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PRODUCTION INDICATORS



                                                    LATEST      WEEK    YEARLY
                                                      WEEK       AGO     % CHG
STEEL              9/18 thous. of net tons           1,966     1,972#     13.8
AUTOS              9/18 units                       84,561    69,247r#   -11.6
TRUCKS             9/18 units                      149,644   126,770r#    -9.6
ELECTRIC POWER     9/18 millions of kilowatt-hrs.   79,719    78,648#      5.7
CRUDE-OIL REFINING 9/18 thous. of bbl./day          14,950    16,104#     -2.5
COAL               9/11 thous. of net tons          21,601#   21,579       3.6
LUMBER             9/11 millions of ft.              472.4#    565.7r    -11.5
RAIL FREIGHT       9/11 billions of ton-miles         28.9#     31.3      -6.8



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               9/10 1992=100       131.7      132.5r     2.1
STOCK PRICES                     9/17 S&P 500       1128.6     1120.4      8.9
CORPORATE BOND YIELD, Aaa        9/17                  5.5%       5.5%    -3.2
MONEY SUPPLY, M2                  9/6 billions    $6,300.6   $6,296.1r     3.0
INITIAL CLAIMS, UNEMPLOYMENT     9/18 thous.           350        336r    -9.3
MORTGAGE APPLICATIONS, PURCHASE  9/18                456.6      455.7     13.6
MORTGAGE APPLICATIONS, REFINANCE 9/18               2052.5     1972.5    -15.5



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                9/22 $/troy oz.              405.350     404.450       5.3
STEEL SCRAP         9/22 #1 heavy, $/ton          235.00      235.00      90.8
COPPER              9/17 cents/lb.                133.9       132.2       55.6
ALUMINUM            9/17 cents/lb.                 83.5        81.5       25.1
COTTON              9/17 strict low middling
                         1-1/16 in., cents/lb.     52.53       54.00     -14.4
OIL                 9/22 $/bbl.                    48.48       43.38      74.2
CRB FOODSTUFFS      9/21 1967=100                 271.35      273.38       8.9
CRB RAW INDUSTRIALS 9/21 1967=100                 317.72      319.69      15.8



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                 9/22      2.8843        2.9030       2.9215
BRITISH POUND                  9/22        1.79          1.78         1.66
CANADIAN DOLLAR                9/22        1.28          1.30         1.35
EUROPEAN EURO                  9/22      1.2269        1.2153       1.1496
JAPANESE YEN                   9/22      110.60        110.03       111.73
KOREAN WON                     9/22      1144.3        1144.2       1150.5
MEXICAN PESO                   9/22      11.422        11.524       10.781
TRADE-WEIGHTED DOLLAR INDEX    9/22        93.3          93.9         95.6



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             9/21                  1.70%       1.40%       1.01%
COMMERCIAL PAPER          9/20  3-month         1.78        NA          1.04
CERTIFICATES OF DEPOSIT   9/21  3-month         1.89        1.84        1.07
FIXED MORTGAGE            9/17  30-year         5.86        5.93        6.19
ADJUSTABLE MORTGAGE       9/17  one-year        4.05        4.10        4.07
PRIME                     9/21                  4.75        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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