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
2018	50.8	63.5	45.8	60.2	44.1	62.2	56.5	56.2	55.2	52.5	49.2	54.8
2019	45.8	43.5	47.8	43.5	50.5	53.2	47.2	59.2	47.8	39.1	57.5	50.5
2020	55.5	49.0	24.4	11.4	56.9	75.6	74.1	67.9	58.2	64.2
Three Months Earlier
2018	52.5	63.2	53.8	68.2	47.2	55.2	53.8	64.9	55.5	54.5	50.2	58.5
2019	48.5	44.1	43.8	38.8	41.8	51.2	49.2	55.9	48.5	49.8	48.5	50.5
2020	63.2	53.8	25.1	8.4	12.4	28.8	75.6	85.3	81.9	74.9
Six Months Earlier
2018	58.2	66.6	61.2	62.5	54.5	60.9	63.2	60.2	58.5	53.5	60.5	57.5
2019	51.2	45.2	42.5	35.8	40.1	43.1	37.8	47.8	46.5	46.2	50.2	49.2
2020	54.5	51.2	24.1	11.0	11.4	16.1	25.8	30.1	48.5	82.6

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.