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THE ECONOMIC OUTLOOK

  Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec'03 Nov Oct Sep Aug Jul Jun May Apr Mar Feb Jan Dec'02
GROWTH   N S S N S N N N VS S VS N S S S VS S N VW N S VS S VS S N W
INFLATION   N N L VH N L N N R N R N N L D L L N L N L D R R VH L L

Growth key:

 Very Weak Weak Neutral Strong Very Strong
Inflation key: Deflation Low Neutral Rising Very High

ECONOMIC REPORT TRENDS AT-A-GLANCE

This table tracks the bond market implications of all major U.S. economic reports. The reports are divided into two categories: Economic Strength and Inflation.  Weak economic reports are considered "Bullish" for bonds while strong reports are "Bearish"

Date

 ECONOMY Bull NA Bear INFLATION Bull NA Bear
3/17/05 Lead Indic Feb up .1% X            
  Phila Fed Mar dn to +11.4 XX            
3/16/05 Ind Prod Feb up .3%   X          
  Cap Util Feb up to 79.4%     X        
  H Starts @ 2.195 mm units     XX        
  H Starts unch @ 2.195mm   X          
  Bldg Permit Feb dn 3% X            
  Bldg Permits @2.07mm unit     X        
3/15/05 Bus Inventory Jan up .9%     X        
  Ret Sales Feb up .5%     X        
  Ret Sales ex auto Feb up .4%   X          
  Empire St Idx unch @19.6   X          
3/10/05 Whsle Inventory Jan up 1.1%     X        
3/7/05 Cons Credit Jan up $11.5bn     X        
3/4/05 Unemp Rate Feb up to 5.4% X            
  Avg week Feb unch @33.7   X          
  Hrly Earning Feb flat @0% X       X    
  Payrolls Feb up 262K     X        
  Fact Orders Jan up .2%   X          
3/3/05 ISM Services unch @59.8   X          
  Productivity Rev O4 +2.1% X       X    
3/1/05 ISM Feb down to 55.3   X          
  Const Spend Jan up .7%     X        
2/28/05 Pers Inc Jan down 2.3% XX            
  Pers Spend Jan flat @ 0% XX            
  Chicago PMI Feb unch   X          
  New Home Sale Jan flat   X          
2/25/05 GDP Q4 Prel @ 3.8%     X Deflator Q4 Prel 2.1%   X  
  Exist Home Sale Jan unch   X          
2/24/05 Help Wtd Idx Jan up to 41     X        
  Durables Jan down .9% XX            
2/23/05         CPI Jan up .1% X    
          CPI Core up .2% X    
2/22/05 Cons Conf Feb dn slightly   X          
2/18/05         PPI Jan up .8%     XX
          PPI Core up .3%   X  
2/17/05 Lead Indic Jan down .3% XX     Import Price Jan up .2%   X  
  Phila Fed Feb up to 23.9     X        
2/16/05 Bldg Permit Jan up 2.5%     X        
  Bldg Permits @ 2.1 MM units     XX        
  House Starts up 5%     XX        
  House Starts @ 2.15MM     XX        
2/15/05 Ret Sales Jan down .3% XX            
  Ret Sales ex auto up .6%     X        
  Bus Inventory Dec up .2%   X          
2/10/05 Trade Def Dec dn slight to -56.4bn              
  Whlsle Inventory Dec up .4%   X          
2/7/05 Cons Credit Dec up to 3.1Bn   X          
2/4/05 Unemp Rate Jan dn to 5.2%     X        
  Hrly Earnings up .2%   X          
  Payrolls up 146K   X          
  Michigan Sentiment Jan unch   X          
2/3/05 ISM Services Dn to 59.2   X          
  Fact Orders Dec up .3%   X          
  Productivity PrelQ4 dn to .8%     X       X
2/1/05 Const Spend Dec up 1.1%     X        
  ISM Idx Jan dn 1 point 56.4   X          
1/31/05 Pers Inc Dec up 3.7%   X          
  Pers Spend up .8% XX            
  Chi PMI up slight to 62.4     X        
  New Home Sale Dec unch   X          
1/27/05 Durables Dec up .6%     X        
  GDP Q4 Adv up 3.1%   X          
1/25/05 Cons Conf Jan up slightly   X          
  Exist Home Sale Dec dn 3% X            
1/20/05 Lead Econ Ind Dec +.2%   X          
  Phila Fed Jan dn to 13.2 XX            
  Bldg Permit Dec unch   X          
  Bldg Permit @ 2021K     X        
  House Start up 11%     XX        
  NY Empire Idx Jan dn to 20.08 XX            
1/14/05 Bus Inv Nov up 1%     X PPI Dec dn .7% X    
  Cap Util Dec up to 79.2%     X PPI Core up .1% X    
  Ind Prod Dec up .8%     XX        
1/13/05 Ret Sale Dec up 1.2%     XX Import Price Dec +.5%     X
  Ret Sale ex auto up .3%   X          
1/12/05 Trade Bal Nov up to -$60bn              
1/10/05 Whlsl Inv Nov up 1.1%     X        
1/7/05 Cons Credit Nov - $8.7bn XX            
  Unemp Rate Dec unch @5.4%              
  Avg workwk unch 33.8hr   X          
  Hrly Earning Dec up .1% X            
  Payrolls up 157K   X x        
1/6/05 ISM Service Dec up 63.1     X        
1/4/05 Fact Order Nov up 1.2%     XX        
1/3/05 ISM Dec up to 58.6     X        
  Const Spend Nov - .4% X            
12/30/04 Help Wtd Idx Nov unch 36   X          
  Chicago PMI dn to 61.2     X        
12/29/04 Cons Conf Dec up to 102     X        
  Exist Home Sale up 3%     X        
12/23/04 New Home Sale Nov -12% XX            
  Pers Inc Nov up .3%   X          
  Pers Spend Nov up .2% X            
  Pers Saving Nov up .1% X            
12/22/04 GDP Q3 Final +4% saar     X Deflator Q3 up 1.4% X    
12/20/04 Lead Econ Ind Nov up .2%   X          
12/16/04 Phila Fed Dec up to 29.6       CPI Nov up .2% x X  
  Bldg Permit Nov dn 1% X     CPI Core up .2% x X  
  Bldg Permit Nov @ 1988K     XX        
  House Start Nov dn 12% XXX            
12/15/04 NY Empire St Index Dec up to 29.93     X        
12/14/04 Trade Bal Oct @ -$55.5Bn     X        
  Cap Util Nov unch 77.6%   X          
  Ind Prod Nov up .3%   X          
12/13/04 Ret Sales Nov up .1% X            
  Ret Sales ex auto up .5%     X        
12/10/04 Cons. Sent. Dec up to 95.7       PPI Nov up .5%     X
          PPI Core up .2%   X  
12/9/04 Whlsle Inventory Oct up 1.1%       Import Price Nov up .7%     X
12/3/04 Factory Order Oct up .5%     X        
  Unemp Rate Nov dn to 5.4%     X        
  Payrolls Nov up 112K   X          
  Avg Workwk Nov unch @ 33.7   X          
  Hrly Earning Nov up .1% X            
  ISM Services Nov up to 61.3     X        
12/1/04 ISM Idx Nov up to 57.8     X        
  Pers Inc Oct up .6%     XX        
  Pers Spend Oct up .7%     XX        
  Const Spend Oct FLAT X            
11/30/04 GDP Prel Q3 up 3.9%     X Deflator Prel Q3 @ 1.3% X    
  Chicago PMI Nov dn to 65.2   X          
  Cons Conf Nov down to 90.5 X            
11/24/04 New Home Sale Oct unch   X          
  Help Wtd Idx Oct unch @ 37   X          
  Durables Oct down .4% XX            
11/23/04 Exist Home Sales Oct unch   X          
11/18/04 Lead Econ Indic Oct down .3% XX            
  Phila Fed Survey Nov down to 20.7 X            
11/17/04 Housing Starts Oct up 6%     XX CPI Oct up .6%     XX
  Cap Util Oct up to 77.7%     X CPI Core up .2%   X  
  Ind Production Oct up .7%     XX        
11/16/04         PPI Oct up 1.7%     XX
          PPI Core up .3%   X  
11/15/04 NY Empire St Idx Nov up to 19.76     X        
11/12/04 Bus Inventory Sep up .1% X            
  Ret Sales Oct up .2%   X          
  Ret Sales ex-auto up .9%     X        
11/9/04 Whsle Inventory Sep up .5%     X Import Prices Oct up 2.7%     X
11/5/04 Unemp Rate Oct up to 5.5%   X          
  Payrolls Oct up 337K     X        
  Hrly Earnings Up .3%   X          
  Avg Workwk unch @ 33.8hrs   X          
11/3/04 Factory Orders Sep dn .4% X     Productivity Q3 up 1.9%   X  
11/1/04 Pers Inc Sep up .2%   X          
  Pers Spend up .6%     X        
  Cons Credit Sep up $9.8 Bn     X        
  ISM Index Oct unch @ 56.8   X          
10/29/04 GDP Q3-Adv up 3.7%     X Employ Cost Idx Q3 up .9%   X  
  Chicago PMI Oct up to 68.5     X Deflator Adv Q3 up 1.3% X    
10/28/04 Help Wtd Idx Sep unch @ 36   X          
10/27/04 Durables Sep up .2%   X          
  New Home Sale Sep up 3.5%     X        
10/26/04 Cons Conf Oct down to 92.8 X            
10/25/04 Exist Home Sale Sep up 3%     X        
10/21/04 Lead Econ Indic Sep down .1% XX            
  Phila Fed Oct. doubles to 28.5     X        
10/19/04 Bldg Permit Sep up 1.5%     X CPI Sep up .2%   X  
  Permits @ 2 MM units     XX CPI Core up .3%   X  
  House Starts down 6% X            
10/15/04 Ind Prod Sep up .1% X            
  Cap Util Sep unch @ 77.2%   X          
  Ret Sales Sep up 1.5%     X        
  Sales ex autos up .6%     X        
  NY Empire State dn to 17.43 X            
  Bus Inventory Aug up .7%     X        
10/14/04 Trade Deficit up to $54bn     X Import Price Sep up .1% X    
10/8/04 Whsle Inventory Aug up .9%     X        
  Unemp Rate Sep unch 5.4%   X          
  Payrolls up 96k   X          
  Hourly Earn up .2%   X          
  Avg Week unch @ 33.8 hrs   X          
10/4/04 Factory Orders Aug -.1% X            
10/1/04 Const Spend Aug up .8%     X        
  ISM Index Sep unch @ 58.5     X        
9/30/04 Chicago PMI Sep up to 61.3     X        
  Pers Spend Aug Flat X            
  Pers Income Aug up .4%   X          
9/27/04 New Home Sales up 9%     XX        
9/24/04 Durables Aug down .5% X            
  Lead Econ Indic down .3% XX            
9/21/04 House Starts unch   X          
  Bldg Permit Aug down 5% X            
9/16/04 Phila Fed Idx down to 13.4 X     CPI Aug up .1% X    
          CPI Core up .1% X    
9/15/04 Machine Tools Jul up 77% y-y     XX        
  Ind Prod Aug up .1% X            
  Cap Utilization unch @ 77.3%   X          
  NY Empire St Idx Sep up to 28.3     X        
  Bus Inventory Jul up .9%     X        
9/14/04 Ret Sales Aug down .3% XX            
  Ret Sales ex-auto up .2%   X          
9/10/04         PPI Aug down .1% XX    
          PPI Core down .1% XX    
9/9/04 Whlsle Inventories Jul up 1.3%     X Import Price Aug up .4%     X
9/8/04 Cons Credit Jul double to 10.9Bn     XX        
9/3/04 Unemp rate down to 5.4%     X        
  Payrolls Aug up 144k     X        
  Hrly Earnings Aug up .3%   X          
  Avg. workwk unch @ 33.8hrs   X          
9/2/04 Factory Orders Jul up 1.3%     X        
9/1/04 ISM Aug down to 59.0   X          
  Const Spend Jul up .4%     X        
  Auto Sales Aug down 6% X            
  Truck Sales down 2.5% X            
8/31/04 Chicago PMI Aug dn to 57.3     X        
  Cons Confidence dn to 98.2 X            
                 
8/30/04 Pers Spending up .8%     XX        
  Pers Income Jul up .1% XX            
8/27/04 GDP Q2 Prelim @ 2.8% X XX   Deflator Prelim= 3.2%   X x
                 
8/26/04 Durables Jul up 1.7%     XX        
  New Home Sale down 6.3% XX            
8/24/04 Exist Home Sale Jul dn 3% X            
8/19/04 Lead Econ Indic Jul -.3% XX            
  Phila Fed Idx Aug dn to 28.5 X            
8/17/04 Bldg Permit Jul up 6.8%     XX CPI Jul down .1% XX    
  Housing Starts up 8.3%     XX CPI Core Jul up .1% X    
  Ind Prod Jul up .4%     X        
  Cap Util Jul up to 77.1%     X        
8/16/04 NY Empire St Idx Aug dn to 12.6              
8/13/04 Bal of Trade Jun = -$55Bn     X PPI Jul up .1% X    
          PPI Core up .1% X    
8/12/04 Retail Sales Jul up .7%     XX Import Price Jul + .1% X    
  Ret Sales ex auto up .2%   X          
  Bus Inventory Jun up .9%     X        
                 
8/9/04 Whlsl Inventory Jun up 1.1%     X        
                 
8/6/04 Unemp Rate Jul dn to 5.5%   X          
  Avg Workweek up to 33.7   X          
  Hrly Earnings up .3%   X          
  Payrolls up 32K X            
  Cons Credit Jun down  X            
8/4/04 ISM Services up to 64.8     X        
  Factory Orders Jun up .7%     X        
8/3/04 Pers Spending down .7% XX            
  Pers Income Jun up .2%   X          
  Auto Sales Jul up 12%     XX        
  Truck Sales Jul up 18%     XX        
8/2/04 Const Spend Jun down .3% X            
  ISM Idx Jul unch @ 62%     X        
7/30/04 GDP Adv. Q2 up 3%   X   Deflator Adv up 3.2%     X
  Chicago PMI Jul up to 64.7     X        
7/29/04 Help Wtd Idx Jun unch @38   X          
7/28/04 Durables Jun up .7%     X Emp Cost Idx Q2 up .9%   X  
7/27/04 Cons Conf Jul up to 106.1     X        
  New Home Sales unch   X          
7/26/04 Exist Home Sale Jun up 2%     X        
7/22/04 Lead Econ Indic Jun dn .2% XX            
7/20/04 Bldg Permits @ 1.99mm units     X        
  Bldg Permits down 8% XX            
  House Starts @ 1.80mm units     X        
  House Starts Jun dn 8% XX            
7/16/04         CPI Jun up .3% X X  
          CPI Core up .1%      
7/15/04 Phila Fed Idx Jul up to 36.1     X PPI Jun down .3% XX    
  NY Empire St Idx up to 36.5     X PPI Core Jun up .2%   X  
  Ind Prod Jun down .3% X            
  Cap Util down to 77.2% X            
  Bus Inventory May up .4%     X        
7/14/04 Retail Sales Jun down 1.1% XX     Import Price Jun unch X    
  Sales less autos down .2% X            
7/13/04 Bal of Trade May dn to -$46B   X          
7/9/04 Whsl Inventories May up 1.2%     X        
7/8/04 Cons Credit May up to $8.2B     X        
  Jobless claims @ 310K     X        
7/6/04 ISM Services Idx dn to 59.9   X          
7/2/04 Factory Orders May dn .3% X            
  Avg Workwk Jun unch   X          
  Hrly Earnings Jun up .1% X            
  Payrolls up 112K     X        
  Unemp Rate unch @ 5.6%   X          
7/1/04 Auto Sales Jun dn 12.2% XX            
  Truck Sales Jun dn 16.4% XX            
  Const. Spend May up .3%   X          
  ISM Idx Jun dn to 61.1   X          
6/30/04 Chicago PMI Jun dn to 56.4 X            
6/29/04 Cons Conf Jun up to 101.9     XX        
6/28/04 Pers Inc May up .6%     X        
  Pers SPending May up 1.0%     XX        
6/25/04 Exist Home Sales May down 2% X     Deflator Q1 Final 2.9%   X  
  GDP Q1 Final Up 3.9%   X          
6/24/04 Durables May down 1.6% X            
  Help Wtd Idx May Unch   X          
  New Home Sales May up 15%     XX        
6/18/04 Curr Ac Deficit Q1 up to $144B     X        
6/17/04 Lead Indicators May up .5%     XX PPI May up .8%     XX
  Phila Fed May up 5 pts to 28.9     X PPI Core May up .3%   X  
6/16/04 Indus Production May up 1.1%     XX        
  Bldg Permits May up 3.5%     XX        
  Housing Starts May down slightly   X          
  Cap Utilization May up to 77.8     X        
6/15/04 NY Empire St Idx Jun unch @ 30.2   X   CPI May up .6%     XX
  Mich Sentiment Pre Jun up @ 95.2     X CPI Core May up .2%   X  
  Bus Inventories up .5%     X        
6/14/04 Ret Sales May up 1.2%     XX        
  Ret Sales ex auto up .7%     X        
6/10/04         Import Price May up .2%   X  
6/9/04 Whls Inventory Apr dn .1% X            
6/7/04 Cons Credit Apr dn to 4 bn X            
6/4/04 Unemp Rate May unch   X          
  Payrolls May up 248K     X        
  Avg workwk up slightly   X          
  Hrly Earnings May up .3%   X          
6/3/04 ISM Serv Idx May dn to 65.2 X            
  Factory Order Apr dn 1.7% X            
  Jobless Claims @ 339 K     X        
6/2/04 Auto Sales May up 9%     XX        
  Truck Sales May up 9%     XX        
6/1/04 ISM Idx May unch @ 62.8   X          
  Const Spend Apr up 1.3%     X        
5/28/04 Chicago PMI May up to 68     X        
  Pers Savings Rate Up Apr X            
  Pers Inc Apr up .6%     X        
  Pers Cons Exp Apr up .3%   X          
5/27/04 Help Wtd Index Apr unch    X   Deflator Q1 Pre 2.6%   X  
  GDP Prelim Q1 up 4.4%     X        
5/25/04 Durables Apr down 2.9% XX            
  Exist Home Sale Apr up 2%     X        
5/20/04 Phila Fed May down to 23.8              
  Lead Econ Indic Apr .1% X            
5/18/04 House Starts @ 1.97 MM units     X        
  House Starts Apr dn 2% X            
  Bldg Permits Apr up 4%     X        
  NY Empire St Idx May dn to 30.2 X            
5/14/04 Bus Inventories Mar Up .7%     X CPI Apr @ .2% X    
  Capacity Util Apr up to 76.9%   X   CPI Core Apr @.3%   X  
  Ind Prod Apr up .8%     XX        
  Mich Sentiment May unch @ 94.2   X          
5/13/04 Retail Sales Apr down .5% X            
  Ret Sales ex auto Apr down .1% X            
                 
5/12/04         Import Price Apr Up .3%   X  
5/7/04 Cons. Credit Mar up to $5.7Bn   X          
  Unemp Rate Apr dn to 5.6%     X        
  Jobs up 288K Apr     X        
  Hrly earnings Up .3%   X          
  Avg workwk unch at 33.7   X          
5/6/04 Productivity Q1 @3.5%     X        
  Initial Claims dn to 315K     X        
5/4/04 Fact Orders Mar up 4.3%     XX        
5/3/04 ISM Index Apr unch at 62.4   X          
  Const Spend Mar Up 1.5%     XX        
4/30/04 Chicago PMI Apr up to 63.9     X        
  Pers Income Mar Up .4%     X        
  Pers Spend Mar Up .4%   X          
4/29/04 GDP Q1 Prelim @ 4.2%     X Deflator Prelim @ 2.5%   X  
  Jobless Claims @ 338K     X Emp Cost Idx Q1 @ 1.1% X    
  Help Wtd Index Unch @ 39 X            
4/27/04 Cons Confidence Apr up to 92.9     X        
  Exist Home Sales Mar up 5.5%     XX        
4/26/04 New Home Sale Mar up 8%     XX        
4/23/04 Durables Mar up 3.4%     XX        
4/22/04 Jobless Claims @ 353K   X   PPI Mar Up .5%     X
          Core PPI Mar Up .2%   X  
4/19/04 Lead Econ Indicators Mar up .3%   X          
4/16/04 Capacity Util Mar -slightly to 76.5%   X          
  Housing Start Mar @ 1.946 MM units     XX        
  Housing Starts up 6%     XX        
  Bldg Permits Mar up 2%     X        
4/15/04 NY Empire State Idx Up to 36     X        
  Phila Fed Idx Apr Up to 32.5     XX        
4/14/04         CPI Mar up .5%     X
          Core CPI Mar up .4%     X
4/13/04 Bus Inventory Feb up .7%     X        
  Ret Sales Mar up 1.8%     XX        
  Ret Sales ex auto up 1.7%     XX        
4/08/04 Whsle Inventory Feb up 1.2%     X        
4/07/04 Cons Credit Feb up $4.2Bn   X   Export Price Mar +.6%     X
          Import Price up .2%   X  
4/05/04 ISM Serv Idx Mar up to 65.8              
4/02/04 Unemp Rate Mar up to 5.7% X            
  Payrolls Mar Up 308K     XX        
  Hrly Earnings Mar up .1% X            
  Avg Workweek unch   X          
4/01/04 Const spend Feb down .1% X     PPI Feb up .1% X    
          PPI Core Feb up .1% X    
3/31/04 Chicago PMI Mar dn to 57.6   X          
3/26/04 Pers Inc Feb up .4%     X        
  Pers Spending Feb up .2%   X          
3/25/04 Jobless claims @ 339K     X Deflator Q4 final +1.5% X X  
  Exist Home Sale Feb unch   X          
  GDP Q4 Final up 4.1%     X        
3/24/04 Durable Orders Feb up 2.5%     XX        
  New Home Sale Feb up 6.3%     XX        
3/18/04 Phila Fed Idx Mar down to 24.2 X     PPI Jan up .6%     XX
  Lead Econ Indic Feb unch X     PPI Core Jan up .3%   X  
  Jobless Claims @ 336K     X        
3/16/04 House Start Feb down 5% XX     CPI Feb Up .3%   X  
  Bldg Permits Feb down 3% X     CPI Core Up .2% X    
  Bldg Permit Feb @ 1.9MM units     X        
3/15/04 Ind Prod Feb up .7%     X        
  Cap Util Feb up to 76.6%   X          
  NY Empire St Idx Mar dn to 25.3 X            
3/12/04 Bus Inventories Jan up .1% X            
3/11/04 Retail Sales Feb up .6%     X Import price Feb up .4%     X
  Ret Sales ex auto Feb flat X            
3/10/04 Whsl Inventory Jan up .1% X            
3/5/04 Cons Credit Jan  ++$14.3bn     XX        
  Unemp Rate Feb unch   X          
  Payrolls Feb up 21K X            
  Hrly Earnings Feb up .2%   X          
  Avg Workwk Feb unch   X          
3/4/04 Fact Orders Jan dn .5% X            
3/3/04 ISM Services Dn to 60.8   X          
3/1/04 ISM Feb dn to 61.4   X          
  Const spend Jan dn .3% X            
  Pers Spend Jan up .4%     X        
  Pers Inc Jan up .2%   X          
2/27/04 Chicago PMI Feb dn to 63.6   X          
  GDP Prel Q4 @ 4.1%     X Deflator Q4 @ 1.2% X    
2/26/04 Durables Jan down 1.8% X            
2/25/04 Ex. Home Sale Jan dn 5.5% X            
2/24/04 Cons Conf Feb dn to 87.3 X            
2/20/04         CPI Jan up .5%     X
          CP Core Jan up .2%   X  
2/19/04 Leading E. Indic Jan up .5%     X PPI Jan @      
  Phila Fed Feb down to 31.4 X     PPI Core Jan @      
2/18/04 House Starts Jan @ 1.903mm     X        
  House Start Jan down 7.9% XX            
  Bldg Permit Jan down 2.7% X            
2/17/04 Ind Prod Jan up .8%     XX        
  Cap Util Jan up to 76.2%     X        
2/12/04 Bus Inventory Dec up .3%   X   Imp prices Jan up .7%     X
  Ret Sales ex auto Jan up .9%     X        
  Ret Sales Jan down .3% X            
2/9/04 Whsl Inventory Dec up .6%     X        
2/6/04 Cons. Credit Dec up $6.6bn     X        
  Unemp Rate Jan dn .1= 5.6%     X        
  Payrolls Jan up 112K     X        
  Hrly Earn Jan up .1% X            
  Avg Workweek up .2 hrs   X          
2/4/04 Factory Orders Dec up 1.1%     X        
2/3/04 Truck Sales Jan down 11.2% XX            
  Auto Sales Jan down 8.6% XX            
2/2/04 ISM Idx Jan unch @ 63.6     X        
  Pers Spend Dec up .4%     X        
  Pers Inc Dec up .2%   X          
1/30/04 Chicago PMI Jan up to 65.9     X Deflator Ad Q4 @ 1% X    
  GDP Adv, Q4 up 4.0%     X        
  Help Want Idx Dec unch @38   X          
1/28/04 New Home Sale Dec  - 5.1% X     Emp Cost Idx Q4 +.7%   X  
  Durables Dec flat X            
1/27/04 Cons Conf Jan up to 96.8     X        
1/26/04 Exist Home Sale Dec + 5.3%     XX        
1/22/04 Leading Indic Dec up .2%   X          
  House Starts Dec up 1.6%     X        
  Bldg Permits Dec up 3.1%     X        
1/16/04 Bus. Inventory Nov up .3%   X          
  Cap Util Dec unch @ 75.8% X            
  Ind Prod Dec Up .1% X            
1/15/04 Phila Fed Idx Jan up to 38.3     X CPI Dec Up .2% X    
  Ret sales Dec up .5%     X Core CPI Dec up .1% X    
  Ret sales ex autos up .1% X            
  NY Empire Index up to 39.2     X        
  Jobless claims @ 343K     X        
1/14/04 Trade Bal Nov dn to $38Bn X     PPI Dec up .3%   X  
          Core PPI Down .1% XX    
1/13/04         Import price Dec +.1% X    
1/09/04 Unemp Rate Dec dn to 5.7%     X        
  Payrolls Dec up 1,000 X            
  Hrly Earnings Dec up .2%   X          
  Avg Week Dec dn to 33.7   X          
  Whsle Inventory Nov +.5%   X          
1/6/04 Factory Orders Nov -1.4% X            
  Const Nov up 1.2%     X        
1/02/04 ISM Index Dec up to 66.2     X        
12/24/03 New Home Sale Nov + 7%     XX        
  Jobless claims @353K     X        
  Durables Nov down 3.1% XX            
12/28/03 Pers Spend Nov Up .4%   X          
  Personal Inc Nov up .5%     X        
12/18/03 Phila Fed Index Dec up to 32.1     X        
  Lead Econ Indicators Nov Up .3%     X        
  Initial Jobless claims @ 353K     X        
12/16/03 House Starts Nov up 5%     XX CPI Nov down .2% X    
  Bldg Permits Nov down 6% X     CPI Core Nov down .1% X    
  Industrial Production Nov up .9%     X        
  Capacity Util Nov up .6%     X        
12/15/03 NY Empire State Index Dec down 3 X            
12/12/03 Mich. Sentiment Prelim Dec down 4 X     PPI Nov Down .3% X    
          Core PPI Down .1% X    
12/11/03 Ret Sales Nov up .9%     XX Import Prices Nov up .2%   X  
  Sales ex auto Nov up .4%     X        
  Bus Inventories Oct up .4%   X          
12/9/03 Whlsl Inventory Oct up .5%     X        
12/5/03 Cons Credit Oct up .9 Bn X     Hrly Earnings Nov up .1 X    
  Factory Orders Oct up 2.2%     X        
  Avg Workweek Nov unch 33.9   X          
  Unemp Rate Nov down to 5.9%   X          
  Payrolls Nov up 57K   X          
12/3/03 ISM Services Index down to 60   X          
  Productivity Q3 Rev to 9.4%              
12/1/03 Const Spend Oct up .9%     XX        
  ISM Index Nov up to 62.8              
  Truck Sales Nov up 5%     X        
  Auto Sales Nov up 9%     XX        
11/26/03 New Home Sale Oct down 4% X            
  Help Wtd Idx Oct unch @ 37 X            
  Chicago PMI Nov up to 64.1     XX        
  Pers Income Oct up .4%     X        
  Pers Spending Oct unch X            
  Jobless claims @ 351k     X        
  Durables Oct up 3.3%     XX        
11/25/03 Exist Home sales Oct dn 4% X     Deflator Q3 Prel @ 1.7% X    
  Cons Confidence Nov @ 91.7     X        
  GDP Q3 Prelim @ 8.2%     X        
11/20/03 Phila Fed Nov down slightly   X          
  Leading Indicators Oct up .4%     X        
  Jobless Claims down to 355k     X        
11/19/03 Housing Start Oct up 3%     X        
  Bldg Permit Oct 1.97MM units     XX        
  Bldg Permit Oct up 6.5%     XX        
11/18/03         CP Oct unch XX    
          Core CPI up .2%   X  
11/17/03 NY Empire St Idx Nov up to 41.0     X        
  Bus. Inventories Sep up .3%     X        
11/14/03 Ind Prod Oct up .2%   X   PPI Oct      
  Cap Util Oct up slightly to 75%   X   Core PPI Oct      
  Ret Sales Oct down .3% X            
  Ret Sales ex Auto up .2%   X          
  Mich Sentiment Nov Pre up to 93.5     X        
11/13/03 Jobless claims @ 366K   X   Import price Oct - .1% X    
11/07/03 Cons Credit Sep up to $15.1b     XX        
  Whsle Inventory Sep up .4%     X        
  Unemp Rate Oct dn to 6.0%   X          
  Payrolls Oct up 126K jobs     X        
  Hrly earnings Oct up .1% X            
  Avg workweek Oct              
11/06/03 Productivity Q3 prelim up 8.1% X       X    
  Jobless claims @ 348 K     X        
11/5/03 Factory Orders Sep up .5%     X        
11/03/03 ISM Index Oct up to 57.0     X        
  Const SPend Sep up 1.3%     X        
  Truck Sales Oct down 6.3% XX            
  Auto Sales Oct down 5.5% X            
10/31/03 Chicago PMI Oct up to 55.0     X        
  Pers Spending Sep down .3% X            
  Pers Income Sep up .3%   X          
10/30/03 GDP Q3 Advanced up 7.2%     XX Deflator Q3 Adv @ 1.7% X    
  Help Wanted Index Sep unch   X   Employ Cost Idx Q3 1.0% X    
10/28/03 Cons Conf Oct Up to 81.1     X        
  Durables Sep up .8%     XX        
10/27/03 New Home Sales Sep unch   X          
  Exist Home Sales Sep up 3.5%     X        
10/20/03 Leading Econ Indic Sep down .2% X            
10/17/03 Housing Starts Sep @ 1.888M     X        
  Housing Starts Sep up 5%     XX        
  Bldg Permits Sep down 3% X            
10/16/03 NY Empire State Idx Oct up to 33.7     X        
  Phila Fed Idx Oct up to 28.0     X        
  Indus Prod Sep up .4%     X        
  Cap Util Sep unch   X   CPI Sep up .3%   X  
  Bus Inventories Aug down .4% X     Core CPI Sep up .1% X    
10/15/03 Ret Sales Sep ex auto up .3%   X          
  Retail Sales Sep down .2% X            
10/10/03         PPI Sep Up .3%   X  
          PPI Core Sep unch X    
10/08/03 Whlsl Inventories Aug down .2% X     Import Prices Sep up .2%   X  
10/07/03 Cons Credit Aug @ $8.2 bn     X        
10/03/03 Unemp Rate Sep unch @ 6.1%   X          
  Payrolls Sep up 57K     X        
  Hrly Earnings Sep down .1% X            
  Avg. Workweek Sep unch   X          
10/02/03 Factory Orders Aug down .8% X            
10/01/03 Const. Spend Aug up .2%   X          
  ISM Index Sep down to 53.7   X          
9/30/03 Chicago PMI Sep down to 51.2   X          
  Cons Conf Sep down to 76.8 X            
9/29/03 Pers Inc Aug up .2%   X          
  Pers Spending Aug up .8%     X        
9/25/03 Durables Aug down .9% X            
  Exist Home Sale Aug up 5.7%     X        
  Help Wanted Idx Aug down to 37 X            
  New Home Sale Aug unch   X          
9/18/03 Phila Fed Idx Sep Down to 14.6   X          
  Lead Econ Indic Aug Up .4%     X        
9/17/03 Hous Starts Aug down 4% X            
  Bldg Permits Aug up 4%     X        
9/15/03 Ind Prod Aug up .1%   X   CPI Aug up .3%   X  
  Cap Util Aug unch   X   CPI core Aug up .1% X    
  NY Empire State Ix Sep up to 18.35     X        
  Bus Inventories Jul down .1% X            
9/12/03 Retail Sales Aug up .6%     X        
  Retail Sales ex auto Aug up .7%     X        
9/11/03 Jobless Claims at 422K X     Import Prices Aug dn .2% X    
9/9/03 Wlsl Inventories Jul unch   X          
  Cons Credit Jul up to $6.0Bn     X        
9/5/03 Unemp Rate Aug dn slight to 6.1%   X          
  Hrly Earnings Au Up .1%   X          
  Payrolls Aug down 93K X            
  Avg Workweek Aug unch at 33.6   X          
9/4/03 ISM Services Aug unch at 65.1   X          
  Factory Orders Jul up 1.6%     X        
  Productivity Rev Q2 to up 6.8% X            
9/3/03 Const Spending Jul up .2%   X          
  ISM Index Aug up to 54.7     X        
8/29/03 Chicago PMI Aug up to 58.9     X        
  Pers Spending Jul Up .8%     X        
  Pers Income Jul up .2%   X          
8/28/03 Help Wtd Index Jul unch   X   Deflator Prelim Q2  .8% X    
  GDP Prelim Q2 Up 3.1%     X        
8/26/03 Cons Conf Aug up to 81.3     X        
  Durable Orders Jul up 1%     X        
  New Home Sales Jul down 2% X            
  Exist Home Sales Jul up 5%     X        
8/21/03 Phila Fed Index Aug up to 22.1     X        
  Lead Econ Indic Jul up .4%     XX        
8/19/03 Housing Starts Jul up 2%     X        
  Bldg Permits Jul Down 2.5% X            
8/15/03 Cap Util Jul up slightly to 74.5%   X   CPI Jul Up .2%   X  
  Ind Prod Jul Up .5%     X CPI Core Jul Up .2%   X  
8/14/03         PPI Jul Up .1% X    
          PPI Core Jul Up .2%   X  
8/13/03 Bus Inventories Jun Up .1%   X   Import Prices Jul up .1% X    
  Ret Sales ex auto Jul up .8%     X        
  Retail Sales Jul up 1.4%     X        
8/7/03 Cons Credit Jun drops $.4Bn X            
  Whsle Inventories Jun unch   X          
  Productivity Q2 at 5.7% X            
  Jobless Claims at 390K   X          
8/5/03 ISM Services Jul up to 65.1     X        
  Factory Orders Jun up 1.7%     X        
8/01/03 ISM Index Jul up to 51.8     X        
  Const Spending Jun unch   X          
  Unemp Rate Jul down to 6.2%   X          
  Pers Spending Jun Up .3%   X          
  Pers Income Jun up .3%   X          
  Payrolls Jun down 44K X            
  Hrly Earnings Jul unch   X          
  Avg Workweek Jul unch   X          
  Truck Sales Jul up 8%     XX        
  Auto Sales Jul up 5%     X        
7/31/03 GDP Adv Q2 2.4%   X   Deflator Adv Q2 up 1% X    
  Chicago PMI up to 55.9     X Emp Cost Idx Q2 up .9% X    
7/29/03 Cons Conf Jul down to 76.6 X            
7/25/03 Exist Home Sales Jun unch   X          
  New Home Sales Jun up 4%     X        
  Durables Jun Up 2.1%     X        
7/21/03 Leading Econ Indic Jun up .1%   X          
7/17/03 Bldg Permits Jun up .5%     X        
  Housing Starts Jun up 3.5%     X        
7/16/03 Ind Prod Jun unch at up .1%   X   CPI Jun Up .2%   X  
  Cap Util Jun unch at 74.3%   X   CPI Jun core flat X    
  Bus Inventories May down .2% X            
7/15/03 Retail Sales Jun Up .5%     X        
  Retail Sales ex auto Jun Up .7%     X        
7/08/03 Jobless Claims at 439K X     Core PPI Jun down .1% X    
  Wlsle Inventories May down .3% X     Import Prices Jun up .5%     X
  Cons Credit May down to $7.3Bn   X   PPI Jun Up .5%     X
  Chicago PMI up slightly to 52.5     X        
  ISM Services up to 60.6     X        
7/03/03 Unemp rate up to 6.4% X            
  Payrolls down 30K jobs X            
  Initial Claims at 430K X            
  Hrly Earnings Jun up .2%   X          
  Avg Workweek Jun unch @ 33.7hr   X          
7/01/03 Factory Orders May up .4%     X        
  ISM Index Jun up slightly to 49.5   X          
  Const Spending May down 1.7% X            
  Truck Sales Jun unch   X          
  Auto Sales Jun up 4%     X        
6/27/03 Pers Spending May up .1% X            
  Pers Income May up .3%   X          
  Help Wanted Index May unch 36 X            
6/26/03 GDP Final Q1 Up 1.4% X            
6/25/03 Durables Orders May down .3% X     Deflator Q1 Final up 2.4%   X  
  Exist Home Sales May up .1%   X          
  New Home Sales May up 12%     XX        
6/24/03 Cons Conf Jun unch at 83.5   X          
6/19/03 Leading Indicators May up 1.0% X            
  Phila Fed Index Jun @ 4.0   X          
6/17/03 Bldg Permits May Up 4.5%     X CPI May flat X    
  Housing Starts May Up 5%     XX CPI Core May Up .3%     X
  Cap Utilization May flat   X          
  Industrial prod May Up .1% X            
6/12/03 Retail Sales May Up .1%   X   PPI May Down .3% X    
  Ret Sales ex auto May Up .1%   X   PPI Core May Up .1% X    
  Bus Inventories Apr Up .1%   X          
6/09/03 Whlsle Inventories Apr Down .1% X     Import Prices May Dn .2% X    
6/06/03 Factory Orders Apr Down 2.9% X     Hrly Earnings May Up 3.%   X  
  Avg Workweek May flat   X          
  Payrolls May Down 17K X            
  Unemp Rate May Up to 6.1% X            
  Consumer Credit Apr Up $10.7Bn     XX        
6/4/03 ISM Services May Up to 54.5     X        
6/3/03 Auto Sales May flat   X          
  Truck Sales May flat   X          
  ISM Index May up to 49.4   X          
  Const Spending Apr Down .3% X            
5/30/03 Pers Income Apr flat X            
  Pers Spending Apr Down .1% X            
  Chicago PMI May Up to 52.2     X        
5/29/03 Help Wanted Index Apr Down to 35 X            
5/27/03 Cons Confidence May up to 83.8     X        
  Exist Home Sales Apr up 6%     X        
  New Home Sales Apr up 1%   X          
  Durable Orders Apr Down 2.4% X            
5/19/03 Leading Indicators Apr Up .1% X            
5/16/03 Phila Fed May @ 4.8 X     CPI Apr Down .3% X    
  Bldg Permits Apr up 1.5%   X   CPI Core Apr flat X    
  Housing Starts Apr Down 5% X            
5/15/03 Bus Inventories Mar Up .4%   X   PPI April Down 1.9% X    
  Cap Utilization Apr Dn to 74.4% X     PPI Apr Core Down .9% X    
  Ind Production Apr Dn .5% X            
5/14/03 Retail Sales Apr Down .1% X            
  Ret Sales ex Auto Down .9% XX            
5/07/03 Whsle Inventories Mar Up .5%     X        
  Cons Credit Mar Up $0.9B X            
5/5/03 ISM Services Apr Up to 50.7     X        
5/2/03 Avg Workweek Apr dn to 34 X     Hrly Earnings Apr up .1% X    
  Payrolls April Down 48K X            
  Unemp Rate up to 6.0% X            
  Factory Orders Mar Up 2.2%     X        
5/01/03 Auto Sales Apr unch   X   Productivity Q1 Up 1.6% X    
  Truck Sales Apr up 10%     X        
  Jobless claims Up 448K X            
  Const Spending Mar Down 1% X            
  ISM Index Apr down to 45.4 X            
4/30/03 Chicago PMI Apr dn to 47.6 X            
4/29/03 Consumer Confidence Apr Up to 81     X        
4/28/03 Pers Income Mar Up .4%     X Emp Cost Idx Q1 Up 1.3   X  
  Pers Spending Mar Up .4%     X        
4/25/03 GDP Adv Q1 @ 1.6% X            
  Exist Home Sales Mar Down 5% X            
  New Homes Sales Mar up 5%     X        
4/24/03 Durable Orders Mar Up 2%     X Q1 Deflator Adv @ 2.5%   X  
  Jobless Claims @ 455K X            
  Help Wanted Idx Mar dn to 38 X            
4/21/03 Leading Indicators Apr Down .2% XX            
4/17/03 Phila Fed April @ -8.8 X            
4/16/03 Jobless claims @ 442,000 X     CPI March up .3%   X  
  Bldg Permits Mar down 7% X     CPI Core Mar 0% X    
  H Starts Mar up 8.%     X        
4/15/03 Ind Prod Mar down .5% XX            
  Cap Util Mar dn to 74.8% X            
4/14/03 Bus Inventories Feb up .6%     X Import Prices Mar up .9%     X
4/11/03 Retail Sales Mar up 2.1%     XX PPI Mar up 1.5%     X
  Ret Sales ex auto Mar up 1.1%     X PPI Core Mar up .7%     XX
4/8/03 Whlsle Inventories Feb up .3%     X        
4/7/03 Cons Credit Feb down to $1.5Bn X            
4/4/03 Payrolls Mar down 108K X            
  Unemp Rate Mar unch @ 5.8%   X          
  Hrly Earnings Mar up .1% X            
  Avg Week Mar unch   X          
4/03/03 ISM Services Mar Dn to 47.9 X            
  Initial Claims @ 445K X            
4/2/03 Factory Orders Feb down 1.5% X            
4/1/03 Auto Sales Mar up 7.6%     X        
  Truck Sales Mar up 2.8%     X        
  ISM Index Mar down to 46.2 X            
3/31/03 Chicago PMI Mar down to 48.4 X            
3/28/03 Pers Income Feb up .3%   X   Final Q4 Deflator 1.8% X    
  Pers Spending Feb flat at 0% X            
  Final Q4 GDP @ 1.4% X            
3/26/03 New Home Sales Feb dn 8% X            
  Durables Feb down 1.2% X            
3/25/03 Exist Home Sales Feb dn 4% X     CPI Feb  up .6%     X
  Cons Confidence Mar dn to 62.5 X     CPI Core Feb up .1% X    
3/20/03 Philly Fed Index Mar down to -8.0 XX            
  Lead Econ Indicators Feb dn .4% XX            
  Jobless claims at 421K X            
3/18/03 Housing Starts Feb down 10.9% XX            
  Bldg Permits Feb unch   X          
3/14/03 Cap Util Feb unch at 75.6%   X          
  Ind Prod Feb up .1% X            
  Business Inventories Jan up .2%   X   PPI Feb up 1.0%     XX
  Retail Sales Feb ex auto -1.0% X     PPI Core Feb down .5% XX    
  Retail Sales Feb down 1.6% XX            
3/11/03 Wholesale Inventories Jan dn .2% X     Import Prices Feb up .4%     X
3/7/03 Cons Credit Jan surge up 13.2Bn     XX        
  Unemp Rate Feb up to 5.8% X            
  Payrolls Feb down 308K XX            
  Hrly Earnings Feb up .7%     X        
  Avg Workweek Feb unch   X          
3/6/03 Factory Orders Jan up 2.1%     X        
  Initial Jobless Claims up 430K X            
3/3/03 ISM Index Feb down to 50.5 X            
  Auto Sales Feb down 11.8% XX            
  Truck Sales Feb up 1.5%   X          
  Pers Income Jan Up .3%     X        
  Pers Spending Jan down .1% X            
  Const Spending Jan up 1.7%     X        
2/27/03 Durable Orders Jan up 3.3%     XX        
  New Home Sales Jan down 13% XX            
2/25/03 Cons Confidence Feb plunge to 64 X            
  Exist Home Sales up 3%     X        
2/21/03         CPI Jan Up .3%   X  
          CPI Core Up .1% X    
2/20/03 Phila Fed down to 2.3 XX     PPI Jan Up 1.6%     XX
  Leading Indicators Jan Down .1% X     PPI Core Up .9%     XX
2/19/03 Bldg Permits Jan down 6% X            
  Bldg Permits Jan at 1.78 MM units     X        
  Housing Starts Jan unch   X          
  Housing Starts Jan at 1.85 MM unit     XX        
2/14/03 Mich Sentiment Feb down to 79.2 X            
  Ind Prod Jan Up .7%     XX        
  Cap Util Jan up to 75.7%     X        
  Bus Inventories Dec up .6%     X        
2/13/03 Ret Sales Jan down .9% X     Import Prices Jan up .2%   X  
  Ret Sales Jan ex auto up 1.3%     X        
2/7/03 Cons Credit Dec down $4 billion X            
  Whsle Inventories Dec Up .8%     X        
  Avg workweek Jan unch   X          
  Hrly earnings Jan unch   X          
  Jobs added Jan up 143K     X        
  Unemp Rate Jan down to 5.7%     XX        
2/6/03 ISM Services Index at 54.5     X Productivity Q4 down .2%     X
2/4/03 Factory Orders Dec Up .4%     X        
  ISM Index Jan at 53.9 (down a bit)   X          
  Auto Sales Jan down 3% X            
  Truck Sales Jan down 20% XX            
1/31/03 Chicago PMI Jan up to 56     X        
  Pers Income Dec Up .4%     X        
  Pers Spending Dec Up .9%     X        
  GDP Q4 Advance Up .7% X     GDP Deflator Q4 up 1.8% X    
1/28/03 Exist Home Sales Dec              
  New Home Sales Dec up 3%     X        
  Cons. Confidence Jan down to 79 X            
  Durables Orders Dec up .2%   X          
1/23/03 Leading Indic Dec Up .1% X            
  Bldg Permits Dec up 8%     X        
  Housing Starts Dec up 6%     X        
1/17/03 Ind. Prod. Dec. Down .2% X            
  Capacity Util Dec flat at 75.4% X            
  Mich. Sentiment Jan pre. dn to 83.7 X            
                 
1/16/03 Phila Fed Index at 11.2     X CPI Dec up .1% X    
          CPI Core Dec up .1% X    
                 
1/15/03 Bus. Inventories Nov up .2%     X PPI Dec unch      
          PPI Core Dec down .3% X    
                 
1/14/03 Retail sales Dec up 1.2%     XX        
  Retail sales ex autos unch X            
                 
1/10/03 Unemp Rate unch @ 6%   X          
  Payrolls down 101K X            
  Hrly earnings Dec up .3%     X        
  Avg workweek unch at 34.1 hrs   X          
                 
1/09/03 Wholesale Inventories Nov up .2%     X        
                 
1/08/03 Consumer Credit Nov down 2.2Bn X            
                 
1/7/03 Factory Orders Nov down .8% X            
                 
1/3/03 Constr spending Nov up .3%     X        
  Auto sales Dec up 7%     XX        
  Truck sales Dec up 20%     XX        
                 
12/27/02 New Home Sales Nov up 5%     X        
                 
12/24/02 Durables Orders Nov dn 1.4% XX            
  Pers INcome Nov up .3%   X          
  Pers Spending Nov Up .5%     X        
                 
12/19/02 Leading Indic Nov up .7%     XX Deflator Q3 Final Up 1.0% X    
  GDP Q3 Final Up 4.0%     X        
                 
12/17/02 Ind. Prod Nov up .1% X            
  H. Starts Nov up 9%     XX        
  Bldg. Permits Nov down 4% X            
  Bus Inventories Oct up .2%     X        
                 
12/12/02 Retail sales Nov up .4%     X        
  Retail ex autos up .5%     X        
12/10/02 Whlsle inventories Oct dn .3% X     Import prices Nov dn .1% X    
12/06/02 Cons. Credit Oct up small $1.4bn X            
  Avg. workweek Nov unch   X          
  Hrly earnings Nov up .3%   X          
  Payrolls Nov down 40K X            
  Unemp Rate Nov up to 6.0% X            
12/04/02 Factory Orders Oct up 1.5%     X        
  ISM Services Nov. up to 57.4     X        
12/02/02 Auto Sales Nov up 5.6%     X        
  Truck Sales Nov flat   X          
  Const Spending Oct up .3%     X        
                 
  ISM Index Nov @ 49.2   X          
11/27/02 Durables Oct up 2.8%     X        
  Chicago PMI Nov up to 54.3     X        
  Pers Income Oct up .1% X            
  Pers Spending Oct up .4%     X        
11/26/02 GDP Prelim Q3 @ 4%     X GDP Deflator Q3 @ 1% XX    
  New Home Sale Oct down 4.5% X            
  Cons. Confidence Nov up to 84.1     X        
11/25/02 Exist Home Sales Oct up 6%     XX        
11/21/02 Leading Indic Oct flat X            
  Philly Fed Nov. @ 6.1   X          
  Fed. Deficit Oct up to $54.0 bn     X        
11/20/02 Bldg permits Oct up 1.7%     X        
  Housing Starts Oct down 11.4% XX            
11/19/02         CPI Oct Up .3%   X  
          CPI Core Oct up .2% X    
11/15/02 Cap Utilization Oct unch   X   PPI Oct up 1.1%     XX
  Ind. Prod. Oct down .8% XX     PPI Core Oct up .5%     XX
  Business Inventories Sep up .5%     X        
11/14/02 Retail Sales Oct unch X            
  Retail Sales ex auto up .7%     XX        
11/07/02 Whlsle Inventory sep up .5%     X        
  Cons Credit Sep @ 10 bn     X        
11/04/02 Factory Orders sep dn 2.3% X            
11/1/02 Auto Sales Oct dn 3.6% X