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Source: FOMC Chair Jerome Powell Press Conference, December 10, 2025. Bureau of Labor Statistics and Bloomberg Finance L.P. as of December 2025. <br />-300 <br />-200 <br />-100 <br />0 <br />100 <br />200 <br />300 <br />400 <br />Dec-24 Jun-25 Dec-25 <br />Th <br />o <br />u <br />s <br />a <br />n <br />d <br />s <br />Monthly Change In Nonfarm Payrolls <br />Private Ex Health Care & Edu Health Care & Edu Govt <br />-22K Avg <br />-173K <br />56K <br />Deferred <br />government <br />resignations <br />Private education and health <br />services remain the primary <br />driver of payroll gains <br />50K <br />4.4% <br />3% <br />4% <br />5% <br />Dec-22 Dec-23 Dec-24 Dec-25 <br />Unemployment Rate <br />Fed Chair Powell: “[S]upply of workers has also gone way down, so the unemployment rate hasn’t moved that much. It is a <br />labor market that seems to have significant downside risks…” <br />Labor Market Continues to Cool <br />City of San Leandro <br />For the Quarter Ended December 31, 2025 <br />Market Update <br />PFM Asset Management | pfmam.com 5 <br />Exhibit A <br />Resolution No. 2026-060