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6.13. - Page 16 of 39 <br />REDWOOD CITY <br />65 <br />Recession fears 60 <br />growing as <br />manufacturing 55 <br />slows and job <br />growth 50 <br />moderates... <br />45 <br />For the Quarter Ended September 30, 2019 <br />Market Update <br />Market Indicators Mixed, but Recession Does Not Appear Imminent <br />ISM Manufacturing Activity Index <br />recent trade conflicts taking <br />toll on manufacturing sector <br />40 <br />Sep -16 Sep -17 Sep -18 Sep -19 <br />Conference Board Consumer Confidence <br />140 <br />...but consumers 120 <br />remain confident <br />and financial 100 <br />markets seem <br />optimistic 80 <br />We <br />Average Monthly Job Growth <br />300k <br />251 k <br />250k 227k 223k <br />200k 181k 192k 193k 179k <br />161k <br />150k <br />100k <br />50k <br />Ok <br />2012 2013 2014 2015 2016 2017 2018 2019 <br />S&P 500 Price Change <br />3,100 <br />2,900 <br />2,700 <br />2,500 <br />40 ` 2,300 <br />Sep -09 Sep -11 Sep -13 Sep -15 Sep -17 Sep -19 Sep -18 Nov -18 Jan -19 Mar -19 May -19 Jul -19 Sep -19 <br />Source: Bloomberg, data available as of 9/30/2019. <br />PFM Asset Management LLC 62 <br />