PRODUCTION INDICATORS
                                               LATEST      WEEK     YEARLY
                                                 WEEK       AGO%       CHG

STEEL 7/16 thous. of net tons                   1,830     1,863#      -8.1
AUTOS 7/16 units                               42,049    20,455r#      8.6
TRUCKS 7/16 units                              49,395    33,272r#      9.3
ELECTRIC POWER 7/16 millions of kilowatt-hrs.  89,719    81,953#       4.6
CRUDE-OIL REFINING 7/16 thous. of bbl./day     15,277    15,993#      -1.3
COAL 7/9 thous. of net tons                    19,377#   21,099       -2.6
LUMBER 7/9 millions of ft.                      296.4#    386.8       -4.7
RAIL FREIGHT 7/9 billions of ton-miles           27.9#     32.1        0.4

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 7/8 1992=100            133.5      134.4        1.6
STOCK PRICES 7/15 S&P 500                 1227.9     1211.9       11.5
CORPORATE BOND YIELD, Aaa 7/15               5.1%       5.1%     -11.9
MONEY SUPPLY, M2 7/4 billions            $6,515.5   $6,514.5r      3.8
INITIAL CLAIMS, UNEMPLOYMENT 7/16 thous.     303        337r     -11.9
MORTGAGE APPLICATIONS, PURCHASE 7/16       488.7      489.0       11.0
MORTGAGE APPLICATIONS, REFINANCE 7/16     2618.2     2554.3       58.6

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 7/20 $/troy oz.                  422.150   424.500       5.9
STEEL SCRAP 7/20 #1 heavy, $/ton       137.67    120.83     -14.5
COPPER 7/15  cents/lb.                  167.1     165.7      24.7
ALUMINUM 7/15  cents/lb.                 86.3      82.0       0.8
COTTON 7/15 strict low
 middling 1-1/16 in.,  cents/lb.        51.78     55.39       2.9
OIL 7/20 $/bbl.                         57.01     60.01      41.0
CRB FOODSTUFFS 7/19 1967=100           251.02    251.63      -8.6
CRB RAW INDUSTRIALS 7/19 1967=100      323.09    324.14       3.5

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 7/20                 2.3394   2.3556   3.0283
BRITISH POUND 7/20                    1.74     1.76     1.84
CANADIAN DOLLAR 7/20                  1.22     1.21     1.32
EUROPEAN EURO 7/20                  1.2139   1.2094   1.2259
JAPANESE YEN 7/20                   112.90   111.87   109.80
KOREAN WON 7/20                     1044.5   1037.5   1159.1
MEXICAN PESO 7/20                   10.627   10.661   11.476
TRADE-WEIGHTED DOLLAR INDEX 7/20      91.9     91.3     93.9

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 7/19                       3.13%   3.23%   1.25%
COMMERCIAL PAPER 7/18 3-month            NA      NA      1.49
CERTIFICATES OF DEPOSIT 7/19 3-month     3.59    3.54    1.57
FIXED MORTGAGE 7/15 30-year              5.84    5.81    6.16
ADJUSTABLE MORTGAGE 7/15 one-year        4.72    4.70    4.17
PRIME 7/19                               6.25    6.25    4.25

Sources: Federal Reserve, HSH Associates, Bloomberg Financial Markets

# Raw data in the production indicators are seasonally adjusted in computing
the BW index; 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