Investor Presentaiton

How is Employment Reported? Beginning-of-Quarter Job Previous Quarter Reference Quarter (1-1) Next Quarter (t) (t+1) Beginning-of-Quarter Employed NOT End-of- Quarter Employed Example: • 2017q4 begins on October 1, 2017 To be counted in "Beginning of Quarter Employment for 2017q4", workers need positive earnings in both 2017q3 and 2017q4 United States Census Bureau 5

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