1.40
EUROPEAN EURO                    8/25       1.2083       1.2336       1.0888
JAPANESE YEN                     8/25       110.18       109.33       117.41
KOREAN WON                       8/25       1156.4       1157.8       1177.9
MEXICAN PESO                     8/25       11.380       11.359       10.927
TRADE-WEIGHTED DOLLAR INDEX      8/25         93.9         93.4         98.9



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                 8/24                  1.51%     1.20%     1.00%
COMMERCIAL PAPER              8/24  3-month         1.65      1.64      1.04
CERTIFICATES OF DEPOSIT       8/24  3-month         1.71      1.67      1.10
FIXED MORTGAGE                8/20  30-year         5.96      5.99      6.48
ADJUSTABLE MORTGAGE           8/20  one-year        4.14      4.11      4.10
PRIME                         8/24                  4.50      4.50      4.00



Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets



#Raw data in the production indicators are seasonally adjusted in computing
the BW index; 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