ETF Rolling Reserve Act Summary

Labor Market (January 2024): Total nonfarm payroll employment increased by 353,000 • Unemployment Rate unchanged for the third month in a row at 3.7% • Number of unemployed people changed slightly at roughly 6.1 million ⚫ Both figures higher than a year earlier when the jobless rate was 3.5% and the number of unemployed was 5.7 million Labor market participation rate unchanged at 62.5% Employment to Population ratio changed slightly at 60.2% Average hourly earnings for all private nonfarm employees increased by $0.19, or 0.6%, to $34.55 Over the last 12 months, average hourly earnings have increased by 4.5% Real GDP (4th Quarter of 2023): Increased at an annual rate of 3.3%, following an increase of 4.9% annual rate in the third quarter The deceleration compared to 3rd quarter reflects slowdowns in private inventory, investment, federal government spending, residential fixed investment, and consumer spending Real GDP 2023: Increased at an annual rate of 2.5%, compared with an increase of 1.9% in 2022 Primarily reflecting increases in consumer spending, nonresidential fixed investments, state and local spending, exports, and federal government spending. Condition of U.S. Economy Sources: Labor market data is from BLS, GDP data is from BEA 3

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