Investor Presentaiton

Labor Market Is a Strength (and a Liability) United States, # mil 20 18 -Job Openings Unemployed (U3) 16 14 12 10 8 6 4 2 0 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 Sources: BLS, Moody's Analytics Moody's Analytics March 2023

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