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 53.4 65.7 53.7 51.3 53.7 56.3 58.8 49.8 55.6 55.8 61.4 50.9 1998 55.8 47.2 50.2 53.7 49.1 39.3 54.7 46.8 39.7 56.2 48.3 52.1 1999 49.8 55.8 Three Months Earlier 1997 58.2 65.7 59.0 62.7 54.9 55.6 60.2 60.9 59.0 58.1 65.5 63.7 1998 59.6 52.1 54.3 49.1 55.4 44.2 46.8 44.6 45.7 47.6 49.1 52.1 1999 52.1 52.8 Six Months Earlier 1997 65.3 65.7 63.8 61.6 58.4 62.7 67.3 62.8 63.5 66.9 68.8 65.0 1998 63.7 63.3 61.0 58.1 56.6 48.3 46.8 46.4 43.3 47.6 46.4 48.7 1999 52.4 54.3 ------------------------------------------------------------------------------------------------------- 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.