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	53.7	45.3	45.0	42.3	50.0	47.7	52.0	45.3	54.3	60.3	52.0	58.7
2017	60.0	51.3	47.0	65.3	43.7	57.7	51.0	52.3	55.7	63.0	54.0	59.0
2018	50.3	64.7	46.3	63.3	42.3
Three Months Earlier
2016	50.7	48.3	48.7	37.3	43.3	48.7	56.3	46.7	56.0	58.3	57.0	59.3
2017	55.7	61.0	52.3	57.7	45.3	56.0	48.0	50.3	56.3	63.0	69.0	64.0
2018	55.7	67.0	55.0	68.0	46.7
Six Months Earlier
2016	47.7	41.0	39.7	38.3	43.0	48.7	44.7	45.7	52.0	58.3	54.7	58.3
2017	57.0	64.3	55.7	60.0	56.0	56.3	49.3	50.0	58.7	53.0	61.0	63.3
2018	61.3	68.3	63.0	67.3	56.0

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.