PRODUCTION INDICATORS

                                                   LATEST      WEEK    YEARLY
                                                     WEEK       AGO     % CHG
STEEL              8/27 thous. of net tons          1,973     1,955#     -2.5
AUTOS              8/27 units                      88,219    93,467r#     5.1
TRUCKS             8/27 units                     156,654   153,356r#    -0.2
ELECTRIC POWER     8/27 millions of kilowatt-hrs.  89,035    30,588#      6.1
CRUDE-OIL REFINING 8/27 thous. of bbl./day         16,110    15,587#     -1.0
COAL               8/20 thous. of net tons         21,287#   21,485      -0.3
LUMBER             8/20 millions of ft.             382.0#    385.2       2.0
RAIL FREIGHT       8/20 billions of ton-miles        33.5#     33.5       2.8

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               8/19 1992=100     135.4      135.5r      3.3
STOCK PRICES                     8/26 S&P 500     1205.1     1219.7       8.8
CORPORATE BOND YIELD, Aaa        8/26                5.0%       5.1%    -10.2
MONEY SUPPLY, M2                 8/15 billions  $6,526.4   $6,521.7       3.5
INITIAL CLAIMS, UNEMPLOYMENT     8/27 thous.         320        317r     -9.6
MORTGAGE APPLICATIONS, PURCHASE  8/27              470.6      488.4       6.2
MORTGAGE APPLICATIONS, REFINANCE 8/27             2187.8     2313.9      21.3

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                8/31 $/troy oz.              433.250     440.000      6.3
STEEL SCRAP         8/31 #1 heavy, $/ton          199.93      157.67    -14.9
COPPER              8/26 cents/lb.                179.0       179.5      37.6
ALUMINUM            8/26 cents/lb.                 88.8        89.3       5.9
COTTON              8/26 strict low middling
                         1-1/16 in., cents/lb.     48.83       47.76     -4.9
OIL                 8/31 $/bbl.                    69.34       67.35     58.9
CRB FOODSTUFFS      8/30 1967=100                 248.47      248.96    -10.5
CRB RAW INDUSTRIALS 8/30 1967=100                 327.22      326.00      5.1

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                8/31        2.3570        2.4528        2.9351
BRITISH POUND                 8/31          1.80          1.80          1.79
CANADIAN DOLLAR               8/31          1.19          1.19          1.31
EUROPEAN EURO                 8/31        1.2346        1.2272        1.2188
JAPANESE YEN                  8/31        110.60        110.22        109.52
KOREAN WON                    8/31        1034.5        1029.6        1151.2
MEXICAN PESO                  8/31        10.751        10.909        11.436
TRADE-WEIGHTED DOLLAR INDEX   8/31          90.4          90.5          93.7

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                8/30               3.52%      3.49%      1.55%
COMMERCIAL PAPER             8/29  3-month      NA         NA         NA
CERTIFICATES OF DEPOSIT      8/30  3-month      3.84       3.80       1.76
FIXED MORTGAGE               8/26  30-year      5.95       5.97       5.97
ADJUSTABLE MORTGAGE          8/26  one-year     4.93       4.93       4.10
PRIME                        8/30               6.50       6.50       4.50

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