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
2021	63.5	28.7	71.6	53.7	62.8	54.4	59.8	54.4	45.6	60.8	57.8	45.3
2022	42.2	62.5	59.1	57.4	44.6	49.3	58.8	40.2	54.7	52.0	41.9	32.8
2023	66.6	50.0	42.2	56.4	50.7	43.6	56.8	50.7	52.7	48.1	48.3
Three Months Earlier
2021	67.9	44.3	57.8	52.0	65.2	57.8	57.4	59.8	53.0	57.1	59.5	60.8
2022	50.7	57.3	63.8	69.3	54.1	52.0	53.7	52.0	56.8	52.4	48.3	32.1
2023	43.6	47.3	56.1	50.7	52.0	47.6	50.3	48.0	57.4	44.6	41.6
Six Months Earlier
2021	77.0	56.1	67.2	60.5	60.1	58.4	53.4	65.2	58.4	63.9	68.2	64.2
2022	59.1	62.8	67.6	65.5	59.7	57.0	63.2	52.7	51.0	50.7	50.0	42.9
2023	42.6	48.0	39.2	46.3	49.0	53.0	49.0	47.0	52.0	43.2	43.2

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.