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6.A. - Page 17 of 46 <br />REDWOOD CITY <br />16% <br />14% <br />12% <br />For the Quarter Ended June 30, 2020 <br />Market Update <br />Labor Market Struggling; Early Signs of Recovery Present <br />Unemployment Rate Total Nonfarm Employment <br />160 <br />April 14.7% <br />Even with a partial recovery in <br />AL <br />May and June, the unemployment <br />rate remains near its highest level <br />in over 50 years. May 150 <br />13.3% <br />10.8% Great Recession <br />June w <br />9.9% 11 10/- 140 <br />10% <br />9.0% <br />8% <br />6.0% <br />6% A <br />4% <br />7.8% <br />6.2% <br />2% <br />1970 1980 1990 2000 2010 2020 <br />Source: Bloomberg, as of 6/30/2020. Data is seasonally adjusted. <br />O <br />130 <br />120 <br />152.5 <br />130.3 <br />.8 <br />110 <br />Jun -18 Dec -18 Jun -19 Dec -19 Jun -20 <br />PFM Asset Management LLC 23 <br />