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PRODUCTION INDICATORS



                                                    LATEST      WEEK    YEARLY
                                                      WEEK       AGO     % CHG
STEEL              9/11 thous. of net tons           1,972     2,021#     10.0
AUTOS              9/11 units                       68,772    77,302r#   -30.9
TRUCKS             9/11 units                      125,041   152,873r#   -24.7
ELECTRIC POWER     9/11 millions of kilowatt-hrs.   78,648    82,982#      1.8
CRUDE-OIL REFINING 9/11 thous. of bbl./day          16,104    16,173#      3.5
COAL                9/4 thous. of net tons          21,579#   21,815       5.9
LUMBER              9/4 millions of ft.              566.6#    576.9r     32.5
RAIL FREIGHT        9/4 billions of ton-miles         31.3#     31.8      11.0



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                9/3 1992=100     132.6       131.1       1.0
STOCK PRICES                     9/10 S&P 500     1120.4      1113.6      10.0
CORPORATE BOND YIELD, Aaa        9/10                5.5%        5.6%     -4.0
MONEY SUPPLY, M2                 8/30 billions  $6,291.8    $6,311.4r      2.8
INITIAL CLAIMS, UNEMPLOYMENT     9/11 thous.         333         317     -16.8
MORTGAGE APPLICATIONS, PURCHASE  9/11              455.7       476.0       5.4
MORTGAGE APPLICATIONS, REFINANCE 9/11             1972.5      1948.9     -19.1



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                9/15 $/troy oz.            404.450   396.300       8.1
STEEL SCRAP         9/15 #1 heavy, $/ton        235.00    235.00      96.3
COPPER              9/10 cents/lb.              132.2     131.4       54.3
ALUMINUM            9/10 cents/lb.               81.5      83.0       22.1
COTTON              9/10 strict low middling
                         1-1/16 in., cents/lb.   54.00     54.12      -9.2
OIL                 9/15 $/bbl.                  43.38     42.46      62.3
CRB FOODSTUFFS      9/14 1967=100               273.38    276.47      12.3
CRB RAW INDUSTRIALS 9/14 1967=100               319.69    308.82      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               9/15   2.9030          2.9000          2.9071
BRITISH POUND                9/15     1.78            1.79            1.61
CANADIAN DOLLAR              9/15     1.30            1.29            1.37
EUROPEAN EURO                9/15   1.2153          1.2183          1.1284
JAPANESE YEN                 9/15   110.03          109.35          116.03
KOREAN WON                   9/15   1144.2          1149.2          1171.0
MEXICAN PESO                 9/15   11.524          11.586          10.915
TRADE-WEIGHTED DOLLAR INDEX  9/15     93.9            93.6            97.3



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            9/14                  1.40%        1.54%        0.97%
COMMERCIAL PAPER         9/14  3-month         NA           NA           1.04
CERTIFICATES OF DEPOSIT  9/14  3-month         1.84         1.78         1.08
FIXED MORTGAGE           9/10  30-year         5.93         5.90         6.28
ADJUSTABLE MORTGAGE      9/10  one-year        4.10         4.09         4.08
PRIME                    9/14                  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 (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

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