PRODUCTION INDICATORS

                                                   LATEST      WEEK    YEARLY
                                                     WEEK       AGO     % CHG
STEEL              7/30 thous. of net tons          1,934     1,899#     -0.9
AUTOS              7/30 units                      81,510    69,871r#    -7.6
TRUCKS             7/30 units                     160,027   114,373r#     8.5
ELECTRIC POWER     7/30 millions of kilowatt-hrs.  92,697    95,259#     13.9
CRUDE-OIL REFINING 7/30 thous. of bbl./day         15,739    15,486#      0.1
COAL               7/23 thous. of net tons         20,893#   20,946      -0.1
LUMBER             7/23 millions of ft.             389.6#    369.0     -31.8
RAIL FREIGHT       7/23 billions of ton-miles        32.0#     31.6       0.3

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               7/22 1992=100     134.5       134.5r      2.8
STOCK PRICES                     7/29 S&P 500     1234.2      1233.7      12.0
CORPORATE BOND YIELD, Aaa        7/29                5.1%        5.1%    -12.6
MONEY SUPPLY, M2                 7/18 billions  $6,518.3    $6,493.4r      3.7
INITIAL CLAIMS, UNEMPLOYMENT     7/30 thous.         312         313r     -8.8
MORTGAGE APPLICATIONS, PURCHASE  7/30              494.5       485.1       9.4
MORTGAGE APPLICATIONS, REFINANCE 7/30             2250.3      2320.3      40.6

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                 8/3 $/troy oz.             434.600   424.000      11.0
STEEL SCRAP          8/3 #1 heavy, $/ton         142.67    137.67     -11.4
COPPER              7/29 cents/lb.               172.7     169.7       30.8
ALUMINUM            7/29 cents/lb.                87.0      86.5        4.9
COTTON              7/29 strict low middling      
                         1-1/16 in., cents/lb.    51.62     50.23       6.9
OIL                  8/3 $/bbl.                   61.16     59.31      43.0
CRB FOODSTUFFS       8/2 1967=100                251.98    250.17      -6.2
CRB RAW INDUSTRIALS  8/2 1967=100                326.00    324.22       6.3

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                  8/3        2.3115        2.4405        3.0609
BRITISH POUND                   8/3          1.78          1.74          1.83
CANADIAN DOLLAR                 8/3          1.22          1.24          1.32
EUROPEAN EURO                   8/3        1.2337        1.2068        1.2050
JAPANESE YEN                    8/3        111.07        112.46        111.13
KOREAN WON                      8/3        1015.5        1030.9        1167.6
MEXICAN PESO                    8/3        10.581        10.658        11.450
TRADE-WEIGHTED DOLLAR INDEX     8/3          90.3          91.6          94.4

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                8/2                3.20%       3.25%       1.24%
COMMERCIAL PAPER             8/1  3-month       3.54        NA          NA
CERTIFICATES OF DEPOSIT      8/2  3-month       3.69        3.62        1.65
FIXED MORTGAGE              7/29  30-year       5.92        5.90        6.20
ADJUSTABLE MORTGAGE         7/29  one-year      4.82        4.77        4.26
PRIME                        8/2                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 (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