Board of Governors of the Federal Reserve System

Percent

Year	Jan.	Feb.	Mar.	Apr.	May	June	July	Aug.	Sept.	Oct.	Nov.	Dec.
One Month Earlier
2017	60.0	51.3	47.0	65.3	43.7	57.7	51.0	52.3	55.7	63.0	54.0	59.0
2018	50.3	63.0	48.7	62.3	44.0	58.3	55.8	52.0	55.3	48.3	50.7	58.0
2019	47.3
Three Months Earlier
2017	55.7	61.0	52.3	57.7	45.3	56.0	48.0	50.3	56.3	63.0	69.0	64.0
2018	55.7	67.3	54.7	69.0	45.7	55.7	53.0	65.7	56.7	53.0	48.3	58.3
2019	50.3
Six Months Earlier
2017	57.0	64.3	55.7	60.0	56.0	56.3	49.3	50.0	58.7	53.0	61.0	63.3
2018	61.3	69.3	63.3	67.3	56.7	58.0	65.0	56.3	58.3	53.0	60.3	58.0
2019	51.0

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.