Fall Regulatory Summit

Internal Use Only Payroll Employment: “But For” Pandemic (source: Bureau of Labor Statistics, in thousand of jobs)

120000 125000 130000 135000 140000 145000 150000 155000 160000 165000

Actual But For

Jan-18

Jan-19

Jan-20

Jan-21

Jan-22

Jan-23

Sep-18

Sep-19

Sep-20

Sep-21

Sep-22

May-18

May-19

May-20

May-21

May-22

May-23

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023

Internal Use Only

Labor Force Participation (Source: Bureau of Labor Statistics)

68

67

66

65

64

63

62

61

60

Jul-97

Jul-02

Jul-07

Jul-12

Jul-17

Jul-22

Jan-95

Jan-00

Jan-05

Jan-10

Jan-15

Jan-20

Sep-96

Sep-01

Sep-06

Sep-11

Sep-16

Sep-21

Mar-99

Mar-04

Mar-09

Mar-14

Mar-19

Nov-95

Nov-00

Nov-05

Nov-10

Nov-15

Nov-20

May-98

May-03

May-08

May-13

May-18

May-23

FALL REGULATORY SUMMIT Denver, CO – September 25, 2023