PRODUCTION INDICATORS
                                              LATEST        WEEK    YEARLY
                                                WEEK         AGO%      CHG

STEEL 6/17 thous. of net tons                  2,108       2,076#     17.1
AUTOS 6/17 units                              81,320      81,320#    -10.8
TRUCKS 6/17 units                            130,900     130,900#    -19.8
ELECTRIC POWER 6/17 millions of kilowatt-hrs. 79,886      78,485#     -3.5
CRUDE-OIL REFINING 6/17 thous. of bbl./day    15,993      15,877#      0.6
COAL 6/10 thous. of net tons                  22,598#     22,679       6.8
LUMBER 6/10 millions of ft.                    348.9#      300.8     -10.3
RAIL FREIGHT 6/10 billions of ton-miles         34.4#       31.8       6.5

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 6/9 1992=100            137.5       137.2r      2.8
STOCK PRICES 6/16 S&P 500                 1251.5      1252.3       2.8
CORPORATE BOND YIELD, Aaa 6/16               5.9%        5.8%     17.1
MONEY SUPPLY, M2 6/5 billions           $6,806.8     6,809.1r     4.8
INITIAL CLAIMS, UNEMPLOYMENT 6/17 thous.     308         297r     -4.3
MORTGAGE APPLICATIONS, PURCHASE 6/17       414.8       414.6     -13.5
MORTGAGE APPLICATIONS, REFINANCE 6/17     1466.1      1499.4     -43.1

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    EARLY
                                        WEEK       AGO%     CHG

GOLD 6/21 $/troy oz.                 574.600   567.750     31.5
STEEL SCRAP 6/21 #1 heavy, $/ton      283.33    283.33    134.5
COPPER 6/16  cents/lb.                 331.3     361.4     97.1
ALUMINUM 6/16  cents/lb.               117.2     120.2     41.1
COTTON 6/16 strict low
 middling 1-1/16 in.,  cents/lb.       52.41     52.36      7.5
OIL 6/21 $/bbl.                        70.08     69.04     21.0
CRB FOODSTUFFS 6/20 1967=100          256.03    251.18     -1.4
CRB RAW INDUSTRIALS 6/20 1967=100     399.34    396.16     19.7

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 6/21               2.2267   2.2810   2.3851
BRITISH POUND 6/21                  1.85     1.84     1.82
CANADIAN DOLLAR 6/21                1.11     1.11     1.23
EUROPEAN EURO 6/21                1.2660   1.2596   1.2129
JAPANESE YEN 6/21                 114.90   115.06   108.87
KOREAN WON 6/21                    955.8    962.1   1010.7
MEXICAN PESO 6/21                 11.390   11.449   10.763
TRADE-WEIGHTED DOLLAR INDEX 6/21    89.1     89.3     91.0

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 6/20                       4.92%    5.00%   2.96%
COMMERCIAL PAPER 6/19 3-month              NA       NA    3.30
CERTIFICATES OF DEPOSIT 6/20 3-month     5.40     5.29    3.41
FIXED MORTGAGE 6/16 30-year              6.76     6.75    5.81
ADJUSTABLE MORTGAGE 6/16 one-year        6.32     5.95    4.58
PRIME 6/20                               8.00     8.00    6.00

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