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	41.8	65.7	60.6	52.5	43.8	51.5	56.6	42.8	57.9	49.2	43.4	33.0
2023	68.7	46.5	42.4	57.2	52.9	41.8	53.5	52.2	52.9	46.5	47.1	49.2
2024	38.4	62.0	60.3	43.4	62.6	48.8	48.1	59.6	45.1	42.8
Three Months Earlier
2022	53.9	56.5	63.6	64.0	55.2	49.5	51.2	50.5	56.2	52.9	49.5	32.0
2023	45.5	48.1	53.2	48.8	51.9	50.2	52.2	46.8	53.5	46.1	45.8	48.8
2024	41.1	50.8	56.6	56.9	54.9	49.8	52.5	50.5	49.5	49.8
Six Months Earlier
2022	62.0	67.3	67.7	63.3	59.9	56.1	62.6	50.8	51.2	50.2	47.5	41.4
2023	42.8	43.4	40.4	46.1	48.1	51.5	46.8	47.5	53.2	46.1	42.4	47.8
2024	35.7	49.5	50.2	50.5	56.6	55.9	55.6	53.2	48.8	52.5

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.