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
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	47.5	54.2	49.2	45.1	46.8	58.9
2025	53.2	62.3
Three Months Earlier
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	51.5	50.8	47.5	50.8	41.8	48.8
2025	54.5	60.6
Six Months Earlier
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	52.2	48.8	51.9	43.4	48.5
2025	53.5	52.2

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.