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
2019	43.6	42.2	48.6	43.2	55.4	52.0	42.9	57.4	43.6	35.1	57.8	53.0
2020	59.8	56.1	25.3	11.8	57.8	72.6	73.6	65.9	60.5	69.3	62.3	60.0
2021	65.9	33.8	76.4	49.8	56.1	51.5	57.6	50.2	48.5
Three Months Earlier
2019	39.9	32.8	41.6	38.9	45.6	49.0	46.3	47.0	41.6	44.6	41.9	45.9
2020	63.9	57.4	33.1	13.2	13.2	29.1	75.3	83.1	80.4	74.7	68.6	69.3
2021	70.6	50.0	62.5	54.4	68.2	48.6	59.5	52.2	50.2
Six Months Earlier
2019	40.2	34.5	34.1	30.1	40.5	41.6	36.8	45.6	43.6	39.9	42.9	45.3
2020	55.1	53.7	34.8	15.5	17.2	23.3	30.7	33.8	46.3	83.1	87.2	82.4
2021	77.0	61.8	71.6	65.2	63.2	61.8	56.4	69.3	48.6

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.