Media Market Updates_Sulman

US UNEMPLOYMENT RATE IS STILL NEAR A 50 YEAR LOW – SOFT LANDING STILL MORE LIKELY THAN A RECESSION Despite Federal Reserve tightening, the US unemployment rate is still extremely low @ 3.8% • Unemployment rates are still among lowest US has experienced in 50+ years • Technology companies continue to announce 100,000+ layoffs o Most layoffs are coming at the expense of H1B foreign workers o H1B foreign worker layoffs do not appear in unemployment statistics o US has 80m baby boomers which have started to become eligible for retirement since 2012 o 4.3m are becoming eligible per year (6.01m workers are unemployed as a basis of comparison — 3.8%) o As more baby boomers retire, the unemployment rates would otherwise drop (if not for weakening economy) o The Federal Reserve is worried about wage inflation — this could become a problem in the future as companies rehire tech o There may be pent up demand for retirees to leave work force o Unemployment will likely remain low due to seniors leaving workforce (eventually)

• ETF Fund Flows in US Market

During the past week, US market is showing stronger interest in non-US Equities.