Another strong jobs report finished off a remarkably solid year for labor in 2023. Among the highlights:
- Job growth continued. The Bureau of Labor Statistics data shows the U.S. economy once again beat expectations for jobs gains at 216,000 for December, the latest in a 36-month trend of growth. For 2023, job growth came in at 2.7 million, with an average monthly gain of 225,000. By comparison, 4.8 million jobs were added in 2022, with an average monthly gain of 399,000.
kF=mk=:mkDEC@?8m&?6>A=@J>6?E C6>2:?65 =@H]k^DEC@?8m %96 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^;@3D\C6A@CE\F?6>A=@J>6?E\C2E6nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmF?6>A=@J>6?E C2E6k^2m DE2J65 DE625J 2E b]fT[ 2?5 C2E6D 2C6 @? 2 DEC62< @7 ab >@?E9D 36=@H cT — 2 DEC6E49 F?D66? D:?46 E96 =2E6 `he_D[ qFC62F @7 {23@C $E2E:DE:4D 52E2 D9@HD] k^=:mk^F=m
kF=mk=:mkDEC@?8m(286 8C@HE9 C6>2:?D 6=6G2E65]k^DEC@?8m (286 8C@HE9 42>6 😕 2E c]`T @G6C E96 AC:@C `a >@?E9D — E92E’D 8@@5 ?6HD 7@C H@C<6CD[ 3FE 9:896C E92? E96 u656C2= #6D6CG6 >:89E =:<6 2D :E 56E6C>:?6D H96? :E 368:?D 4FEE:?8 C2E6D 😕 a_ac] k^=:mk^F=m
kAmp E:89E =23@C >2C<6E[ 72==:?8 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^H92E\:D\4A:nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm:?7=2E:@?k^2m 2?5 A6CD:DE:?8 64@?@>:4 8C@HE9 2== 7@C> 2 DEC@?8 64@?@>:4 A:4EFC6 9625:?8 :?E@ a_ac] qFE 9:89 :?E6C6DE C2E6D C6>2:?[ 2D 5@ 6=6G2E65 AC:46D] }6C5(2==6E DA@<6 H:E9 y2C65 q6C?DE6:?[ 492:C @7 E96 (9:E6 w@FD6 r@F?4:= @7 t4@?@>:4 p5G:D6CD E@ 86E 9:D E2<6 @? uC:52JVD ;@3D C6A@CE[ 4@?DF>6C D6?E:>6?E 2?5 E96 64@?@>:4 =@@< 29625]k^Am
kAmk6>m%96 7@==@H:?8 :?E6CG:6H 92D 366? 65:E65 7@C =6?8E9 2?5 4=2C:EJ]k^6>mk^Am
kAmkDEC@?8m}6C5(2==6Eik^DEC@?8m x? a_ab[ :?7=2E:@? 76==[ E96 =23@C >2C<6E DE625:=J 4@@=65[ H6 D2H 9:896C\E92?\6IA64E65 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^85A\C6A@CEnFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmvs! 8C@HE9k^2m 2?5 2G@:565 2 C646DD:@?] |2?J 64@?@>:DED D66> DFCAC:D65 E92E E96 u65 H2D 23=6 E@ 62D6 :?7=2E:@? H:E9@FE E2?<:?8 E96 ;@3 >2C<6E @C E:AA:?8 FD :?E@ 2 C646DD:@?] pC6 J@F DFCAC:D65 2E H96C6 H6 DE2?5 C:89E ?@Hnk^Am
kAmkDEC@?8my2C65 q6C?DE6:?ik^DEC@?8m x H@F=5?VE D2J xV> A2CE:4F=2C=J DFCAC:D65] p?5 😕 724E[ H6VG6 =@?8 2C8F65 AF3=:4=J E92E E96 8@2= H2D E@ >2:?E2:? E96 E:89E =23@C >2C<6E H9:=6 62D:?8 :?7=2E:@?2CJ AC6DDFC6D] x E9:?< !C6D:56?E q:56? G:6HD E92E 2D 2 <6J H2J E@ 3@E9 6>A@H6C H@C<6CD H:E9 E96 >2:?E6?2?46 @7 E96 E:89E ;@3 >2C<6E H9:=6 8:G:?8 72>:=:6D D@>6 3C62E9:?8 C@@> H:E9 62D:?8 :?7=2E:@? 2?5 6G6? D@>6 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^H92E\AC:46D\2C6\24EF2==J\567=2E:?8nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm=@H6C AC:46Dk^2m] $F3DE2?E:G6=J[ 2? :>A@CE2?E A:646 @7 E9:D 😀 C64@8?:K:?8 E92E DFAA=J 492:? ?@C>2=:K2E:@? 2?5 E96 :>AC@G6>6?E @7 E96 64@?@>JVD DFAA=J D:56 — H96E96C :EVD =@8:DE:42= DFAA=J 492:?D @C E96 :?4C62D6 😕 =23@C DFAA=J — 92G6 2=D@ 96=A65 😕 E92E C682C5] p?5 E92EVD 2 8@@5 H2J E@ C65F46 :?7=2E:@?2CJ AC6DDFC6D H:E9@FE 5:?8:?8 E96 56>2?5 D:56 @7 E96 6BF2E:@?]k^Am
kAmkDEC@?8m}6C5(2==6Eik^DEC@?8m {2DE J62C[ ;@3 82:?D H6C6 >2:?=J 😕 E9C66 2C62Di 962=E9 42C6[ 8@G6C?>6?E[ 2D H6== 2D =6:DFC6 2?5 9@DA:E2=:EJ] w@H >F49 @7 E96 a_ab ;@3 8C@HE9 42? H6 2EEC:3FE6 E@ 2 C63@F?5 7C@> E96 A2?56>:4[ 2?5 9@H >F49 42? H6 2EEC:3FE6 E@ F?56C=J:?8 64@?@>:4 8C@HE9nk^Am
kAmkDEC@?8my2C65 q6C?DE6:?ik^DEC@?8m x E9:?< 3J E96 E:>6 J@FVC6 😕 a_ab 2 49F?< @7 E96 C63@F?5:?8 😀 369:?5 J@F] r6CE2:?=J E96 3:886DE ?F>36CD] ~?6 H2J E@ E9:?< 23@FE E9:D 😀 E92E 😕 Va` E96 2G6C286 >@?E9=J ;@3 82:? H2D e__[___ 2 >@?E9 — D@ E92EVD 9F86 2?5 :E 92D D@>6 C63@F?5:?8 4=62C=J 6>365565 😕 :E] p?5 😕 Vaa E96 2?2=@8@FD ?F>36C E92EVD E96 2G6C286 >@?E9=J ;@3 8C@HE9 H2D 23@FE c__[___] p?5 😕 Vab :E H2D 2C@F?5 a__[___ 2?5 aad[___] $@ E96C6VD <:?5 @7 2 DE6A=2556C E96C6 E92E 86ED J@F >@C6 :?E@ 2 DE625J[ DE23=6 8C@HE9 A2E9]k^Am
kAmx E9:?< 3J E96 E:>6 H6 8@E :?E@ Vab[ H6 C62==J 6I64FE65 @? E96 AC6D:56?EVD A=2? E@ >2:?E2:? 2 E:89E ;@3 >2C<6E 2?5 E@ 86E H286D C:D:?8] %92E 😀 DF49 2 <6J — C62= H286D 362E:?8 AC:46D] {@@<[ 😕 2? 64@?@>J E92EVD f_T 4@?DF>6C DA6?5:?8 =:<6 E9:D @?6[ :7 p>6C:42? 4@?DF>6CD 2C6 2E E96 E2:= 6?5 @7 2 DEC@?8 ;@3 >2C<6E 2?5 62D:?8 AC:46D[ C:D:?8 C62= A2J[ E92EVD 2 AC6EEJ 8@@5 7@CH2C5\>@E:@? >249:?6] x E9:?< E92EVD 2 =@E @7 H92E H6 D2H 😕 Vab]k^Am
kAmkDEC@?8m}6C5(2==6Eik^DEC@?8m $@ 😀 E96C6 D@>6 64@?@>:4 GF=?6C23:=:EJ 😕 92G:?8 8C@HE9 4@?46?EC2E65 😕 D@ 76H D64E@CDn $@>6 @7 E96 >@C6 :?E6C6DE\C2E6\56A6?56?E :?5FDEC:6D[ 7@C 6I2>A=6[ 92G6 D9@H? =:EE=6 E@ ?@ 8C@HE9] p?5 @E96C 2C62D =:<6 EC2?DA@CE2E:@? 2?5 H2C69@FD:?8 E92E 3@@>65 5FC:?8 E96 A2?56>:4 2C6 ?@H D66:?8 D@>6 564=:?6]k^Am
kAmkDEC@?8my2C65 q6C?DE6:?ik^DEC@?8m (6==[ x 86E A2:5 E@ H@CCJ 23@FE 6G6CJE9:?8[ D@ xV== ?6G6C D2J[ ‘~9[ ?@E9:?8 E@ D66 E96C6[’ 3FE x E9:?< E92E 42FE:@? 92D 366? D@>6H92E @G6CA=2J65] {@ED @7 :?5FDEC:6D 4C62E65 ;@3D] x E9:?< f_T @7 E96 :?5FDEC:6D 4@?EC:3FE65 😕 Vab[ D@>6 >@C6 E92? @E96CD[ 2D J@F D2J] x7 J@F E9:?< :?E6C6DE C2E6D 2C6 >@C6 =:<6=J E@ 36 5@H? E92? FA ?6IE J62C[ E96? E92E D9@F=5 36 96=A7F= E@ D@>6 @7 E96 :?E6C6DE C2E6\D6?D:E:G6 D64E@CD E92E J@F >6?E:@?65[ FAH2C5=J DA62<:?8]k^Am
kAmx7 x =@@< 2E E96 D64E@CD E92E 5:5 4C62E6 E96 >@DE ;@3D[ D@>6 @7 E96> 2C6 G6CJ =2C86 2?5 D:8?:7:42?E D64E@CD — AC:G2E6 D6CG:46D[ 7@C 6I2>A=6] (6 D2H D@>6 8C62E >2?F724EFC:?8 ?F>36CD E9:D J62C[ >@C6 😕 E96 7:CDE 92=7 E92? 😕 E96 D64@?5 92=7 @7 E96 J62C]k^Am
kAm(6 2=D@ <?@H E92E H6 925 8@@5 4@?DECF4E:@? ?F>36CD[ 2?5 ?@E D@ >F49 😕 C6D:56?E:2= 3F:=5:?8D[ 3FE >@C6 😕 ?@?C6D:56?E:2=] p?5 x E9:?< D@>6 @7 E92E C62==J =:?<D FA E@ 724E@C:6D E92E 2C6 36:?8 3F:=E] %96C6VD 9F?5C65D @7 3:==:@?D @7 42A:E2= E92EVD 4@>6 😕 7C@> E96 D:56=:?6D DFAA@CE65 3J E96 x?7=2E:@? #65F4E:@? p4E 2?5 E96 r9:AD p4E] (6VC6 24E:G6=J 3F:=5:?8 >2?F724EFC:?8 724:=:E:6D 😕 E9:D 4@F?ECJ E@ DE2?5 FA E96 5@>6DE:4 :?5FDECJ @7 49:AD H:E9 6=64EC:4 G69:4=6D[ 32EE6C:6D 2?5 E92E D9@F=5 =625 E@ >@C6 >2?F724EFC:?8 ;@3D @?46 E9@D6 724E@C:6D 4@>6 @?=:?6]k^Am
k3=@4<BF@E6mkAm“ tI64FE:?8 @? E96 AC6D:56?EVD 286?52 92D =65 E@ 2 D:EF2E:@? H96C6 E9:?8D 2C6 =@@<:?8 2 =@E 36EE6C E92? A6@A=6 E9@F89E E96J H@F=5] p?5 x E9:?< 2D E:>6 8@6D @?[ H6V== D66 >@C6 A@D:E:G6 C6A@CE:?8 H96? :E 4@>6D E@ 4@?DF>6C D6?E:>6?E]”k^Amk4:E6my2C65 q6C?DE6:?[ 492:C @7 E96 r@F?4:= @7 t4@?@>:4 p5G:D6CDk^4:E6mk^3=@4<BF@E6m
kAmkDEC@?8m}6C5(2==6Eik^DEC@?8m x H2?E E@ D9:7E E@ 4@?DF>6C D6?E:>6?E 2?5 2AAC@G2= @7 !C6D:56?E q:56?VD 64@?@>:4 >2?286>6?E — 3@E9 D=F>A65 7@C >@DE @7 E96 J62C[ 3FE 2E =62DE @?6 C646?E A@== D9@HD E92E E96 E:56 >2J 36 EFC?:?8 😕 E92E C6DA64E] w@H 5@ J@F F?56CDE2?5 E96 5:DA2C:EJ 36EH66? E96 64@?@>JVD >2?J @3;64E:G6 DEC6?8E9D 2?5 4@?DF>6C 5:D4@?E6?Enk^Am
kAmkDEC@?8my2C65 q6C?DE6:?ik^DEC@?8m (6==[ x E9:?< :E E2<6D D@>6 E:>6 7@C E96 5J?2>:4D E92E J@F 2?5 x 92G6 366? E2=<:?8 23@FE E@ C6249 :?E@ A6@A=6VD =:G6D[ 2?5 E96C6VD 2 4@?D4:@FD?6DD 566A 6?@F89 E92E :E D9@HD FA 😕 D@>6 @7 E96D6 :?5:46D @7 4@?7:56?46 2?5 D6?E:>6?E] p?5 E92EVD H9J E96 s646>36C ?F>36CD[ 2D J@F DF886DE[ 2C6 2 A@D:E:G6 8=:>>6C E96C6] xEVD @?6 >@?E9[ D@ :EVD ?@E 2 ?6H EC6?5[ 3FE E96 4@?DF>6C 4@?7:56?46 DFCG6J H2D FA `_Tj E96 &?:G6CD:EJ @7 |:49:82? D6?E:>6?E DFCG6J H2D FA 2 H9@AA:?8 `cTj E96C6 H2D D@>6 @E96C A@==:?8 E92E 3682? E@ D9@H E9:D >@CA9:?8 😕 E96 H2J J@F DF886DE65]k^Am
kAmx E9:?< @?6 @7 E96 E9:?8D E92EVD 8@:?8 @? E96C6[ 282:?[ 92D E@ 5@ H:E9 E9:D :?E6CD64E:@? @7 E96 G6CJ DEC@?8 ;@3 >2C<6E H9:=6 :?7=2E:@? 😀 62D:?8] $@ H6 D66 C62= H286 82:?Dj H286D 2C6 362E:?8 AC:46D ?@H 7@C `_ >@?E9D 😕 2 C@H 7@C >:55=6\H286 H@C<6CD] p =@E @7 64@?@>:DED 2?5 x E9:?< :E H2D h_T @7 rt~D 2 J62C 28@ D2:5 H6 H@F=5 36 😕 2 C646DD:@?] $@ 6I64FE:?8 @? E96 AC6D:56?EVD 286?52 92D =65 E@ 2 D:EF2E:@? H96C6 E9:?8D 2C6 =@@<:?8 2 =@E 36EE6C E92? A6@A=6 E9@F89E E96J H@F=5] p?5 x E9:?< 2D E:>6 8@6D @?[ H6V== D66 >@C6 A@D:E:G6 C6A@CE:?8 H96? :E 4@>6D E@ 4@?DF>6C D6?E:>6?E]k^Am
kAmkDEC@?8m}6C5(2==6Eik^DEC@?8m x?E6C6DE C2E6D 2C6 D@>6E9:?8 E92EVD @3G:@FD=J @? E96 >:?5 @7 E96 >2C<6E 2?5 4@?DF>6CD] r2? J@F 4@>>6?E @? E96 67764E E@52JVD ;@3D C6A@CE >:89E 92G6 @? E96 E:>:?8 @7 u65’D C2E6 4FEDnk^Am
kAmkDEC@?8my2C65 q6C?DE6:?ik^DEC@?8m *629[ ?@ x 42?’E] (6 92G6 >F49 C6DA64E 7@C E96 :?56A6?56?46 @7 E96 u656C2= #6D6CG6] $@ xV> 46CE2:?=J ?@E 8@:?8 E@ E2=< 23@FE E92E] qFE x 42? E2=< E@ J@F 2 =:EE=6 3:E 23@FE :?7=2E:@? 3642FD6[ @7 4@FCD6[ :EVD C6=6G2?E]k^Am
kAmpE E96 6?5 @7 E96 52J[ :?7=2E:@? 😀 8@:?8 E@ 5C:G6 2 =@E @7 E96 C6DF=E @7 E92E <:?5 @7 BF6DE:@?] $@ H6 <?@H E92E :?7=2E:@? 😀 5@H? EH@\E9:C5D 7C@> :ED A62<] (6 <?@H E92E E96 D:I\>@?E9 2??F2=:K65 C2E6 @7 @?6 @7 E96 :?7=2E:@? 82F86D E96 u65 H2E496D >@DE 42C67F==J[ E96 4@C6 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^H92E\:D\E96\A46nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm!rtk^2m[ 😀 8C@H:?8 2E ;FDE 36=@H aT] $@ E92EVD 2 8@@5 D:8? 7@C E96>]k^Am
kAm(6 2=D@ <?@H E92E 24EF2= AC:46D AC@323=J 86E >@C6 :?E@ D6?E:>6?E E92? E96 u65] p?5 H6 <?@H E92E 24EF2= AC:46D — ?@E =@H6C :?7=2E:@?[ 24EF2==J =@H6C AC:46D — 2C6 😕 A=246 H96E96C H6VC6 E2=<:?8 23@FE k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^2C6\82D\AC:46D\8@:?8\5@H?nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm82Dk^2m @C k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^AC:46\@7\7@@5nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQm3C625[ >:=<[ 688Dk^2m[ E@JD[ %’D[ 2:C72C6D[ FD65 42CD[ 2 =@E @7 E9:?8D E92E C62==J DA:<65 😕 AC:46 92G6 4@>6 5@H? 😕 AC:46] $@ H6VG6 925 D@>6 567=2E:@? E96C6] %92E 96=AD H:E9 3C62E9:?8 C@@> 2?5[ @7 4@FCD6[ E92E 96=AD @? E96 :?7=2E:@? D:56 2D H6==]k^Am
kAmkDEC@?8m}6C5(2==6Eik^DEC@?8m r2? J@F E2=< 2 =:EE=6 3:E 23@FE E96 A@AF=2E:@?D E92E 7F6=65 =23@C 7@C46 8C@HE9 😕 E96 =2DE J62C[ DA64:7:42==J H@>6?nk^Am
kAmkDEC@?8my2C65 q6C?DE6:?ik^DEC@?8m (96? !C6D:56?E q:56? E2=<D 23@FE 6>A@H6C:?8 H@C<6CD — 2?5 E92EVD 2 <6J A:==2C @7 k2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^3:56?@>:4D\6IA=2:?65nFE>042>A2:8?l4E0AC@5U2>AjFE>04@?E6?El`cghehfU2>AjFE>0>65:F>lCDDU2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0E6C>l3=@I5:8:E2=Q E2C86ElQ0D6=7Q C6=lQ?@7@==@H ?@@A6?6CQmq:56?@>:4Dk^2m — @?6 @7 E96 E9:?8D 96VD C62==J E9:?<:?8 23@FE 😀 E96 36?67:E @7 CF??:?8 2 E:89E =23@C >2C<6E[ 2?5 E96 H2J E96J 42D4256 E@ 8C@FAD E92E 92G6 9:DE@C:42==J 366? F?56CD6CG65 @C 6G6? =67E 369:?5]k^Am
kAm$@ 96C6VD 2 ?F>36C J@F 92G6?VE AC@323=J 962C5 E@@ >F49 E@52J[ 3FE :E 4@>6D @FE @7 E96 C6A@CEi x7 J@F =@@< 2E E96 2G6C286 q=24< F?6>A=@J>6?E C2E6 7@C a_ab[ :E’D d]dT — E92EVD E96 =@H6DE q=24< F?6>A=@J>6?E C2E6 @? C64@C5 7@C 2? 2??F2= 2G6C286 8@:?8 324< E@ `hfa[ H96? E96 qFC62F @7 {23@C $E2E:DE:4D DE2CE65 4@==64E:?8 E92E 52E2] x7 J@F =@@< 2E E96 6>A=@J>6?E C6DF=ED 7@C 5:D23=65 H@C<6CD[ E96JVC6 D9@@E:?8 FA G6CJ ?:46=J] p?5[ @7 4@FCD6[ H@>6?[ 😕 H92E H6 42== AC:>6 286i ad E@ dc] x7 J@F =@@< 2E 7@=<D 😕 E96:C AC:>6 H@C<:?8 J62CD[ H@>6?VD =23@C 7@C46 A2CE:4:A2E:@? 3C@<6 C64@C5D 😕 a_ab]k^Am
kAm%9:D 😀 ;FDE H92E 92AA6?D H96? J@F 92G6 2 A6CD:DE6?E=J E:89E =23@C >2C<6E H:E9 E96 F?6>A=@J>6?E C2E6 36=@H cT 7@C ab >@?E9D 😕 2 C@H[ `c]b >:==:@? ;@3D[ be >@?E9D 😕 2 C@H @7 ;@3 4C62E:@?] xEVD 2 8C62E =23@C >2C<6E] p?5 :EVD C6249:?8 7@=<D H9@ E@@ @7E6? 2C6 =67E 369:?5 F?56C H62<6C 4@?5:E:@?D]k^Am
k5:G 4=2DDlQ?H\>@C6\7C@>\?6C5H2==6EQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ|@C6 uC@> }6C5(2==6EQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0>@C607C@>0?6C5H2==6EQmkAmkDEC@?8m|@C6 uC@> }6C5(2==6Ek^DEC@?8mk^AmkF=mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^;@3D\C6A@CE\F?6>A=@J>6?E\C2E6nFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?El`cghehfQ E:E=6lQrFCC6?E &?6>A=@J>6?E #2E6 2?5 ~E96C y@3D #6A@CE u:?5:?8DQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`QmrFCC6?E &?6>A=@J>6?E #2E6 2?5 ~E96C y@3D #6A@CE u:?5:?8Dk^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^8@G6C?>6?E\D9FE5@H?\=@@>D\J6E\282:?\H92E\J@F\?665\E@\<?@HnFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?El`cghehfQ E:E=6lQ!@DD:3=6 v@G6C?>6?E $9FE5@H? !FD965 E@ a_aci (92E *@F }665 E@ z?@HQ E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qm!@DD:3=6 v@G6C?>6?E $9FE5@H? !FD965 E@ a_aci (92E *@F }665 E@ z?@Hk^2mk^=:mk=:mk2 9C67lQ9EEADi^^HHH]?6C5H2==6E]4@>^2CE:4=6^7:?2?46^3:56?@>:4D\6IA=2:?65nFE>042>A2:8?l4E0AC@5U2>AjFE>0D@FC46lDJ?5:42E:@?U2>AjFE>0>65:F>lCDDU2>AjFE>0E6C>l3=@I5:8:E2=U2>AjFE>04@?E6?El`cghehfQ E:E=6lQq:56?@>:4D tIA=2:?65Q E2C86ElQ0D6=7Q 4=2DDlQ?H\=:?<Q C6=lQ?@7@==@H ?@@A6?6CQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQ{:?<Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H0=:?<Q 52E2\?H\EC24<\4=:4<lQ`Q 52E2\?H\EC24<\:>AC6DD:@?lQ`Qmq:56?@>:4D tIA=2:?65k^2mk^=:mk^F=mk^5:Gm
k5:G 4=2DDlQ?H\2FE9@C\3@I\HAQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@I \ (!Q 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@I0HAQmk5:G 4=2DDlQ?H\2FE9@C\3@I\HA\\:??6CQmk2D:56 :E6>AC@AlQ2FE9@CQ :E6>EJA6lQ9EEAi^^D496>2]@C8^!6CD@?Q 4=2DDlQ?H\2FE9@C\3@IQ 52E2\?H\4@>A@?6?E\EJA6\?2>6lQpFE9@C q@IQ 52E2\?H\4@>A@?6?E\EJA6\D=F8lQ?H02FE9@C03@IQmkAmp??2 w6=9@D<: HC:E6D 7@C }6C5(2==6E] t>2:=i k2 9C67lQ>2:=E@i2??2o?6C5H2==6E]4@>Qm2??2o?6C5H2==6E]4@>k^2m] %H:EE6Ci op??2w6=9@D<:]k^Amk^2D:56mk^5:Gmk^5:Gm
kA 4=2DDlQ?H\@C:8:?2==J\A@DE65\=:?<Qm%96 2CE:4=6 (9:E6 w@FD6 %@FED &]$] t4@?@>J’D $EC6?8E9 2D t=64E:@? *62C q68:?D @C:8:?2==J 2AA62C65 @? }6C5(2==6E]k^Am