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REDWOOD CITYFor the Quarter Ended March 31, 2017 Market Update2017 PFM Asset Management LLCThe U.S. labor market created 98,000 jobs in March, below expectations of 180,000. Total jobs added during the first quarterwere 533,000.The headline unemployment rate fell to 4.5% while the U-6 rate, which includes underemployed and discouraged workers,dropped to 8.9%, the lowest since 2007.The growth rate of average hourly earnings – an important gauge of wage growth – averaged 2.7% over the past 12 months.Labor MarketSource: Bloomberg, as of 03/31/17.0k100k200k300k400kMar '12Sep '12Mar '13Sep '13Mar '14Sep '14Mar '15Sep '15Mar '16Sep '16Mar '17Monthly Change in Nonfarm PayrollsNonfarm Payrolls12-Month Moving Average8.2%7.5%6.7%5.4%5.0%4.5%4%5%6%7%8%9%10%Mar '12Sep '12Mar '13Sep '13Mar '14Sep '14Mar '15Sep '15Mar '16Sep '16Mar '17Unemployment Rate156.1.A. - Page 26