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
2020	57.1	56.1	28.0	12.5	58.4	73.6	72.6	67.2	57.8	64.5	60.8	57.8
2021	65.2	30.4	76.0	51.0	60.5	53.7	59.8	54.1	50.7	69.6	59.8	47.6
2022	47.3	66.6	57.4	57.3	44.3	50.7	60.1	42.9
Three Months Earlier
2020	59.5	55.7	33.1	13.2	11.1	26.7	75.7	82.8	80.4	73.0	63.5	63.9
2021	68.2	48.0	63.9	52.4	69.3	54.1	61.1	58.8	56.4	61.8	67.2	65.2
2022	52.7	61.5	70.3	71.3	55.1	53.4	53.4	54.1
Six Months Earlier
2020	50.7	50.0	31.4	15.2	15.5	20.9	30.1	32.1	48.3	80.4	86.5	83.1
2021	76.0	57.1	69.9	63.5	63.5	61.8	54.4	69.3	55.1	63.9	65.2	65.9
2022	58.4	65.2	72.6	68.9	63.5	62.8	64.2	55.4

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.