Deputy Seminar, Denver, CO

Leading Economic Indicators (source: Conference Board, % change in last 6 months)

0% 3% 6% 9%

-9% -6% -3%

-15% -12%

Jul-04

Jul-05

Jul-06

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

Jul-13

Jul-14

Jul-15

Jul-16

Jul-17

Jan-05

Jan-06

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

Jan-13

Jan-14

Jan-15

Jan-16

Jan-17

Jan-18

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018

Change in Payroll Employment (Source: Bureau of Labor Statistics)

200 400 600

-1000 -800 -600 -400 -200 0

Jul-02

Jul-07

Jul-12

Jul-17

Jan-00

Jan-05

Jan-10

Jan-15

Mar-04

Mar-09

Mar-14

Nov-00

Sep-01

Nov-05

Sep-06

Nov-10

Sep-11

Nov-15

Sep-16

May-03

May-08

May-13

CSBS - 2018 DEPUTY SEMINAR Denver, CO– July 16, 2018