Table 8
 DIFFUSION INDEXES OF INDUSTRIAL PRODUCTION
 Percent
 
 Year       Jan.    Feb.    Mar.    Apr.     May    June    July    Aug.   Sept.    Oct.    Nov.    Dec.
 -------------------------------------------------------------------------------------------------------
 
 One Month Earlier
  2000     54.3    55.1    57.2    47.8    50.4    53.6    49.6    41.3    51.4    43.5    44.2    42.8 
  2001     46.0    36.6    39.9    43.1    41.7    40.9    47.8    43.5    39.5    42.0    38.8    52.2 
  2002     56.9    56.9 
 
 Three Months Earlier
  2000     61.2    57.6    59.4    55.4    48.6    51.4    51.4    44.2    38.4    39.1    40.2    38.8 
  2001     39.5    37.5    36.6    38.0    37.7    37.7    39.1    40.2    41.3    36.6    33.0    39.1 
  2002     45.1    58.7 
 
 Six Months Earlier
  2000     63.4    62.0    65.9    59.8    57.6    58.0    53.6    45.3    43.5    41.3    40.2    37.0 
  2001     35.5    32.6    32.2    30.8    31.9    32.6    30.1    32.6    35.9    30.4    34.1    35.5 
  2002     40.6    44.6 
 -------------------------------------------------------------------------------------------------------
 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.