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For the Quarter Ended December 31, 2017 <br />REDWOOD CITY Market Update <br />rn <br />Labor Market Activity During the Quarter <br />• The U.S. labor market added 611,000 jobs for the quarter ending December 31, 2017, and an average of 171,000 jobs per month ow2c, <br />the past year. N, <br />• Headline unemployment rate for the fourth quarter remained at 4.1 % for the third consecutive month. The U6 unemployment rate <br />decreased from 8.3% in September to 8.1 % in December, while the labor force participation rate fell from 63.0% in September to 62.7% <br />in December. <br />• Average hourly earnings—an important gauge of wage growth—grew 2.5% over the past 12 months. <br />Monthly Change in Nonfarm Payrolls <br />Nonfarm Payrolls 12 -Month Moving Average <br />400k <br />300k <br />411119 <br />100k <br />Unemployment Rate <br />I% <br />I I <br />0 k 3% <br />Dec'12 Dec'13 Dec'14 Dec'15 Dec'16 Dec'17 Dec'12 Dec'13 Dec'14 Dec'15 Dec'16 Dec'17 <br />Source: Bloomberg, as of December 2017. <br />PFM Asset Management LLC <br />16 <br />