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Source: Bloomberg Finance L.P., as of September 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 />CITY OF REDWOOD CITY <br />For the Quarter Ended September 30, 2024 <br />Market Update <br />Sept-2024 <br />6.7% <br />4% <br />6% <br />8% <br />10% <br />12% <br />14% <br />16% <br />18% <br />Sep-94 Sep-97 Sep-00 Sep-03 Sep-06 Sep-09 Sep-12 Sep-15 Sep-18 Sep-21 Sep-24 <br />Misery Index <br />CPI Inflation + Unemployment Rate <br />Nov-2010 <br />9.8% Unemployment <br />Oct-2019 <br />Historically Low <br />Unemployment and <br />Inflation <br />Apr-2020 <br />14.8% Unemployment <br />Jun-2022 <br />9.1% Inflation <br />The “Misery Index” is a measure of economic distress and is calculated as the sum of CPI and the <br />Unemployment Rate. The Fed’s long-run estimate of full employment at 4 - 5% and an inflation target of 2% would <br />produce a Misery Index reading of 6 - 7%. <br />2000-2003 <br />Driver: Unemployment creeps <br />higher and peaks at 6.3% in June <br />2003 <br />Inflation and Labor Market Conditions Leave the Consumer Well -Positioned <br />6.A. - Page 22 of 65 <br />31