Table 8 DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION Percent Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ------------------------------------------------------------------------------------------------------- One Month Earlier 1996 38.9 63.8 56.6 57.4 59.6 61.9 54.0 55.5 54.3 50.6 57.0 56.4 1997 50.2 64.9 54.0 54.2 50.2 52.8 57.2 52.3 54.4 55.7 62.1 50.4 1998 54.5 46.2 47.5 58.7 49.2 39.4 Three Months Earlier 1996 43.0 53.6 54.0 69.1 66.0 67.5 62.3 60.8 56.6 58.1 55.8 58.9 1997 53.2 63.0 58.9 63.0 54.7 52.8 55.1 59.3 55.9 54.2 66.7 62.9 1998 61.7 48.5 50.4 51.5 52.7 46.2 Six Months Earlier 1996 48.7 49.4 55.5 58.9 61.5 69.1 67.5 63.8 66.0 60.4 60.8 57.0 1997 63.0 65.3 64.2 60.8 59.1 61.5 63.9 60.8 60.1 60.8 66.2 64.3 1998 59.5 60.6 61.4 59.8 51.9 47.0 ------------------------------------------------------------------------------------------------------- Note: The diffusion indexes are calculated as the percentage of series that increased over the indicated span (one, three, or six months) plus one-half the percentage that were unchanged.