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
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	48.6	51.7	49.0	48.0	52.2
2024	37.8
Three Months Earlier
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	47.6	57.4	44.6	44.6	47.3
2024	42.9
Six Months Earlier
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	46.6	51.7	42.9	43.9	49.7
2024	36.1

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.