PRODUCTION INDICATORS
                                                LATEST        WEEK    YEARLY
                                                  WEEK        AGO%      CHG

STEEL 12/25 thous. of net tons                      NA      1,981#       NA
AUTOS 12/25 units                               67,481     93,969r#   119.0
TRUCKS 12/25 units                             122,923    170,104r#    85.2
ELECTRIC POWER 12/25 millions of kilowatt-hrs.  78,936     76,785#      9.0
CRUDE-OIL REFINING 12/25 thous. of bbl./day     15,705     15,245#      3.5
COAL 12/18 thous. of net tons                   21,844#    21,757       4.2
LUMBER 12/18 millions of ft.                     344.8#     346.1r      9.5
RAIL FREIGHT 12/18 billions of ton-miles          31.7#      32.6       2.3

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 12/17 1992=100              133.0       133.6r      1.8
STOCK PRICES 12/24 S&P 500                    1210.1      1194.2      10.4
CORPORATE BOND YIELD, Aaa 12/24                  5.5%        5.5%     -0.9
MONEY SUPPLY, M2 12/13 billions             $6,380.0    $6,378.2r      5.2
INITIAL CLAIMS, UNEMPLOYMENT 12/25 thous.         NA        333r        NA
MORTGAGE APPLICATIONS, PURCHASE 12/25          483.8       471.1      24.0
MORTGAGE APPLICATIONS, REFINANCE 12/25        1803.9      1958.2       9.7

Sources: Economic Cycle Research Institute, Standard & Poor's, Moody's,
Federal Reserve, Labor Dept., Mortgage Bankers Assn. (Index: March 16,
1990=100)

PRICES
                                      LATEST       WEEK    YEARLY
                                        WEEK        AGO%      CHG

GOLD 12/29 $/troy oz.                441.100    441.000       7.1
STEEL SCRAP 12/29 #1 heavy, $/ton     249.17     249.17      58.0
COPPER 12/24  cents/lb.                154.1      150.9      45.3
ALUMINUM 12/24  cents/lb.               92.7       89.6      24.5
COTTON 12/24 strict
 low middling 1-1/16 in., cents/lb.    45.81      46.39     -31.6
OIL 12/29 $/bbl.                       41.47      43.74      28.7
CRB FOODSTUFFS 12/27 1967=100         255.43     253.41       2.6
CRB RAW INDUSTRIALS 12/27 1967=100    322.30     323.12       4.5

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 12/28                2.6891    2.7055    2.8915
BRITISH POUND 12/28                   1.93      1.92      1.79
CANADIAN DOLLAR 12/28                 1.22      1.24      1.30
EUROPEAN EURO 12/28                 1.3613    1.3390    1.2595
JAPANESE YEN 12/28                  103.06    104.24    107.22
KOREAN WON 12/28                    1042.5    1053.7    1192.1
MEXICAN PESO 12/28                  11.231    11.146    11.229
TRADE-WEIGHTED DOLLAR INDEX 12/28     87.7      88.8      92.4

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 12/28                       2.24%    2.24%    0.93%
COMMERCIAL PAPER 12/27 3-month              NA       NA     1.03
CERTIFICATES OF DEPOSIT 12/28 3-month     2.50     2.48     1.09
FIXED MORTGAGE 12/24 30-year              5.83     5.77     5.95
ADJUSTABLE MORTGAGE 12/24 one-year        4.29       NA     3.97
PRIME 12/28                               5.25     5.25     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. no longer included. Historical data
has been adjusted. 3=Free market value NA=Not available r=revised
NM=Not meaningful