Fall Regulatory Summit

Internal Use Only

Employment Below Peak

0% 2% 4%

-8% -6% -4% -2%

-16% -14% -12% -10%

Jul-23

Jul-22

Jul-21

Jul-20

Jan-23

Jan-22

Jan-21

Jan-20

Sep-22

Sep-21

Sep-20

Mar-23

Mar-22

Mar-21

Mar-20

Nov-22

Nov-21

Nov-20

Nov-19

May-23

May-22

May-21

May-20

(Source: Bureau of Labor Statistics)

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only Payrolls Growth (annualized 3-month growth rate)

7%

6%

5%

4%

3%

2%

1%

0%

Jul-23

Jul-22

Jul-21

Jan-23

Jan-22

Jun-23

Jun-22

Sep-22

Oct-22

Sep-21

Oct-21

Feb-23

Feb-22

Apr-23

Apr-22

Dec-22

Dec-21

Aug-23

Aug-22

Mar-23

Aug-21

Mar-22

Nov-22

Nov-21

May-23

May-22

(Source: Bureau of Labor Statistics)

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023