Table 8
 DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
 Percent
 
 Year       Jan.    Feb.    Mar.    Apr.     May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.
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 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 
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 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.