Opportunities on the Horizon: Investing Through a Slowing Economy

Overview | WEALTH OUTLOOK 2023 | MID-YEAR EDITION | 16 FIGURE 10 : Falling Productivity as Employers Hoard Labor -15 -10 -5 0 5 10 15% '07 '09 '11 '13 '15 '17 '19 '21 '23 Y/Y% Change Recession Total Hours Worked Real Output Per Hour Labor Output Labor input Source: Haver Analytics as of May 22, 2023. FIGURE 11 : Contrasting Cycles – Unemployment Rates in the US and China 4.5 5 5.5 6 6.5 7 3 5 7 9 11 13 15 '17 '18 '19 '20 '21 '22 '23 China Unemployment Rate (%) US Unemployment Rate (%) US Unemployment Rate China Unemployment Rate Recession Source: Haver Analytics as of May 22, 2023.