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
2021	65.2	30.4	76.0	51.0	60.5	53.7	59.8	54.1	50.7	69.6	59.8	47.6
2022	47.3	66.6	57.4	57.3	43.9	50.3	60.1	41.2	54.4	52.0	39.5	30.1
2023	63.5
Three Months Earlier
2021	68.2	48.0	63.9	52.4	69.3	54.1	61.1	58.8	56.4	61.8	67.2	65.2
2022	52.7	61.5	70.3	71.3	54.4	53.4	53.0	52.4	57.1	47.3	44.6	31.8
2023	38.2
Six Months Earlier
2021	76.0	57.1	69.9	63.5	63.5	61.8	54.4	69.3	55.1	63.9	65.2	65.9
2022	58.4	65.2	72.6	68.9	63.9	61.8	63.2	53.7	53.0	49.7	48.0	39.2
2023	34.8

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.