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PFM Asset Management LLCREDWOOD CITYFor the Quarter Ended June 30, 2017Market UpdateThe U.S. labor market continued to improve, adding 581,000 jobs in the second quarter and an average of 187,000 jobs per month over the past year. The headline unemployment rate and the labor force participation rate ticked up to 4.4% and 62.8%, respectively. The U-6 rate, whichincludes underemployed and discouraged workers, ended the quarter at 8.6%—the lowest since 2007. Average hourly earnings—an important gauge of wage growth—grew 2.5% over the past 12 months.Labor Market Strength ContinuesSource: Bloomberg, as of 6/30/17.0k100k200k300k400kJun '12 Jun '13 Jun '14 Jun '15 Jun '16 Jun '17Monthly Change in Nonfarm PayrollsNonfarm Payrolls12-Month Moving Average8.2%7.5%6.1%5.3%4.9%4.4%4%5%6%7%8%9%Jun '12 Jun '13 Jun '14 Jun '15 Jun '16 Jun '17Unemployment Rate166.1.C. - Page 28