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
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	65.6	43.8	58.9	50.8	53.8	59.2	60.9	56.5	60.5
2018	54.2
Three Months Earlier
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	42.5	55.2	48.8	53.2	59.5	65.9	69.2	65.9
2018	62.2
Six Months Earlier
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	62.9	53.8	53.5	50.2	50.8	57.2	53.5	62.2	67.2
2018	68.6

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.