PRODUCTION INDICATORS


                                                      LATEST     WEEK   YEARLY

                                                        WEEK      AGO    % CHG

STEEL                12/4 thous. of net tons           1,953    1,931#     5.9

AUTOS                12/4 units                      101,352   53,159r#    7.7

TRUCKS               12/4 units                      183,076   96,851r#    1.9

ELECTRIC POWER       12/4 millions of kilowatt-hrs.   73,352   67,661#    -0.6

CRUDE-OIL REFINING   12/4 thous. of bbl./day          15,745   15,693#     1.7

COAL                11/27 thous. of net tons          20,887#  21,692      5.4

LUMBER              11/27 millions of ft.              373.2#   567.1      4.0

RAIL FREIGHT        11/27 billions of ton-miles         28.1#    33.2      5.2



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               11/26 1992=100     132.3       132.7      1.2

STOCK PRICES                      12/3 S&P 500     1191.2      1182.7     12.2

CORPORATE BOND YIELD, Aaa         12/3                5.5%        5.5%    -0.9

MONEY SUPPLY, M2                 11/22 billions  $6,379.2    $6,370.8      5.1

INITIAL CLAIMS, UNEMPLOYMENT      12/4 thous.         357         349     -5.1

MORTGAGE APPLICATIONS, PURCHASE   12/4              490.9       460.3     22.8

MORTGAGE APPLICATIONS, REFINANCE  12/4             1890.6      1912.3      6.5



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                12/8 $/troy oz.               436.900    452.850       6.6

STEEL SCRAP         12/8 #1 heavy, $/ton           249.17     249.33      79.0

COPPER              12/3 cents/lb.                 149.8      152.4       48.6

ALUMINUM            12/3 cents/lb.                  90.8       89.7       23.0

COTTON              12/3 strict low middling        

                         1-1/16 in., cents/lb.      45.84      46.24     -31.9

OIL                 12/8 $/bbl.                     41.70      45.21      31.5

CRB FOODSTUFFS      12/7 1967=100                  273.77     274.90       5.2

CRB RAW INDUSTRIALS 12/7 1967=100                  324.26     324.30       7.6



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                 12/8      2.7590        2.7100       2.9475

BRITISH POUND                  12/8        1.93          1.93         1.74

CANADIAN DOLLAR                12/8        1.21          1.18         1.31

EUROPEAN EURO                  12/8      1.3337        1.3346       1.2219

JAPANESE YEN                   12/8      103.98        102.58       108.45

KOREAN WON                     12/8      1058.7        1046.1       1189.8

MEXICAN PESO                   12/8      11.239        11.129       11.235

TRADE-WEIGHTED DOLLAR INDEX    12/8        88.9          87.8         93.5



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                  12/7               1.99%       2.02%      0.97%

COMMERCIAL PAPER               12/6  3-month      2.26        NA         1.04

CERTIFICATES OF DEPOSIT        12/7  3-month      2.40        2.38       1.10

FIXED MORTGAGE                 12/3  30-year      5.90        5.83       6.18

ADJUSTABLE MORTGAGE            12/3  one-year     4.22        4.25       4.01

PRIME                          12/7               5.00        5.00       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