Table 8 DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION Percent Year Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. ------------------------------------------------------------------------------------------------------- One Month Earlier 1997 55.2 66.8 57.5 53.4 55.2 57.1 57.2 52.4 55.4 55.8 62.5 52.1 1998 56.6 48.7 50.7 51.5 51.3 39.0 50.6 50.2 43.8 54.7 49.1 48.3 1999 47.6 52.8 49.8 57.7 53.6 49.8 57.1 52.8 48.7 64.2 54.1 Three Months Earlier 1997 54.5 68.3 61.2 66.4 56.0 58.6 61.9 64.2 61.9 59.9 62.9 62.2 1998 62.2 52.8 55.4 53.9 54.7 43.1 44.6 39.3 47.6 51.3 49.8 52.4 1999 50.9 54.3 51.3 56.2 52.8 52.4 53.9 59.6 52.1 57.3 58.8 Six Months Earlier 1997 63.1 67.9 64.2 62.7 63.2 68.3 69.1 61.5 66.8 70.6 70.9 65.7 1998 63.3 64.8 58.1 58.4 55.8 49.1 48.3 47.9 48.3 52.8 47.6 50.2 1999 54.3 50.9 55.8 52.4 54.3 55.1 56.2 50.6 54.3 61.4 60.7 ------------------------------------------------------------------------------------------------------- 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.