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
2024	35.9	61.4	60.7	46.1	61.4	47.5	45.4	56.3	47.5	47.1	46.8	57.6
2025	48.5	62.7	53.9	44.1	53.2	53.9	54.6	48.1	50.8	46.8	55.9	45.4
2026	65.1
Three Months Earlier
2024	36.3	47.8	53.2	58.3	58.0	49.5	48.5	50.2	41.7	48.8	41.0	52.2
2025	52.5	59.0	58.6	52.9	49.5	57.6	59.7	51.2	49.8	45.4	51.9	51.2
2026	62.7
Six Months Earlier
2024	35.6	41.4	48.8	48.1	52.2	48.1	53.6	49.5	44.7	48.5	39.0	46.4
2025	47.5	50.2	54.9	54.2	61.4	55.3	57.6	54.6	52.5	43.4	51.2	45.8
2026	53.2

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.