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Source: Bloomberg, Bureau of Labor Statistics. Monthly change in nonfarm payrolls and unemployment rate as of June 2024. Data is seasonally adjusted (left). Worker demand gap as of May 2024. Pre- <br />pandemic average from February 2016 – February 2020 (right). <br />For the Quarter Ended March 31, 2022 <br />California Affiliated Risk Management Authorities Market Update <br />For the Quarter Ended June 30, 2024 <br />Market Update <br />© PFM Asset Management LLC | pfmam.com <br />Labor Market Moves Into Better Balance <br />2401842102461651822902562363101082182060 <br />50 <br />100 <br />150 <br />200 <br />250 <br />300 <br />350 <br />400 <br />Jun-23Jul-23Aug-23Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24ThousandsMonthly Change In <br />Nonfarm Payrolls <br />Revised <br />lower by <br />combined <br />111K <br />Jun-24 <br />4.1% <br />3% <br />4% <br />5% <br />6% <br />7% <br />2021 2022 2023 2024 <br />Unemployment Rate <br />1.22 <br />0 <br />0.5 <br />1 <br />1.5 <br />2 <br />2.5 <br />May-18 May-20 May-22 May-24 <br />Worker-Demand Gap <br />May 2018 - May 2024 <br />Pre-Pandemic Average <br />Number of Jobs <br />Available Per <br />Unemployed Person <br />6.B. - Page 21 of 65 <br />35