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
2017	66.9	48.2	46.5	63.2	46.2	58.2	55.5	50.5	55.2	62.2	54.5	56.5
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	53.3	47.8	58.5	48.5
Three Months Earlier
2017	57.5	63.1	60.0	57.5	50.5	55.5	50.2	51.5	56.2	61.9	64.2	62.2
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	49.8	58.5	48.2
Six Months Earlier
2017	61.9	67.1	61.0	60.7	58.0	60.3	51.2	51.8	59.9	56.2	60.9	62.2
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	38.5	50.2	49.5

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.