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Economic Incentive to Switch Jobs is Declining <br />Source: Bloomberg, Federal Reserve Bank of Atlanta as of March 2024. <br />© PFM Asset Management LLC | pfmam.com <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 />5.6% <br />4.9% <br />7.7% <br />5.6% <br />2% <br />3% <br />4% <br />5% <br />6% <br />7% <br />8% <br />2015 2017 2019 2021 2023 <br />Wage Growth <br />12-month moving average <br />Job Stayer Job Switcher <br />Rebalancing of labor market <br />has reduced employers’ <br />need to pay workers more to <br />switch jobs <br />6.B. - Page 22 of 65 <br />36