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Source: Federal Reserve Chair Jerome Powell Press Conference as of September 18, 2024; National Federation of Independent Bus inesses, Bureau of Labor Statistics, and Bloomberg Finance L.P., as of <br />August 31, 2024. <br />For the Quarter Ended March 31, 2022 <br />California Affiliated Risk Management Authorities Market Update <br />CITY OF REDWOOD CITY <br />For the Quarter Ended September 30, 2024 <br />Market Update <br />© PFM Asset Management LLC | pfmam.com <br />Fed Chair Powell: “…we’re not seeing rising claims. We’re not seeing rising layoffs … there is thinking that the time to <br />support the labor market is when it’s strong and not when you begin to see the layoffs” <br />0 <br />0.1 <br />0.2 <br />0.3 <br />0.4 <br />0.5 <br />0.6 <br />0.7 <br />0.8 <br />0.9 <br />1 <br />-10% <br />-5% <br />0% <br />5% <br />10% <br />15% <br />20% <br />25% <br />30% <br />35% <br />2001 2004 2007 2010 2013 2016 2019 2022% of FirmsSurvey of Business’s Plans to Hire <br />Net Percent (“Increase” minus “Decrease”) <br />Recession Net Plans to Hire Long Run Average <br />0 <br />0.1 <br />0.2 <br />0.3 <br />0.4 <br />0.5 <br />0.6 <br />0.7 <br />0.8 <br />0.9 <br />1 <br />0.5% <br />1.0% <br />1.5% <br />2.0% <br />2.5% <br />3.0% <br />3.5% <br />4.0% <br />2001 2004 2007 2010 2013 2016 2019 2022% Monthly LayoffsLayoffs – 6-Month Moving Average <br />Recession Layoffs and Discharges Long Run Average <br />Hiring Plans Return to Long Run Averages While Layoffs Remain Near Historic Lows <br />6.A. - Page 20 of 65 <br />29