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6.B. - Page 18 of 46 <br />REDWOOD CITY <br />U.S. Economy Posts Massive Job Losses in March <br />For the Quarter Ended March 31, 2020 <br />Market Update <br />Initial Jobless Claims <br />Monthly Change in Non -Farm Payrolls <br />7,000 <br />800 <br />3/27/2020 <br />6,648 <br />600 <br />6,000 <br />400 <br />5,000 <br />io million new jobless <br />200 <br />claims imply an <br />4,000 <br />unemployment rate near <br />0 <br />Nlo% <br />at the end of March <br />y <br />0 <br />3/20/2020 <br />0 <br />3,000 <br />3,307 <br />-200 <br />Labor market sheds more jobs <br />-400 <br />in March than in any month <br />2,000 <br />since the 2007-2009 recession <br />-600 <br />Previous <br />Peak during the <br />1,000 <br />all-time high <br />Great Recession <br />-701 <br />-800 <br />0 <br />-1000 <br />1970 <br />1980 1990 2000 2010 2020 <br />2007 <br />2009 2011 2013 2015 2017 2019 <br />Source: Bloomberg, as of 4/3/2020. Data is seasonally adjusted. <br />PFM Asset Management LLC <br />76 <br />