PRODUCTION INDICATORS

                                                     LATEST      WEEK   YEARLY
                                                       WEEK       AGO    % CHG
STEEL              11/13 thous. of net tons           1,973     1,962#     2.9
AUTOS              11/13 units                       75,745    81,141r#  -17.0
TRUCKS             11/13 units                      147,437   147,654r#    1.0
ELECTRIC POWER     11/13 millions of kilowatt-hrs.   68,651    69,395#    -3.0
CRUDE-OIL REFINING 11/13 thous. of bbl./day          15,434    15,317#     0.9
COAL                11/6 thous. of net tons          21,277#   21,484      2.7
LUMBER              11/6 millions of ft.              544.0#    571.4      1.9
RAIL FREIGHT        11/6 billions of ton-miles         32.2#     33.1      2.5

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                11/5 1992=100      132.3      132.0      2.2
STOCK PRICES                     11/12 S&P 500      1184.2     1166.2     12.7
CORPORATE BOND YIELD, Aaa        11/12                 5.5%       5.6%    -1.1
MONEY SUPPLY, M2                  11/1 billions   $6,365.5   $6,354.2r     4.8
INITIAL CLAIMS, UNEMPLOYMENT     11/13 thous.          334        337r   -10.0
MORTGAGE APPLICATIONS, PURCHASE  11/13               480.3      483.0     12.8
MORTGAGE APPLICATIONS, REFINANCE 11/13              2375.4     2148.7     16.2

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                11/17 $/troy oz.              443.450    433.400     12.2
STEEL SCRAP         11/17 #1 heavy, $/ton          249.33     249.33     79.2
COPPER              11/12 cents/lb.                144.7      139.8      47.0
ALUMINUM            11/12 cents/lb.                 89.4       91.2      23.6
COTTON              11/12 strict low middling       
                          1-1/16 in., cents/lb.     46.28      46.24    -36.3
OIL                 11/17 $/bbl.                    46.52      48.62     42.8
CRB FOODSTUFFS      11/16 1967=100                 274.18     268.11      7.8
CRB RAW INDUSTRIALS 11/16 1967=100                 321.96     319.55      8.5

Sources: London Wednesday final setting, Iron Age Scrap Price Bulletin,
Platt's Metals Week, Memphis market, NYMEX, Commodity Research Bureau


FOREIGN EXCHANGE

                                           LATEST          WEEK          YEAR
                                             WEEK           AGO           AGO
BRAZILIAN REAL                  11/17      2.7595        2.8252        2.9405
BRITISH POUND                   11/17        1.86          1.85          1.70
CANADIAN DOLLAR                 11/17        1.19          1.19          1.30
EUROPEAN EURO                   11/17      1.3031        1.2889        1.1878
JAPANESE YEN                    11/17      104.04        107.13        109.32
KOREAN WON                      11/17      1080.8        1110.4        1176.7
MEXICAN PESO                    11/17      11.302        11.424        11.185
TRADE-WEIGHTED DOLLAR INDEX     11/17        89.0          90.1          94.2

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                11/16                1.98%       1.79%      0.98%
COMMERCIAL PAPER             11/15  3-month       2.16        NA         1.06
CERTIFICATES OF DEPOSIT      11/16  3-month       2.27        2.23       1.11
FIXED MORTGAGE               11/12  30-year       5.85        5.80       6.15
ADJUSTABLE MORTGAGE          11/12  one-year      4.21        4.09       4.04
PRIME                        11/16                5.00        4.75       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