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
2015	44.8	46.2	53.2	51.2	50.5	46.5	58.9	50.2	40.5	53.5	48.2	46.8
2016	54.8	50.8	45.8	47.8	51.2	48.2	53.8	49.2	58.2	60.5	49.2	52.5
2017	58.5	51.5	45.2	66.2	42.8	55.2	51.2
Three Months Earlier
2015	56.2	39.8	44.5	49.8	52.8	46.8	53.2	55.9	51.8	51.2	46.5	45.5
2016	50.8	51.5	50.8	44.8	46.2	50.8	51.5	47.2	54.5	56.9	58.9	56.2
2017	55.9	59.5	48.2	56.5	43.1	55.9	49.5
Six Months Earlier
2015	50.2	47.5	49.8	51.8	46.5	41.8	50.2	52.8	51.5	49.8	49.2	49.8
2016	50.2	45.8	46.5	45.2	50.8	51.5	53.2	47.5	57.5	58.9	57.2	61.9
2017	61.2	62.5	54.8	63.2	54.5	52.5	50.2

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.