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The Consumer Moderates But Remains Well <br />Positioned Given Strong Wage Growth <br />Source: Bloomberg, U.S. Census Bureau, Bureau of Economic Analysis as of May 2024 (left). Bloomberg, U.S. Census Bureau as of May 2024 (right). <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 />-10% <br />-5% <br />0% <br />5% <br />10% <br />15% <br />20% <br />25% <br />30% <br />35% <br />2019 2020 2021 2022 2023 <br />Percentage Change in Earnings and <br />Inflation <br />Since Dec-2019 <br />CPI Wages and Salaries <br />$400 <br />$450 <br />$500 <br />$550 <br />$600 <br />$650 <br />$700 <br />$750 <br />2020 2021 2022 2023 2024BillionsRetail Sales (Monthly) <br />6.B. - Page 23 of 65 <br />37