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29
Decisions Faster Better Handicapping the Paths for the Pandemic Economy June 2020 Mark Zandi, Chief Economist Cris deRitis, Deputy Chief Economist

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Page 1: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

DecisionsFaster

Better

Handicapping the Paths for the Pandemic Economy

June 2020Mark Zandi Chief EconomistCris deRitis Deputy Chief Economist

Moodys Analytics operates independently of the credit ratings activities of Moodys Investors Service We do not comment on credit ratings or potential rating changes and no opinion or

analysis you hear during this presentation can be assumed to reflect those of the ratings agency

2

1 Why Economics MatterCataclysmic Economic Shockhellip

June 2020 4

Pandemic Upends Global EconomyBusiness cycle status as of May 2020

Sources Moodyrsquos Analytics

Expansion

In recessionAt riskRecovery

June 2020 5

02468

101214161820

07 08 09 10 11 12 13 14 15 16 17 18 19 20

USCanadaGermanyAustraliaJapan

US corrected unemployment rate

US Economy Struggles MostUnemployment rate through Apr 2020

Sources National statistical bureaus NBER Moodyrsquos Analytics

June 2020 6

y=00009x-0116Rsup2=029

0

2

4

6

8

10

12

0 1000 2000 3000 4000 5000 6000

Sources WHO Government sources Moodyrsquos Analytics

US

ChilePeru

Change in unemployment rate Apr 2020 to 2019Q4

Canada

SwitzerlandSweden

NetherlandsRussia

BrazilGermany

Denmark

Hong Kong

Poland

Japan

Taiwan

South Korea

Hungary

More Infections Worse DownturnConfirmed infections per mil inhabitants For countries with unemployment rate data available for Apr 2020

Infections per million inhabitants

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada

Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809

Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 2: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

Moodys Analytics operates independently of the credit ratings activities of Moodys Investors Service We do not comment on credit ratings or potential rating changes and no opinion or

analysis you hear during this presentation can be assumed to reflect those of the ratings agency

2

1 Why Economics MatterCataclysmic Economic Shockhellip

June 2020 4

Pandemic Upends Global EconomyBusiness cycle status as of May 2020

Sources Moodyrsquos Analytics

Expansion

In recessionAt riskRecovery

June 2020 5

02468

101214161820

07 08 09 10 11 12 13 14 15 16 17 18 19 20

USCanadaGermanyAustraliaJapan

US corrected unemployment rate

US Economy Struggles MostUnemployment rate through Apr 2020

Sources National statistical bureaus NBER Moodyrsquos Analytics

June 2020 6

y=00009x-0116Rsup2=029

0

2

4

6

8

10

12

0 1000 2000 3000 4000 5000 6000

Sources WHO Government sources Moodyrsquos Analytics

US

ChilePeru

Change in unemployment rate Apr 2020 to 2019Q4

Canada

SwitzerlandSweden

NetherlandsRussia

BrazilGermany

Denmark

Hong Kong

Poland

Japan

Taiwan

South Korea

Hungary

More Infections Worse DownturnConfirmed infections per mil inhabitants For countries with unemployment rate data available for Apr 2020

Infections per million inhabitants

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada

Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809

Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 3: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

1 Why Economics MatterCataclysmic Economic Shockhellip

June 2020 4

Pandemic Upends Global EconomyBusiness cycle status as of May 2020

Sources Moodyrsquos Analytics

Expansion

In recessionAt riskRecovery

June 2020 5

02468

101214161820

07 08 09 10 11 12 13 14 15 16 17 18 19 20

USCanadaGermanyAustraliaJapan

US corrected unemployment rate

US Economy Struggles MostUnemployment rate through Apr 2020

Sources National statistical bureaus NBER Moodyrsquos Analytics

June 2020 6

y=00009x-0116Rsup2=029

0

2

4

6

8

10

12

0 1000 2000 3000 4000 5000 6000

Sources WHO Government sources Moodyrsquos Analytics

US

ChilePeru

Change in unemployment rate Apr 2020 to 2019Q4

Canada

SwitzerlandSweden

NetherlandsRussia

BrazilGermany

Denmark

Hong Kong

Poland

Japan

Taiwan

South Korea

Hungary

More Infections Worse DownturnConfirmed infections per mil inhabitants For countries with unemployment rate data available for Apr 2020

Infections per million inhabitants

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

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Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

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Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 4: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 4

Pandemic Upends Global EconomyBusiness cycle status as of May 2020

Sources Moodyrsquos Analytics

Expansion

In recessionAt riskRecovery

June 2020 5

02468

101214161820

07 08 09 10 11 12 13 14 15 16 17 18 19 20

USCanadaGermanyAustraliaJapan

US corrected unemployment rate

US Economy Struggles MostUnemployment rate through Apr 2020

Sources National statistical bureaus NBER Moodyrsquos Analytics

June 2020 6

y=00009x-0116Rsup2=029

0

2

4

6

8

10

12

0 1000 2000 3000 4000 5000 6000

Sources WHO Government sources Moodyrsquos Analytics

US

ChilePeru

Change in unemployment rate Apr 2020 to 2019Q4

Canada

SwitzerlandSweden

NetherlandsRussia

BrazilGermany

Denmark

Hong Kong

Poland

Japan

Taiwan

South Korea

Hungary

More Infections Worse DownturnConfirmed infections per mil inhabitants For countries with unemployment rate data available for Apr 2020

Infections per million inhabitants

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

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Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

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Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
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11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 5: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 5

02468

101214161820

07 08 09 10 11 12 13 14 15 16 17 18 19 20

USCanadaGermanyAustraliaJapan

US corrected unemployment rate

US Economy Struggles MostUnemployment rate through Apr 2020

Sources National statistical bureaus NBER Moodyrsquos Analytics

June 2020 6

y=00009x-0116Rsup2=029

0

2

4

6

8

10

12

0 1000 2000 3000 4000 5000 6000

Sources WHO Government sources Moodyrsquos Analytics

US

ChilePeru

Change in unemployment rate Apr 2020 to 2019Q4

Canada

SwitzerlandSweden

NetherlandsRussia

BrazilGermany

Denmark

Hong Kong

Poland

Japan

Taiwan

South Korea

Hungary

More Infections Worse DownturnConfirmed infections per mil inhabitants For countries with unemployment rate data available for Apr 2020

Infections per million inhabitants

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

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Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

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Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 6: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 6

y=00009x-0116Rsup2=029

0

2

4

6

8

10

12

0 1000 2000 3000 4000 5000 6000

Sources WHO Government sources Moodyrsquos Analytics

US

ChilePeru

Change in unemployment rate Apr 2020 to 2019Q4

Canada

SwitzerlandSweden

NetherlandsRussia

BrazilGermany

Denmark

Hong Kong

Poland

Japan

Taiwan

South Korea

Hungary

More Infections Worse DownturnConfirmed infections per mil inhabitants For countries with unemployment rate data available for Apr 2020

Infections per million inhabitants

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 7: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

2 Why Economics MatterhellipBut the Recession Is Over

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

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Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 8: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 8

Global Businesses Re-OpenGoogle mobility for the workplace 7-day moving average 0 = pre-COVID

-80-70-60-50-40-30-20-10

01020

March April May

USUKHong KongBrazil

Sources Google Moodyrsquos Analytics

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

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Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

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helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 9: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 9

US Lockdown Winds DownShare of GDP and of counties shutdown

Sources BEA NY Times Moodyrsquos Analytics

0

400

800

1200

1600

2000

2400

2800

0

5

10

15

20

25

30

17-Mar 24-Mar 31-Mar 7-Apr 14-Apr 21-Apr 28-Apr 5-May 12-May 19-May 26-May

of counties shutdown (R )Share of GDP shutdown (L)

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

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CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 10: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 10

0

1

2

3

4

5

6

7

06 08 10 12 14 16 18 20

Credit facilities Repos MBS and Agency Treasuries Other

Central Banks Erect a FirewallAssets held outright on the Federal Reserversquos balance sheet $ tril

Sources Federal Reserve Moodyrsquos Analytics

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

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All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 11: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 11

Aggressive Global Fiscal Policy Responsehellip

Source Moodyrsquos Analytics

Fiscal support as of Apr 2020 of 2019 GDP

0 5 10 15 20 25

JapanUS

AustraliaSouth Korea

IndiaCanada

BrazilGermany

UKFranceChina

MexicoRussia

ItalySpain

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

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Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 12: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 12

-2

-1

0

1

2

3

4

20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4

Rental and interest income Dividend Income Proprietors incomeWage income Pass-through limitation easing Expanded UI benefitsEconomic Impact Payments Automatic stabilizers Disposable income

hellipThat Cushions the Blow (Temporarily)US Personal income $ tril SAAR change from 2019Q4

Sources BEA CBO Moodyrsquos Analytics

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

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CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 13: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

3 Why Economics MatterAlternative Paths

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

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All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 14: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 14

Alternative ScenariosS0 Upside (4th Percentile)

S1 Upside (10th Percentile)

S2 Downside (75th Percentile)

S3 Downside (90th Percentile)

S4 Downside (96th Percentile)

S5 Slower-Trend (Narrative)

S6 Stagflation (Narrative)

S7 Next Cycle Recession (Narrative US Only)

S8 Low Oil Price (Narrative)

CF Consensus Forecast

CS Constant Severity

The baseline forecast (5050 probability) is the ldquomost likely outcomerdquo based on current conditions and our view of where the economy is headed

We run multiple simulations to develop a probability distribution of outcomes ranking by unemployment and identifying percentiles

Scenario Assumptions and Narratives are fully documented

Updated each month

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

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All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 15: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 15

-15

-10

-5

0

5

10

15

20

20 21 22 23 24

Baseline (50ile) S0 (4ile)S1 (10ile) S2 (75ile)S3 (90ile) S4 (96ile)

V W U L A Swoosh Recovery

Source Moodyrsquos Analytics

US Real GDP change from start of recession

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

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CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 16: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 16

Commercial Real Estate Market Will Be Slammed

Sources Reis Moodyrsquos Analytics

US Commercial property price index yr ago

-40

-30

-20

-10

0

10

20

06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22

BaselineScenario 0Scenario 1Scenario 2Scenario 3Scenario 4

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 17: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

4 Why Economics MatterEpidemiological Assumptions

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

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Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 18: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 18

US EPI Assumptions

Paths Current S0 S1 BASELINE S3 S4

EPIDEMIOLOGICALTotal Infections (Confirmed)

18 mil(22Kday) 19 mil 22 mil 24 mil 33 mil 41 mil

Peak Infections Peak in April Peak in April Peak in April Peak in April Peak in June Peak in June

Case Fatality 55 54 56 63 80 93

Hospitalization Rate 12 10 11 12 15 20Abatement Date (lt1000 infectionsday) Abate by June Abate by June Abate by July Abate by August Abate by August

Hospital Beds Large Surplus Large Surplus Surplus Small Deficit Deficit

ICU Beds Large Surplus Surplus Small Surplus Small Deficit Large Deficit

Ventilators Large Surplus Surplus Small Surplus Small Deficit Large Deficit

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 19: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

5 Why Economics MatterDemand-Side Cross-Currents

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

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Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

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CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 20: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 20

Global Businesses Are Shell-Shocked of Moodyrsquos Analytics global bus survey respondents that arehellip

0102030405060708090

03 05 07 09 10 12 14 16 18

InvestingHiringRaising prices

Source Moodyrsquos Analytics

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

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Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

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CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 21: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 21

Double-Dip Recession Without More Fiscal SupportUS real GDP 2012$ bil

17000

18000

19000

20000

21000

19 20 21 22 23

With anticipated fiscal rescueWithout anticipated fiscal rescue

Sources BEA Moodyrsquos Analytics

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

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Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

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All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
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11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 22: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

6 How Much Structural Damage

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

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CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
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11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 23: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 23

US Businesses Are Paying Increasingly LatehellipEmployment

NAIC Industry 2019 ths Late Change yr ago

721 Accommodation 20774 690 445512 Motion picture and sound recording 4428 540 328711 Performing arts spectator sports and related 5167 492 241722 Food services and drinking places 120687 476 227712 Museums historical sites and similar 1730 464 241448 Clothing and clothing accessories stores 12992 453 191315 Apparel manufacturing 1104 447 180323 Printing and related support activities 4247 388 95482 Rail transportation 1745 382 23481 Air Transportation 5033 376 96

Total 1509354 294 75

454 Nonstore retailers 5627 260 82522 Credit intermediation and related activities 26512 259 62425 Wholesale electronic markets and agents and brokers 5309 258 37452 General merchandise stores 30378 241 52321 Wood product manufacturing 4090 234 20811 Repair and maintenance 13522 221 36444 Building material and garden equip and supplies dealers 12964 207 23524 Insurance carriers and related activities 27901 206 40623 Nursing and residential care facilities 33786 201 19441 Motor vehicle and parts dealers 20349 189 45

Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture

B2B Spending

Sources Cortera Moodys Analytics

Top 10 weakest and strongest 3-digit NAICS April 2020

Table 1

Sheet5

Table 2

Sheet3

Sheet4

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

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Better

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June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
179993374 80584906 75709456 4718982 647497 18332533 379805118 163234562 108756311 107814245 367739439 3316326485 671345775 310584825 2334395885 2033377864 1615189128 302098556 15070112 35544043 51627667 13848358 2917195200 134896714 462738214 104975481 270391777 1354207720 424797913 165187381 3395597063 231992434 588400118 804118594 620975408 235538677 607052843 91276135 216242854 5172412738 3270246589 1846961822 55204327 4150020218 764162389 275565144 178857559 1082059698 1316393282 334509678 76739419 121733049 4421501401 93528961 3238217716 297828901 791925823 1612303254 16924663 63365486 150557973 552942466 22378074 41970973 801507 763362112 302692403 7627522 173860717 121204164 282706545 71182275 7039981 22503222 121305913 20291706 40383448 1005212979 69913 123642037 779633082 86362778 15505169 227692224 70622596 153952541 3117087 811332495 528681092 1400909014 1295376340 105532674 103198424 768523859 463968367 186000675 68565579 49989238 52770530 5090352 4257275 43422903 151512302 16669604 134842698 328778810 197435680 41205197 90109065 28868 271426500 167546633 22118725 11939123 3692349 2022476 21271955 81875 42753364
11 111 112 113 114 115 21 211 212 213 22 23 236 237 238 31 311 312 313 314 315 316 32 321 322 323 324 325 326 327 33 331 332 333 334 335 336 337 339 42 423 424 425 44 441 442 443 444 445 446 447 448 45 451 452 453 454 48 481 482 483 484 485 486 487 488 49 491 492 493 51 511 512 515 517 518 519 52 521 522 523 524 525 53 531 532 533 54 55 56 561 562 61 62 621 622 623 624 71 711 712 713 72 721 722 81 811 812 813 814 92 921 922 923 924 925 926 927 928
State Agriculture Crop Production Animal Production and Aquaculture Forestry and Logging Fishing Hunting and Trapping Support Activities for Agriculture and Forestry Mining Quarrying and Oil and Gas Extraction Oil and Gas Extraction Mining (except Oil and Gas) Support Activities for Mining Utilities Construction Construction of Buildings Heavy and Civil Engineering Construction Specialty Trade Contractors Manufacturing - 31 Food Manufacturing Beverage and Tobacco Product Manufacturing Textile Mills Textile Product Mills Apparel Manufacturing Leather and Allied Product Manufacturing Manufacturing - 32 Wood Product Manufacturing Paper Manufacturing Printing and Related Support Activities Petroleum and Coal Products Manufacturing Chemical Manufacturing Plastics and Rubber Products Manufacturing Nonmetallic Mineral Product Manufacturing Manufacturing - 33 Primary Metal Manufacturing Fabricated Metal Product Manufacturing Machinery Manufacturing Computer and Electronic Product Manufacturing Electrical Equipment Appliance and Component Manufacturing Transportation Equipment Manufacturing Furniture and Related Product Manufacturing Miscellaneous Manufacturing Wholesale Trade Merchant Wholesalers Durable Goods Merchant Wholesalers Nondurable Goods Wholesale Electronic Markets and Agents and Brokers Retail Trade - 44 Motor Vehicle and Parts Dealers Furniture and Home Furnishings Stores Electronics and Appliance Stores Building Material and Garden Equipment and Supplies Dealers Food and Beverage Stores Health and Personal Care Stores Gasoline Stations Clothing and Clothing Accessories Stores Retail Trade - 45 Sporting Goods Hobby Musical Instrument and Book Stores General Merchandise Stores Miscellaneous Store Retailers Nonstore Retailers Transportation and Warehousing - 48 Air Transportation Rail Transportation Water Transportation Truck Transportation Transit and Ground Passenger Transportation Pipeline Transportation Scenic and Sightseeing Transportation Support Activities for Transportation Transportation and Warehousing - 49 Postal Service Couriers and Messengers Warehousing and Storage Information Publishing Industries (except Internet) Motion Picture and Sound Recording Industries Broadcasting (except Internet) Telecommunications Data Processing Hosting and Related Services Other Information Services Finance and Insurance Monetary Authorities-Central Bank Credit Intermediation and Related Activities Securities Commodity Contracts and Other Financial Investments and Related Activities Insurance Carriers and Related Activities Funds Trusts and Other Financial Vehicles Real Estate and Rental and Leasing Real Estate Rental and Leasing Services Lessors of Nonfinancial Intangible Assets (except Copyrighted Works) Professional Scientific and Technical Services Management of Companies and Enterprises Administrative and Support and Waste Management and Remediation Services Administrative and Support Services Waste Management and Remediation Services Educational Services Health Care and Social Assistance Ambulatory Health Care Services Hospitals Nursing and Residential Care Facilities Social Assistance Arts Entertainment and Recreation Performing Arts Spectator Sports and Related Industries Museums Historical Sites and Similar Institutions Amusement Gambling and Recreation Industries Accommodation and Food Services Accommodation Food Services and Drinking Places Other Services (except Public Administration) Repair and Maintenance Personal and Laundry Services Religious Grantmaking Civic Professional and Similar Organizations Private Households Public Administration Executive Legislative and Other General Government Support Justice Public Order and Safety Activities Administration of Human Resource Programs Administration of Environmental Quality Programs Administration of Housing Programs Urban Planning and Community Development Administration of Economic Programs Space Research and Technology National Security and International Affairs
AK 66215 5609 26546 21470 12287 303 4184628 1440132 2207429 537067 231760 4744460 2208750 564770 1970940 756332 689338 65179 0 169 1646 0 191571 313 409 74250 77894 22617 672 15416 732103 81984 202349 238092 13521 12241 21963 55325 106628 2016364 1665962 309469 40933 4231461 603708 586596 28976 1716091 1217065 20990 21904 36131 1855320 273438 332912 1224779 24191 3058623 30622 2353618 297168 128447 9570 26854 0 212344 643792 27 626399 17366 66474 0 5327 47 53490 0 7610 162248 0 24790 121437 16021 0 299719 68622 231097 0 800129 33244 1024913 1012574 12339 76062 1542378 987016 408639 6556 140167 29704 4108 7558 18038 330452 27428 303024 924371 870559 7489 46323 0 362896 296919 5089 4167 3025 2966 38761 0 11969
AL 1191184 531022 348020 145105 0 167037 12714046 191798 2670880 9851368 13245571 37809409 9483264 2528541 25797604 13699340 7260768 3602900 90562 280803 2428164 36143 34401897 7184676 2718219 640443 6455102 4616271 11517301 1269885 122289531 17238707 11818846 67489081 15908184 1680839 5201454 2367749 584671 53189291 32320170 19849150 1019971 18911516 6465369 3120351 230441 2749151 4616732 822350 608731 298391 7869036 2731926 4154218 617683 365209 15915799 97136 28123 9010 11267610 28602 31958 0 4453360 1651138 0 356226 1294912 4530315 157523 949916 79584 552938 33688 2756666 7755067 0 204797 7031190 504698 14382 1623191 898941 719880 4370 5157392 2842364 16094049 15099570 994479 1545475 12029618 8757716 2027628 1077292 166982 458223 39987 25891 392345 3176399 37161 3139238 6912332 2905387 1009284 2997661 0 2902417 2022865 397566 270386 7260 148899 30162 0 25279
AR 2091526 384073 1219919 97424 11458 378652 1650041 809109 451654 389278 3323561 27070376 4977103 2776538 19316735 48316075 47181486 210052 23098 624051 252047 25341 22886536 545225 6194509 676325 688602 11730328 2300716 750831 26734469 6166396 5462242 7716161 2026777 1989657 1807117 753608 812511 41486249 21568790 19912194 5265 16826024 6334291 2004588 201597 1645318 3912431 524399 583771 1619629 1805569120 441848 1804576438 388759 162075 179799459 3195 453237 2105 18166499 407260 40082 0 160727081 14683667 388 12809616 1873663 1103087 95101 16929 3098 956136 4799 27024 2223571 0 197151 1760003 222681 43736 804551 177195 627356 0 7519240 4962831 13626776 13332868 293908 615028 6958283 4535882 1638395 646015 137991 158719 15309 4959 138451 587667 141209 446458 13179434 1673309 614365 10891760 0 1788884 1625977 60679 2389 2766 3466 92475 0 1132
AZ 7463659 438103 6760485 1969 127 262975 24012029 693592 23004805 313632 7969871 101860914 14610839 9650524 77599551 6522026 5216282 829738 49148 288311 99091 39456 25549012 1371751 6444411 495808 1614328 11548320 1333023 2741371 41034608 3063465 8141580 7456700 4015484 6656464 8297958 1248119 2154838 50282230 43074134 6861070 347026 93222659 5703248 4486612 250980 2207682 75323198 2959920 194744 2096275 60966006 587640 1130534 21727246 37520586 49872674 388214 5816 680969 32488519 6836155 14585 265 9458151 1674831 0 563939 1110892 1226247 117612 49128 149652 480691 10807 418357 70939132 0 416880 69542257 892658 87337 3804529 1135309 2669130 90 15705116 13744350 47144535 24399921 22744614 1316273 33724095 28327900 3118429 1802186 475580 1272667 61382 25874 1185411 4097324 527465 3569859 3798278 2797124 562258 438896 0 5021934 4226970 133966 623143 19400 3151 9400 0 5904
CA 35317241 18105896 14391608 228920 99414 2491403 5502292 2390491 1391868 1719933 11783166 325849520 63321257 27317694 235210569 139515300 78344494 55178984 357174 930735 3505461 1198452 168963010 19510757 42449131 4305435 5946241 60718195 16648214 19385037 252845782 7524020 36410361 32297752 90828889 15615831 48692610 6656778 14819541 545243558 430990939 111301947 2950672 206886548 29806726 26492424 12334143 15217320 87720966 16556913 4012959 14745097 69610379 7993930 44286060 7365652 9964737 83380313 2283629 299634 8623715 28732177 2380562 490873 9015 40560708 14971286 1229115 4474313 9267858 31583801 6238797 1071432 1437901 18662257 2066951 2106463 71952160 0 4793809 56530072 9755228 873051 21141344 7585993 13505503 49848 76585903 172653620 119816258 113810942 6005316 12622368 88676017 59837428 19420981 5930047 3487561 4578536 799879 403838 3374819 12897957 871133 12026824 35131158 21364578 7884633 5881947 0 30790948 22311495 2263145 802084 801456 135127 3208733 2631 1266277
CO 2260517 635040 968639 37983 10 618845 32360206 3631022 9622563 19106621 8838907 89322573 17944154 8737995 62640424 91592037 89276837 1583119 10422 123640 142045 455974 29113274 1836131 841058 676509 5041605 11138499 1137476 8441996 30667524 2607241 8840089 7682293 4572445 1210684 1334099 1118870 3301803 105799319 45199005 60526136 74178 29885405 3216495 4491730 1076626 8381161 9880376 1109643 363600 1365774 4124303 775244 1274297 890307 1184455 12018249 238202 104067 145647 4629258 232525 1937278 2093 4729179 1869294 177655 341912 1349727 7046195 1208728 15361 3265600 919849 187917 1448740 28906619 0 8519551 20096128 167255 123685 4130729 1055860 1378122 1696747 15588365 2344753 20964605 20197765 766840 1894550 16789801 10574668 4225029 1437027 553077 1049205 76587 30309 942309 2059110 658013 1401097 7244164 3001325 255551 3987288 0 2681141 2207213 156210 29036 14826 13318 248463 0 12075
CT 2418735 103121 2301573 179 1654 12208 3963861 3905560 11062 47239 792619 19997146 2029026 928052 17040068 27965103 22989113 4665346 171593 83216 39539 16296 25373851 502609 5747224 702012 990421 12641687 4268712 521186 32331823 707641 6450117 5195404 5545109 3375242 7303637 627085 3127588 74781529 16545877 58165856 69796 8021966 1138226 1040274 928451 1096592 1413364 1125755 686745 592559 4693920 611039 296840 321526 3464515 2663145 53255 28387 6018 908500 50461 43731 197 1572596 518444 1245 235998 281201 8468659 137256 23890 5033166 500729 38259 2735359 8004806 0 818465 6523708 612490 50143 2220853 233463 1985852 1538 4436373 1518463 12300450 11658685 641765 940264 12991619 6999881 3488533 1693234 809971 590905 7410 21005 562490 1780809 362019 1418790 3409251 2834769 323532 250950 0 1260928 1145958 44824 14226 1948 7124 40275 0 6573
DC 7457 6634 823 0 0 0 495 0 0 495 2727 5432883 644816 400919 4387148 32167 22419 9748 0 0 0 0 28405 0 8221 12615 0 1584 760 5225 1712020 1236 22143 1972 151718 2923 1496251 0 35777 1044116 934556 109560 0 496307 284 14801 161 96517 62433 231888 1253 88970 122415 40722 68601 4208 8884 75670 6958 1477 0 680 33024 0 0 33531 2005189 1984780 18876 1533 1306177 26146 27020 16933 1195584 9274 31220 1763727 48981 1522440 149709 34130 8467 261521 261297 224 0 1299141 111 1267193 1259107 8086 773087 1123807 459406 181165 153293 329943 441481 337611 17609 86261 445898 93240 352658 1215658 4319 60041 1151298 0 11557242 11219533 42398 103625 845 6721 2943 0 181177
DE 158347 70407 37761 0 0 50179 3804 2918 886 0 286679 17759451 6315336 313722 11130393 3117000 3070878 29230 5848 130 9361 1553 29349597 3963 31685 53424 447116 28121862 646126 45421 2633393 3736 1101207 188500 959891 9894 245088 70270 54807 10288733 7788184 2484932 15617 3410849 725887 1489427 3211 698522 435757 22981 15433 19631 387454 107543 40469 105899 133543 5063692 0 12207 2071 344386 13543 0 0 4691485 3388565 195 32434 3355936 614198 510977 68 7402 86159 11 9581 3496604 0 1857575 1625734 13295 0 252546 196777 55769 0 327167 783860 3755808 3718925 36883 177500 1668954 1040807 302869 176438 148840 163783 19275 600 143908 163890 37857 126033 796404 249463 341446 205495 0 420804 290336 51435 43588 2696 221 30260 0 2268
FL 8890129 6292761 472561 180089 13083 1931635 5868507 324365 5409438 134704 17460543 318589306 81753307 40671913 196164086 53303808 39634656 9923731 439567 1347446 1412379 546029 104392540 8987593 6922549 1734094 4518894 29144556 34091224 18993630 111515231 4216796 19201684 21675928 35578080 3758811 17684863 2733343 6665726 576582255 504607921 66922593 5051741 200674156 30494800 14617735 2783817 20102659 117369020 8558613 1847601 4899911 75552165 2671619 6528597 57952603 8399346 88872932 872234 8792651 3881391 48495926 418928 25013 52991 26333798 3587309 17183 1097453 2472673 30815908 810426 251753 115278 27719637 143143 1775671 32127570 0 1037422 25576456 4396512 1117180 24644216 5906671 18497404 240141 33052203 7891083 75455813 73124069 2331744 7442218 57209026 38104437 11844608 4408198 2851783 5076469 377141 2121478 2577850 6157369 1935676 4221693 15913375 9727212 2207988 3978175 0 17564651 14419904 1067498 509766 304379 243040 884509 0 135555
GA 2434038 1037267 593264 350284 3174 450049 2374976 765055 1424388 185533 4084962 157854849 39381411 8350584 110122854 45179332 18811909 12820301 1719424 10981208 756451 90039 124173373 7829868 21389288 1470004 15324077 60050361 5499258 12610517 76599966 5512075 15541442 17230905 11975413 5288176 15710771 2436634 2904550 149418196 112894616 34894419 1629161 354329412 91711804 14595326 725408 235349585 5185712 5011676 812486 937415 27246035 2583778 5055700 18629465 977092 67273609 4817563 2260594 229135 13668215 429587 424073 169 45444273 36298969 2332791 31777020 2189158 14859099 624443 65395 925014 11499729 1408306 336212 30129608 279 15838306 12885375 1299646 106002 11461020 4367167 6755959 337894 23410752 11416568 51403576 50317626 1085950 3363610 23983781 17640252 4092776 1372650 878103 1259355 130835 34632 1093888 10348563 607819 9740744 7885001 4327662 1128626 2428713 0 4991246 3890147 495105 307652 8676 29147 191836 0 68683
HI 40062 26633 9238 0 637 3554 134368 107893 26344 131 846614 13979075 2157688 2108233 9713154 958671 656699 249462 0 48304 2816 1390 424749 6561 4641 61866 106566 134997 15079 95039 385615 12725 163696 38574 19288 9246 90812 40363 10911 7812053 5554384 2255457 2212 6686934 1250475 592423 6133 2105384 2184255 317291 170536 60437 956052 81106 71453 739761 63732 966933 186743 0 99145 488790 40959 0 33525 117771 84333 0 59369 24964 89773 18192 5254 1959 47954 0 16414 391319 0 191162 174129 23296 2732 1228989 730211 483907 14871 4542119 238857 3115776 3064017 51759 332436 2113900 965912 609717 384482 153789 136801 5570 47177 84054 574786 432888 141898 702618 141314 105534 455770 0 1520607 459572 826707 186538 130 1171 32690 0 13799
IA 2824173 411804 1162155 211 209 1249794 3139203 2349422 786184 3597 13640216 27723213 4405777 1502952 21814484 21927956 20172037 1230032 9978 431348 74533 10028 10795475 585230 469267 936820 260314 3919670 3779993 844181 39812756 3964085 6545236 18728818 1317653 1816388 4257537 1200230 1982809 36698307 18319246 18338250 40811 58094614 4642864 2914592 139881 6012688 35427270 236739 7976558 744022 3762037 507191 1794137 629744 830965 14327087 495 59666 1178 10852558 506352 6075 69784 2830979 5527278 185 211959 5315134 2001489 1273239 329295 19061 181667 12644 185583 3456819 0 349843 1423208 1681448 2320 1286941 402027 884723 191 24104909 6091451 13478959 13194171 284788 1523726 5290360 3041831 1245488 786612 216429 557666 83112 1098 473456 357141 141416 215725 5026291 3117924 536512 1371855 0 601563 449835 42925 13604 5258 3150 86791 0 0
ID 13051640 11212444 1628418 62950 91 147737 4199563 12212 1730345 2457006 1200912 31639953 9351956 1995116 20292881 9012705 8817578 29145 482 1492 69593 94415 16211569 1750686 11374392 103298 1299565 561120 1009087 113421 6386555 205031 1881058 2210123 547274 85739 765744 321871 369715 20377755 7513032 12700075 164648 27271212 9921739 1603059 55326 2400128 10638659 2375557 164655 112089 824347 212109 346741 99835 165662 3176293 9325 9594 8001 1832539 19379 1 733 1296721 1171684 0 42132 1129552 289978 33210 3655 4143 10897 249 237824 69836419 0 294816 69428603 112755 245 490428 241056 249372 0 1388610 47123 10477043 9816781 660262 199640 4196855 1882788 1807313 482151 24603 146244 16916 2725 126603 963410 44081 919329 4091264 950619 222555 2918090 0 766144 522739 125886 103954 4066 1306 8193 0 0
IL 6862155 5891164 737652 7317 3316 222706 15394942 12198613 1094815 2101514 5274013 68168004 9182209 4302850 54682945 153437759 134905229 14290042 154725 2603026 1080527 404210 209575246 2699578 29239813 25315017 7756546 103050721 35660028 5853543 350666821 14297661 36546743 199074150 31677244 9058791 26284311 3072011 30655910 267167229 151615037 115194835 357357 236369187 8399984 8328017 2756715 44221646 67394755 103548952 680431 1038687 234956520 2530099 19555351 42474317 170396753 124816898 674325 410452 12040263 29232837 1020925 494212 0 80943884 77689429 146255 54377365 23165809 15535658 6512790 67657 106265 5475914 79374 3293658 89138028 0 7092479 79598654 1946140 500755 11175572 812656 9849239 513677 86499564 22496491 76152169 72264949 3887220 2497795 28793563 15367242 4226870 4289117 4910334 2711795 343659 100093 2268043 6439751 839588 5600163 11301066 7075243 1051577 3174246 0 4887220 2152472 1039071 138458 33669 11398 1251529 0 260623
IN 3056736 606039 1739467 5484 67434 638312 805032 357584 377999 69449 6117203 66279413 15863612 3267179 47148622 13823241 10047109 3190060 123892 218478 234962 8740 63061740 7919891 3476071 2115718 4086510 21655277 22576685 1231588 104149180 18422844 30416669 12422503 5742009 5701209 24517855 2554818 4371273 82775583 61569621 20976036 229926 118970483 19288482 3777448 286460 5916557 85604493 480275 1424585 2192183 6335824 1359499 3137434 772189 1066702 30598132 195018 107170 59321 11591069 106197 7234 630 18531493 11882222 411 654738 11227073 1385358 873676 139350 37152 99135 86143 149902 17805814 0 385391 15697470 1501957 220996 4562150 1391763 3134140 36247 9000370 22063788 45380632 44331442 1049190 1943968 13603514 5772443 5256912 1693228 880931 1253915 64694 14073 1175148 729472 159188 570284 5869129 3350513 421146 2097470 0 4873232 2529701 217231 400460 43727 17953 718169 0 945991
KS 1148549 164314 290451 0 2547 691237 3052034 157271 2715202 179561 2084818 32212563 3436406 1129266 27646891 17658419 16718448 415805 491 433552 87035 3088 48091758 444064 1601340 1433868 21031713 18561914 2793608 2225251 24764017 461873 6679514 6062033 2984147 991945 6080689 312275 1191541 87255678 26226317 60936207 93154 32694972 4055954 3161952 1529415 5456671 16973027 559581 403711 554661 4513209 308111 970093 1742461 1492544 25868009 377772 357797 3146 14757292 111711 6667 121648 10131976 1924054 449617 1167436 307001 4506952 15420 151887 2659 3971739 166954 198293 4352164 0 99170 3958996 270470 23528 1333541 351426 982115 0 7996337 1016482 16263062 16030666 232396 290403 6316326 4134220 1590601 546171 45334 379485 32720 17126 329639 831798 36989 794809 3560198 3073819 370946 114102 1331 2035720 1585219 100018 282151 17396 19366 31393 0 177
KY 1210287 187510 893089 1944 1707 126037 1648559 1182907 284222 181430 2538598 27822174 3280635 1468701 23072838 10039624 7692755 603750 795781 253949 673553 19836 18168735 1499411 1789785 344333 1013949 8840928 3043896 1636433 38188979 3622116 7325902 6066634 1042870 8258617 9879456 1082159 911225 52773265 43611757 8834104 327404 46727613 1482248 2944115 61492 2529744 37838521 1221006 364353 286134 4076499 672356 1729150 474629 1200364 28379094 44241 4153 62366 14864884 122296 6430 2828 13271896 7303739 3184 7161737 138818 1575630 71902 555111 172734 434169 90090 251624 9370883 0 263543 2089466 6556010 461864 1642799 464162 1176303 2334 10892548 1364647 18184798 17986375 198423 854477 7131036 4226835 1971301 631226 301674 711305 52171 8161 650973 2309490 238199 2071291 3407867 2307819 278424 821624 0 3543502 801888 2190735 247644 31848 5806 263359 0 2222
LA 534314 147227 224742 33496 60362 68487 4255682 1931746 446829 1877107 9597350 38032323 8554935 11709718 17767670 6337138 5466848 533291 14457 189786 123141 9615 35765255 1279878 7072869 283486 4617394 17719339 3390654 1401635 15839519 3770040 4421606 4000015 584853 316836 1449836 327930 968403 188880991 166744943 21675860 460188 19286724 4684552 2350163 125030 3208460 7024761 1387902 192019 313837 4259375 2333643 1015101 547941 362690 11300457 57440 33906 346298 6645082 70053 1281539 2161 2863978 612330 719 209372 402239 792482 19948 25753 13392 607482 1756 124151 5521949 0 234290 4818617 445200 23842 2621335 342501 2277011 1823 4030256 682628 17369486 16519915 849571 813796 12818907 7291817 3712354 1418031 396705 330694 28099 8422 294173 706226 124853 581373 3767654 2548895 748132 470627 0 2196742 1284545 565905 125591 8136 4156 151438 0 56971
MA 2213043 2002712 106550 19915 43364 40502 294267 236827 43836 13604 1160675 39994544 5296929 4145823 30551792 41999519 38443291 1850174 486301 225774 757404 236575 44048743 879858 10014880 5033327 2751155 17572121 6582711 1214691 53897383 374391 12399466 6457059 14012860 6637319 1751413 1779229 10485646 117370031 75784190 40677667 908174 52274534 11342519 2761966 909078 1741796 22601466 2131353 176313 10610043 147288521 874336 89068830 47525299 9820056 7848200 169417 14018 252569 2899507 264168 552 2211 4245758 670843 715 261175 408953 2227367 414271 76932 69020 951834 546881 168429 14981685 0 112163 13819622 1041026 8874 3388796 1633373 1754953 470 15173637 10569017 28477759 19382925 9094834 2655981 19362718 10687785 6086466 2001292 587175 1128271 207196 29298 891777 4432751 80888 4351863 6829753 2446196 3888146 495411 0 2956791 2028555 243922 569727 71955 16455 25388 0 789
MD 4365368 1399940 2959785 2133 1241 2269 363552 172117 173266 18169 2766196 77051105 13477633 3701424 59872048 27341722 26129139 520605 31783 419297 209601 31297 13629862 1621187 371831 842449 374019 8451163 1168386 800827 20751382 443455 2981511 5623668 3089314 4240369 1751324 1549461 1072280 63983362 34530497 29111369 341496 24713035 1934981 10175537 733002 4012243 3704287 1802766 88958 2261261 5204198 1044213 2366538 1141998 651449 9637666 127705 6027 81951 4947320 33532 6526 2500 4432105 7788469 47864 208012 7532593 2995936 183075 24325 555224 1332514 187976 712822 12554242 0 119229 11376357 949187 109469 7434356 1131147 6301855 1354 28470382 3077633 15711802 14177934 1533868 4788665 13422020 7929820 3088808 842611 1560781 1104058 182626 14126 907306 4431894 2232345 2199549 2791572 1335150 527909 928513 0 3789298 3073541 157112 140794 90465 12397 31014 76475 207500
ME 502549 58248 407733 25518 10517 533 106277 76065 30212 0 13587905 7495716 1134545 1822114 4539057 863890 511950 32552 44650 28704 233032 13002 4332492 203396 2085221 28558 6142 1146968 713191 149016 3251788 394869 1133665 806455 440040 21780 297244 50995 106740 6497195 2972617 3521148 3430 18980818 1871795 1128534 61988 521008 14859804 169413 138840 229436 1763694 134590 834049 76186 718869 1834237 14479 2998 1027 584152 92897 0 2302 1136382 155438 3888 151141 409 244737 127922 21403 8687 39724 7486 39515 1007748 0 76589 901750 29021 388 423392 42901 380491 0 1199593 196477 6227775 6091191 136584 150295 3040297 2035217 355351 573986 75743 135311 47587 4821 82903 230006 26906 203100 411684 239714 67456 104514 0 553306 328244 39094 35691 240 615 9924 0 139498
MI 2676257 1878740 470426 77203 5667 244221 1365709 192782 790182 382745 11760623 63058439 6171835 8854436 48032168 145774928 138204054 5223611 230739 1113930 89897 912697 96031689 3824601 13420695 2792272 1428633 43950214 23031439 7583835 242879316 8934797 24400099 27978637 14879254 53824086 103787327 4005841 5069275 121485866 52306835 68888852 290179 140470475 51243527 6744761 320619 4006818 73327986 3136969 540523 1149272 8250235 3396728 2205852 1404801 1242854 31884959 603990 116907 26979 19120184 110897 540618 17565 11347819 1615937 1267 282976 1331694 2143175 585302 48946 60865 635919 193246 618897 38169140 0 3304596 25672489 9173166 18889 6793531 760548 6031090 1893 25269888 10227167 38175745 37517426 658319 2121053 14503730 6067868 5963691 1183232 1288939 2005533 47622 23654 1934257 3285347 158176 3127171 6926199 4708957 1320562 896680 0 4568608 3308348 369793 238602 141199 215336 111321 0 184009
MN 1744267 454969 915833 61606 3261 308598 642566 124940 486232 31394 15696729 99100861 19778744 6210590 73111527 191187818 187049952 1221775 52434 2413600 84995 365062 64977562 2900637 3696882 3364772 3636783 42273504 6908933 2196051 88633785 3038081 21416121 23741171 15768066 3734538 9832560 4367092 6736156 159914014 73015671 85811028 1087315 140064223 11504637 4461219 96470088 13205837 8109699 2313463 1825386 2173894 408126479 633986 402569288 2314360 2608845 26054881 40972 3951063 1348 12639642 56438 23821 283891 9057706 5556526 0 380904 5175622 1803081 316326 24450 422107 693767 124920 221511 30196687 10847 4518222 18729757 6587610 350251 2800536 963678 1830884 5974 39614165 8756754 36159884 35002484 1157400 2547271 9807680 4038421 3315609 2020855 432795 2190944 36045 21888 2133011 1669644 180129 1489515 6580088 3664671 1549547 1365870 0 4502758 2571340 1102158 72950 4193 29453 179630 0 543034
MO 3023159 1944047 269490 4226 3528 801868 4798088 599489 3246583 952016 15568384 55670979 8937469 7613332 39120178 105293922 65056022 36855313 653045 204760 1060364 1464418 71928505 1383176 9453833 2551096 2229914 44627255 9131708 2551523 81589978 4104260 13998691 12888518 9864035 13388529 14716920 2742989 9886036 130040192 69047070 60608451 384671 97385964 61834524 4432933 440018 10267984 14401335 1173168 3443355 1392647 11581962 2428080 3533936 3008755 2611191 39951702 93797 6736607 202029 18861225 298306 5400232 12 8359494 2811948 2913 1134505 1674530 13046429 301286 20644 1133822 10178423 44880 1367374 36831646 45 712221 31533322 4585852 206 4988762 1269669 3714171 4922 30415871 14559224 28913579 27996516 917063 1203926 11763678 6806365 2680733 1642547 634033 1247213 29083 47399 1170731 2993468 176908 2816560 14483122 5574334 504740 8403758 290 10262123 8624488 563104 889516 4302 5171 133149 0 42393
MS 1127114 148118 655131 48683 25231 249951 2781546 2538303 32415 210828 2336527 19314842 3108016 1191310 15015516 6304765 5923735 103607 25596 27820 218476 5531 10255851 703962 1329309 144978 2157145 4009978 1332989 577490 20358816 3005168 2637516 4028710 2260368 3657412 1860821 449045 2459776 12842843 8498983 4209092 134768 118958608 111653214 1689680 173386 875692 2985197 720453 716152 144834 3930536 195680 2185522 1033223 516111 11097757 27917 696540 26711 5458415 29164 12267 92366 4754377 113362 0 59336 54026 274530 42438 2234 12844 204397 5331 7286 1811089 0 164372 1562045 84638 34 880750 380386 500364 0 2215412 5786188 9944152 9687147 257005 653363 8728152 5090928 2116554 1371392 149278 749076 40073 806 708197 1688878 55980 1632898 1869444 1222889 353157 293398 0 1446390 943671 245753 172625 3470 4448 68779 0 7644
MT 546517 404121 23455 5673 36 113232 1366545 86066 1206355 74124 2078407 9253130 1731702 1142957 6378471 1561538 1428317 78017 613 25708 20316 8567 1452051 409169 15004 97204 65292 538539 198601 128242 2576309 41070 1095735 723117 318480 63046 59258 67273 208330 20888502 10698640 8782654 1407208 11020752 6435861 1839332 65919 839409 655637 111019 555979 517596 1137639 358401 162355 218512 398371 2932298 26285 3292 0 1043059 26577 51716 5664 1775705 63887 0 63659 228 419558 8718 0 6517 387093 188 17042 186550 0 15716 146659 19822 4353 402266 41995 359227 1044 1481666 514731 4725945 4701052 24893 86679 1766298 783049 892329 65269 25651 188346 25047 0 163299 37136 4415 32721 4634352 500391 137826 3996135 0 325211 279637 36711 2644 3245 644 1780 0 550
NC 3044849 647540 1896843 89734 12052 398680 9979156 144912 9739851 94393 5668317 158971384 35231105 12164382 111575897 34321263 22533458 5780137 3046828 981123 1818928 160789 123691119 3471913 37101348 2096433 11185351 53061937 13041501 3732636 92955632 7931221 15117132 19433017 22730826 5968070 7889412 9484691 4401263 196533190 154380781 41872290 280119 538930353 34058355 7651123 931898 408454732 80480455 1707624 1043757 4602409 26037485 4814971 15023333 4083719 2115462 32842900 41674 9954 122183 10348530 162423 31734 5450 22120952 4183243 2215 740643 3440385 4088366 277234 124178 718472 921186 1735823 311473 25360804 0 3019908 21271652 1000620 68624 9484133 4737992 4744812 1329 21036545 7987261 47123652 45963868 1159784 6493736 19439229 11552840 4516731 1374140 1995518 1599229 96419 42041 1460769 6921512 316584 6604928 7275163 4612085 914078 1749000 0 16133453 15249301 445441 145545 32383 14652 196943 0 49188
ND 934738 576914 7607 80137 2031 268049 3289727 1203043 1624672 462012 5292570 20858523 3460098 6427692 10970733 12534382 12286472 138274 4877 54103 32981 17675 1213776 107751 586 62097 616417 112856 268140 45929 11044672 283349 713634 8044568 1648212 26500 110687 154301 63421 29006669 15594327 13402235 10107 6922316 978582 1301260 141645 433398 1050768 53972 2897250 65441 3111131 1891784 222435 66451 930461 2760703 0 160845 1925 1757084 984 42007 0 797858 4525025 0 41066 4483959 433773 47756 104 498 378694 661 6060 564939 0 11307 243552 228248 81832 422399 128627 293772 0 530101 146387 5585905 5501466 84439 174684 873259 346603 249193 218298 59165 191536 1699 1915 187922 154419 117131 37288 1061042 527760 36738 496544 0 614401 169974 44939 3822 4715 14681 365274 0 10996
NE 516400 109193 182208 0 782 224217 176093 64547 37234 74312 8736695 29825731 2441177 9383770 18000784 11594201 11268386 227281 8236 65303 14484 10511 8521160 835524 417975 574046 606771 2288481 3509460 288903 12469210 409276 4967333 3569995 581452 383425 829211 313685 1414833 88856583 14482575 61605357 12768651 18665228 1918589 4733964 101560 1952970 4800932 965516 3534832 656865 5800973 1113047 1151490 2270164 1266272 25861545 1416 11777064 92231 13022756 2738 261 0 965079 1475460 640 111236 1363584 194284 22584 2520 585 82452 18983 67160 6135590 281 95022 4875654 1140004 24629 581477 392826 187055 1596 6036428 4474016 8710080 8654765 55315 332774 4930076 2151883 1923741 754603 99849 469968 5959 1254 462755 138398 8294 130104 1362599 907510 250831 202155 2103 8919560 472047 65203 18450 1049 29125 8333651 0 35
NH 135329 104615 10803 14007 1936 3968 324859 181594 26885 116380 645565 8145819 1277502 1405871 5462446 1037059 772798 154139 71380 8669 23456 6617 3173244 720505 134821 127392 47649 1091929 566161 484787 9618451 418435 2281413 2085028 1669146 121320 480953 175073 2387083 24626571 9391609 15231606 3356 6508063 1249611 360303 97395 430737 3879792 158824 38732 292669 13989728 339754 225269 184786 13239919 1073232 311 450 477 704045 8026 0 189 359734 108985 578 70882 37525 1642171 98596 56895 1971 7627 43972 1433110 6184961 0 9166 5994987 6201 174607 319566 193427 126139 0 2363038 672296 4997973 4914346 83627 69097 2906159 1671755 677068 465553 91783 226258 9346 0 216912 381408 9213 372195 704192 540367 138365 25460 0 362259 246769 35659 52709 11767 2286 10806 0 2263
NJ 1420445 1225645 144480 3234 31487 15599 2873116 484448 2216093 172575 20737488 57935050 10695068 4832163 42407819 27572024 25259772 623934 580402 455652 552669 99595 155472002 1124251 3389582 1953690 4565125 122241483 20038005 2159866 50775919 1831805 11386730 5011116 16467044 4465487 4157605 758950 6697182 145223799 91989145 52742345 492309 100891196 3021203 29879833 7114520 3988748 49289968 4270250 73226 3253448 15790845 1911650 9303391 2405020 2170784 90872950 417755 5913 13230578 12628748 1083232 1349660 937 62156127 10495130 758 9176349 1318023 17559511 13272346 62078 636932 2331683 397249 859223 39734415 29 9982645 28209524 1121263 420954 5960754 3115346 2845408 0 16222768 19152312 43367901 42714977 652924 3216753 18486761 13793995 3472780 730854 489132 1227619 122472 11253 1093894 4294622 121292 4173330 4688298 3229868 447229 1011201 0 3136836 2582802 188058 75112 30416 226383 15017 0 19048
NM 737676 109123 535244 3373 0 89936 3131598 265764 1354767 1511067 1027824 13464701 3243084 784734 9436883 32701376 32408133 227834 0 51789 7745 5875 8793214 117065 305403 122531 5365753 207305 157206 2517951 9062484 67930 2313971 668912 1938667 99124 657604 199561 3116715 9228638 7348638 1866182 13818 6616015 2406931 761929 327968 890291 1581248 176293 114826 356529 2013548 109827 1717735 171529 14457 7596134 21552 1389 4298 6736818 55487 404236 0 372354 100159 1537 64349 34273 61632 33685 1930 1196 10109 0 14712 655822 0 100434 548181 7207 0 474914 50153 424761 0 2123739 83529 6164600 5901219 263381 1360148 3632546 2036906 1273925 188364 133351 120123 6929 4168 109026 224831 37731 187100 972117 700290 156393 115434 0 1409485 1223349 53472 41439 6900 4115 80071 0 139
NV 288503 195128 48977 2919 0 41479 5742043 10576 5528996 202471 3177921 56313409 13451998 3606899 39254512 1713150 634164 920007 4507 27057 126748 667 4135108 723057 355324 148648 139919 563274 166343 2038543 10276689 1982292 2435378 1090819 1802524 214049 1920114 318557 512956 9334373 6492264 2800914 41195 5291789 485891 857826 200978 1302366 1059048 272573 100818 1012289 11602088 329166 577041 362107 10333774 6252694 132804 446 554 1610075 86401 1056 631 4420727 109518 1799 85335 22384 332593 8620 7404 9118 35504 52820 219127 3138661 0 1496894 1032374 599336 10057 3066542 997326 2066568 2648 2484980 967883 10291466 10148278 143188 505956 5449418 3972550 1071290 319007 86571 258773 34108 3481 221184 1160519 833452 327067 1858253 1385341 108064 364848 0 798145 621976 100792 24487 9877 13608 24342 0 3063
NY 2423483 545298 1358073 369920 597 149595 4766953 4216202 204668 346083 7002687 83643463 14041110 8116051 61486302 76791268 29585118 41380092 1463610 2391020 1634126 337302 78632750 812560 25194148 3606557 1017294 40454999 5666492 1880700 108482886 5620432 10413682 12049985 56585658 4709981 4814186 2638716 11650246 182933615 66542036 113419233 2972346 130641813 24441764 6557463 29688487 6835893 51879247 6443479 652900 4142580 29777690 2344384 8523700 11441373 7468233 49391650 228907 1357336 21985361 11418896 630911 53867 3267 13713105 3013316 147282 2192865 673169 9203182 2754642 718019 285067 937592 227262 4280600 47107332 0 10816644 32188455 3685165 417068 5278770 1917636 3354771 6363 50898675 5196713 53839020 52062425 1776595 5571915 50736825 23752976 20557106 3417596 3009147 2614340 265456 382739 1966145 5621785 265537 5356248 13189964 6705697 1454511 5029756 0 24523318 13422795 440779 1784680 5532 89700 252121 0 8527711
OH 4092330 1805584 1890661 22620 2923 370542 8778855 2128577 2134793 4515485 7182965 78622727 16490255 6705665 55426807 98825875 77091448 1746017 1468790 988500 17144024 387096 357186261 2227531 27459981 2664409 19531194 264507627 34551475 6244044 164556607 20286529 46489739 32383884 12503147 9771064 18835293 3011264 21275687 201941803 146816169 54851071 274563 135604314 13383811 19675146 4193833 14439241 56244338 4953098 1335055 21379792 66236502 4029823 50995208 8130152 3081319 61824747 306642 4237390 766775 19353649 1988011 135146 1691 35035443 11380708 13083 3246683 8120942 5252459 240879 74475 54353 1845674 78271 2958807 59174421 0 4972396 45158277 2167103 6876645 5341956 2351853 2983559 6544 29866043 18986245 48120714 45620105 2500609 2508088 17844109 8850251 5137501 3000122 856235 1757851 174034 67958 1515859 6305916 171508 6134408 12724536 7586289 731282 4384724 22241 7699297 3751776 537835 118137 82902 17427 26129 0 3165091
OK 869792 366366 247075 11150 76 245125 11911551 5813300 133853 5964398 7474067 28982059 3194934 1470696 24316429 5654463 5095767 284502 50888 135299 45332 42675 24072082 135783 643442 413565 3311402 13517840 3748030 2302020 20084390 3549436 5369575 6682673 780797 823152 1852213 336318 690226 26449219 16693447 9729537 26235 38036427 2981237 3936113 566649 4797499 15032054 328321 10070995 323559 4469711 304539 2480150 829137 855885 19815727 344501 18886 57230 5401893 40235 12122031 0 1830951 590931 0 98695 492236 1179246 22730 111407 64722 846934 18254 115199 4522742 0 447864 3685673 281864 107341 1199088 141877 1056964 247 3719822 2222345 14840098 14157115 682983 458700 7425246 4668232 1693066 708748 355200 573101 32196 80111 460794 1124638 174407 950231 4184523 2685374 677025 822124 0 2027477 1245986 395464 141792 9249 1079 132659 0 101248
OR 3747548 1336830 1075727 402210 3831 928950 6294840 249838 890412 5154590 2177339 39152052 6113943 2817379 30220730 15379393 8866790 2139474 63465 97246 1315183 2897235 43301698 17178405 16886458 800574 1772148 3564331 2237921 861861 78306024 4769098 8807005 9315200 16695578 10642297 24945255 783976 2347615 42786746 30062325 12417033 307388 36268860 3785979 3023982 282699 4844616 23101647 531009 231835 467093 7132291 664320 5141538 1159815 166618 13321910 26360 15859 73901 7579239 138988 2418 4398 5480747 269051 0 200266 68785 9885850 130879 7969 12098 9353725 289517 91662 9574026 0 2112066 7141792 274403 45765 3991240 2568691 1422549 0 8402776 2860897 15921520 12723007 3198513 2981754 9310161 5669860 2492828 649838 497635 714589 11533 19679 683377 1328711 113246 1215465 33342578 32300155 201292 841131 0 2332602 1780466 161116 11633 122642 322 249987 0 6436
PA 15457950 1890075 13144054 6535 891 416395 4884752 2310555 1908843 665354 7761165 76215802 17549597 4434951 54231254 51258722 41334578 2887856 746334 388138 5830768 71048 165871209 2867496 22244725 3361556 16798263 66504797 50901158 3193214 155803726 23476452 26291910 25943357 17661151 9821342 41277112 4542276 6790126 264745718 203887256 60280420 578042 124701590 35974696 6267799 964585 10774994 26584140 26623749 4929815 12581812 35709410 11080884 4794781 3294914 16538831 37475013 903382 3033224 153698 15137621 236156 244749 0 17766183 20530519 51259 19581044 898216 11244335 1726276 41902 2279482 1985564 4328375 882736 51826990 0 26466939 20890090 2444604 2025357 20669124 2487685 18181439 0 22410906 12421754 57706644 52506845 5199799 5499113 37674381 19837555 9974107 4645196 3217523 2203056 172818 121233 1909005 19137810 213662 18924148 9152316 6424097 1472797 1255422 0 6691058 1889806 422437 544085 9154 72394 72950 0 3680232
RI 134139 117665 7765 80 6214 2415 31671 7342 23297 1032 226354 3206946 1125771 298108 1783067 1250170 735341 196747 249534 39999 27759 790 9363692 147850 65409 3751579 100064 4665041 600094 33655 5075346 86958 1148888 426450 548346 318073 267215 372463 1906953 24342249 2410057 21724905 207287 116269320 164544 260779 5894 153655 236450 115251493 68437 128068 911672 196294 448589 24121 242668 816715 0 932 8329 360632 7260 0 0 439562 47010 26 37326 9658 124871 3048 7152 90 5892 8208 100481 742134 0 275095 391833 74829 377 183324 86221 96886 217 736088 90663 1837210 1712407 124803 190597 2224058 1518070 173868 458204 73916 105618 8866 12825 83927 120716 16175 104541 601512 367334 4225 229953 0 209914 167204 29039 7562 2128 3133 475 0 373
SC 1792019 720192 705641 196726 3696 165764 981513 844524 60975 76014 4378496 60673380 13972993 5259139 41441248 8273020 4574876 557715 586176 566738 1946716 40799 39329031 3191685 16520277 1438075 431538 9203681 7857702 686073 59650598 2303983 7127822 10172636 20137723 1938956 14265590 1493584 2210304 32121031 20804831 11047192 269008 33502586 4093615 6621056 358236 3069358 16826793 1569496 159037 804995 18779907 1232364 2330820 14577451 639272 35230285 5935 8305 28041703 2474599 172264 79949 13142 4434388 437617 4090 239899 193628 3296828 2854448 12664 11315 366422 5335 46644 12878205 0 39618 11393847 1428729 16011 3026177 2262390 763659 128 5688129 975456 23020449 22331071 689378 2749475 9979163 5803882 1760888 1361154 1053239 736708 57951 10311 668446 952916 393428 559488 3669578 1971310 1243257 455011 0 4883496 3607303 89419 61413 662721 34898 376465 0 51277
SD 6306218 6230179 47065 17840 0 11134 445248 24061 389721 31466 4551219 9578464 452663 919960 8205841 7785088 7735994 46979 0 598 1517 0 5015426 157081 184964 69039 16384 2530711 1397801 659446 6626205 114626 1382129 2842384 578768 320751 340018 102779 944750 24598730 11809607 12731462 57661 10857705 4811474 1332786 268439 2592242 1073100 376708 335060 67896 1467889 505210 233590 179929 549160 1504372 0 0 0 833970 17600 16275 0 636527 677657 0 30299 647358 93552 125 1011 8993 78939 2418 2066 3316180 0 1902935 984399 428846 0 334896 81244 253652 0 2947918 500323 4101838 4087694 14144 820124 1658468 937783 447893 217747 55045 195818 650 15130 180038 158488 9780 148708 1063312 796739 203535 63038 0 939280 725584 57040 1278 168 94197 55977 0 5036
TN 1385763 798897 436120 20172 106132 24442 1099339 266570 548348 284421 9502772 75944818 11171005 2515940 62257873 38310963 32977358 1958512 359794 271451 1149917 1593931 120876701 7366588 40329175 6118971 4931310 47081639 10708598 4340420 133252966 6215113 35497427 36012825 17602213 10586086 20807216 1557766 4974320 122930580 80082184 25537859 17310537 159583483 33396814 5007591 2245413 2852323 104261386 2091394 5943775 3784787 181748259 857914 168514526 11868760 507059 54442802 98304 29055 412748 28239010 420090 3895 22868 25216832 5277339 895970 2588041 1793328 4094975 123928 1184086 320443 2091436 54213 320869 17488335 0 1216820 12930164 3269636 71715 3827318 2120551 1571596 135171 14112986 18707311 35418123 34669886 748237 1298051 22681965 12409933 5973896 1979336 2318800 819610 90249 128438 600923 1555260 160614 1394646 5619440 4080459 713763 825218 0 2153660 1344965 301111 391240 2682 15489 44509 0 53664
TX 7402289 3047714 2426387 1253695 13999 660494 156964343 103050237 11849599 42064507 59542520 381651725 91359543 49908488 240383694 272028079 193206932 68981939 359715 3270420 5603648 605425 302277458 4608297 21872337 3607540 99114729 110086123 34462553 28525879 382718780 23926638 53267421 58901910 106034237 11628500 97974120 7211988 23773966 375176605 185187560 188768503 1220542 209335516 34311754 21515692 6065540 36895718 93808096 4707982 9023867 3006867 59952581 20843726 13204025 16004752 9900078 129878670 2029789 13485931 8726767 27007349 2416833 12510886 2484 63698631 8955112 89973 3218853 5646286 27924716 1314163 303338 3893499 9779559 7241023 5393134 74212823 562 3131356 61939425 8500327 641153 26977992 7562721 19390464 24807 78915347 92321463 159073282 131206457 27866825 8810184 64574940 42972819 15226832 3290504 3084785 3399858 616115 201002 2582741 12715027 849546 11865481 21949356 15518366 3397930 3030157 2903 30847563 12922625 2116329 1306580 727386 67034 2589928 2769 11114912
UT 589844 113246 357669 67069 6545 45315 6751967 27363 6186885 537719 2034932 60323119 15853125 2868390 41601604 6684334 4605962 1393216 137396 145986 75156 326618 16767733 719195 1221973 474544 1072711 7590036 3255027 2434247 27069850 1470114 8538772 3525698 2693482 744130 1995236 5969103 2133315 24439497 16576192 7659757 203548 37790921 1632573 5662678 1082656 5523869 17806565 1434834 3099790 1547956 14131603 1287547 8697944 320026 3826086 15694119 491596 1183 0 10224775 22247 10571 19866 4923881 1050150 500 771060 278590 368344 89058 52473 44084 45146 54584 82999 5938263 7 2757244 2154542 984360 42110 2768399 1420294 1348105 0 8945767 1836753 22303697 21817005 486692 1492048 10362127 7308922 2689755 223630 139820 315016 54067 13254 247695 411522 51598 359924 3802050 1769512 362118 1670420 0 2544183 1777180 629911 8218 18985 34714 65979 0 9196
VA 1924931 1388572 97346 100816 65438 272759 4009332 117731 287628 3603973 3878929 115671045 22038737 6641659 86990649 18519342 14754728 3287081 145232 89050 230282 12969 29200851 2128122 11084371 1332059 1317333 7108007 4026116 2204843 36609599 1896002 7218733 6702103 4576157 2124148 6986694 5502487 1603275 73737771 42733195 30922632 81944 175538313 15074641 7114850 669113 128543446 19827397 923076 2447386 938404 68836232 939506 65721216 1285575 889935 64852732 97991 2105126 49488105 9126999 145180 27175 2862 3859294 11636156 11946 11250721 373489 3747309 565343 145076 451446 1304591 152657 1128196 11214627 8882 778037 9432693 827547 167468 2261365 1866485 372271 22609 17504517 1366965 36270476 35148828 1121648 1835676 29999757 14906042 4485570 1806431 8801714 2757946 90103 19180 2648663 2754511 1819127 935384 6713681 4558733 686887 1468061 0 16653929 3215739 1011630 419511 29848 50392 199523 0 11727286
VT 378329 199635 62278 116259 0 157 20541 0 19703 838 56560 2815943 867254 210210 1738479 1694327 1455677 77800 103498 5438 12200 39714 1778957 40420 62345 66701 0 203267 1249524 156700 3667451 284632 599865 402597 1658479 352465 306710 20415 42288 82187976 755259 81428610 4107 2670030 1470035 270813 66938 290985 137371 60309 175385 198194 223378 31424 31431 54512 106011 558125 0 49169 10582 359939 20564 0 35 117836 103627 755 35343 67529 17670 813 1923 532 9128 4529 745 5495906 0 11093 5480243 4570 0 98618 41774 56844 0 1099491 78311 1585507 1265766 319741 21599 1333247 795193 367648 130432 39974 57316 1754 2712 52850 61933 17871 44062 125960 59830 8137 57993 0 204957 164290 28973 5562 3572 328 984 0 1248
WA 6871369 2466491 1845631 334367 18410 2206470 5164139 4447479 626706 89954 8376356 58348672 11638981 3797366 42912325 26627298 23424864 2672244 8295 188921 241254 91720 31266260 7628501 12002102 1294437 674737 5860258 1655325 2150900 67733896 5547750 13278104 6696156 11220516 721203 26161263 2114582 1994322 79974028 47898265 31868487 207276 33344065 3851201 3213206 376373 6060494 7794817 2005860 701536 9340578 898509167 1385091 459436099 2233533 435454444 25719727 195035 103418 272865 9301345 528601 65310 5963 15247190 1349458 4079 918484 426895 29100136 26744034 85769 31635 377032 40435 1821231 5073348 0 367330 4034529 523149 148340 4129365 2249271 1880094 0 13372193 1300461 19634568 18131089 1503479 1583575 14473956 8203528 2635958 2740370 894100 769274 49699 70807 648768 10321046 346938 9974108 7988822 2995160 564015 4429647 0 3890854 3316953 144069 93370 35643 45951 155474 0 99394
WI 11791774 1660800 9539370 91331 102 500171 2753144 168546 2312122 272476 21633669 102640357 15977106 9112082 77551169 98988577 84694923 10955227 118823 2022306 115120 1082178 108482512 2376320 36949930 14334854 2770564 23032836 24791127 4226881 149283081 4729845 35445990 53234262 27434125 8318808 14209032 1905439 4005580 110628613 62353948 48204235 70430 126749844 49211978 6374840 360943 38877604 27603570 774290 1338926 2207693 47038942 1161463 19565643 1542605 24769231 49903916 139636 95510 13131 43706939 421261 25026 15174 5487239 9406394 99 317181 9089114 1763348 90638 57908 9025 555629 83254 966894 20745612 0 404715 16099004 4229506 12387 4733008 773535 3959473 0 24086210 10183401 43513092 42704536 808556 1541247 8225184 4459197 1953148 960092 852747 1254986 71134 10653 1173199 1551152 163819 1387333 5804485 4039487 728755 1036243 0 5661822 2661354 2143439 293075 218982 232512 110553 0 1907
WV 159104 32748 25095 89274 0 11987 1014137 375628 391327 247182 322093 7251924 963557 1983756 4304611 186092 113796 59778 0 0 11225 1293 3461135 279826 149001 257953 399439 998449 1144770 231697 6647979 2503781 972154 613894 1268176 22705 769912 288255 209102 11838877 8914548 2593959 330370 3798281 856479 893199 12231 393182 1001946 181233 397632 62379 3030704 178737 483348 1896656 471963 2236506 0 3995 4971 388857 11781 1329997 0 496905 104127 536 61154 42437 116259 30668 6585 149 63256 1103 14498 802772 0 34459 609161 159152 0 349530 217463 132067 0 967511 147228 3601226 3510895 90331 169915 3614631 2354740 1029885 137175 92831 290102 4988 1700 283414 358353 200632 157721 1276964 742575 201861 332528 0 313674 187168 40965 18615 30628 15980 19550 0 768
WY 363314 348493 2523 5732 0 6566 1433383 353446 592939 486998 2075400 3002151 195815 512221 2294115 125263 50450 56202 529 0 0 18082 2137473 46817 0 8250 679762 982825 16914 402905 595973 70974 100023 286152 35718 10429 21274 28543 42860 1875151 1441377 397587 36187 4635739 2852438 445318 35205 1078674 163948 17260 12966 29930 236385 86681 103918 9676 36110 3707312 144 14105 0 569926 10733 2642387 0 470017 601748 0 22941 578807 28842 5058 0 7391 12312 1487 2594 250777 0 27062 169818 53897 0 113906 10414 103492 0 683409 121214 2267431 2225247 42184 83306 1331780 604918 546849 153047 26966 56131 63 811 55257 30173 26050 4123 986342 917187 22727 46428 0 302971 198109 51565 39797 2444 71 10224 0 761
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Sources Black Knight Moodys Analytics
First Mortgage Loans in Forbearance
Fannie amp Freddie FHA amp VA Other Total
Loans in forbearance 1964000 1495000 1202000 4661000
Principal balance $ bil 414 256 355 1026
Share of loans 70 124 92 88
Active loan count mil 279 121 130 530
Monthly payments $ bil 31 20 28 78
Source Black Knight Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Percent of Business-to-Business Payments Late
Top 10 weakest and strongest 3-digit NAICS industries April 2020
Employment B2B Spending
NAIC Industry 2019 ths Late Change yr ago
721 Accommodation 20774 690 445
512 Motion picture and sound recording 4428 540 328
711 Performing arts spectator sports and related 5167 492 241
722 Food services and drinking places 120687 476 227
712 Museums historical sites and similar 1730 464 241
448 Clothing and clothing accessories stores 12992 453 191
315 Apparel manufacturing 1104 447 180
323 Printing and related support activities 4247 388 95
482 Rail transportation 1745 382 23
481 Air Transportation 5033 376 96
Total 1509354 294 75
454 Nonstore retailers 5627 260 82
522 Credit intermediation and related activities 26512 259 62
425 Wholesale electronic markets and agents and brokers 5309 258 37
452 General merchandise stores 30378 241 52
321 Wood product manufacturing 4090 234 20
811 Repair and maintenance 13522 221 36
444 Building material and garden equip and supplies dealers 12964 207 23
524 Insurance carriers and related activities 27901 206 40
623 Nursing and residential care facilities 33786 201 19
441 Motor vehicle and parts dealers 20349 189 45
Note Excludes NAICs with fewer than 25000 employees in 2019 and in public administration and agriculture
Sources Cortera Moodys Analytics
Page 24: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 24

US monthly Chapter 11 filings as of May 27

Sources Bloomberg Moodyrsquos Analytics

hellipand Business Bankruptcies Surge

0

5

10

15

20

25

30

35

07 08 09 10 11 12 13 14 15 16 17 18 19 20

Businesses with over $50 mil in liabilities

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada

Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809

Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
Page 25: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 25

Running Out of Fiscal Space

Source Moodyrsquos Analytics

Sovereign borrowing capacity given current yields

-500

50100150200250300350400450

0 50 100 150 200 250

NorwaySweden

Circle size=Real GDP $Y-axis Fiscal spaceX-axis Debt-to-GDP ratio

Italy

Argentina

GreeceJapan

Russia

Mexico

Spain

France

Turkey S AfricaEgypt

India BrazilGermany

ChinaUS

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada

Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809

Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
Page 26: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 26

-20

-10

0

10

20

30

01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20

Merchandise world trade 2010 US$ Industrial production

Sources CPB World Trade Monitor Moodyrsquos Analytics

Global trade and industrial production change yr ago

Nov 2018 ndash Trade War

Jan 2020 ndash Covid-19

Data through Mar 2020

Globalization Will Be Diminished

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada

Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809

Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
Page 27: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 27

Further Questions Contact us at helpeconomycom

QampAmoodysanalyticscomcovid19scenarios

Forecasts for 100+ countries are available for download through our Data Buffet service via our Excel Add-in or API

moodysanalyticscomscenariostudioUsers can also create their own scenarios based off our Global

Macroeconomic Forecast Model using our Scenario Studio platform

MORE INFORMATION

DecisionsFaster

Better

West Chester EBA-HQ+16102355299121 North Walnut Street Suite 500West Chester PA 19380USA

New York Corporate-HQ+121255316537 World Trade Center 14th Floor250 Greenwich StreetNew York NY 10007USA

London+442077725454One Canada Square Canary Wharf London E14 5FAUnited Kingdom

Toronto4166812133200 Wellington Street West 15th FloorToronto ON M5V 3C7Canada

Prague+420224222929Washingtonova 17110 00 Prague 1Czech Republic

Sydney+61292708111Level 101 OConnell StreetSydney NSW 2000Australia

Singapore+65651144006 Shenton Way14-08 OUE Downtown 2Singapore 068809

Shanghai+862161010172Unit 2306 Citigroup Tower33 Huayuanshiqiao RoadPudong New Area 200120China

Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
Page 28: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

DecisionsFaster

Better

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Contact Us Economics amp Business Analytics Offices

helpeconomycom moodysanalyticscom

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29
Page 29: Better Faster Decisions - Moody's Analytics€¦ · June 2020 25 Running Out of Fiscal Space Source: Moody’s Analytics. Sovereign borrowing capacity given current yields-50. 0

June 2020 29

copy 2020 Moodyrsquos Corporation Moodyrsquos Investors Service Inc Moodyrsquos Analytics Inc andor their licensors and affiliates (collectively ldquoMOODYrsquoSrdquo) All rights reserved

CREDIT RATINGS ISSUED BY MOODYS INVESTORS SERVICE INC AND ITS RATINGS AFFILIATES (ldquoMISrdquo) ARE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES AND MOODYrsquoS PUBLICATIONS MAY INCLUDE MOODYrsquoS CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES CREDIT COMMITMENTS OR DEBT OR DEBT-LIKE SECURITIES MOODYrsquoS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT SEE MOODYrsquoS RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODYrsquoS RATINGS CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK INCLUDING BUT NOT LIMITED TO LIQUIDITY RISK MARKET VALUE RISK OR PRICE VOLATILITY CREDIT RATINGS AND MOODYrsquoS OPINIONS INCLUDED IN MOODYrsquoS PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT MOODYrsquoS PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODYrsquoS ANALYTICS INC CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE AND CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE SELL OR HOLD PARTICULAR SECURITIES NEITHER CREDIT RATINGS NOR MOODYrsquoS PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR MOODYrsquoS ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODYrsquoS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL WITH DUE CARE MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE HOLDING OR SALE

MOODYrsquoS CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODYrsquoS CREDIT RATINGS OR MOODYrsquoS PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER

ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW INCLUDING BUT NOT LIMITED TO COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED REPACKAGED FURTHER TRANSMITTED TRANSFERRED DISSEMINATED REDISTRIBUTED OR RESOLD OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE IN WHOLE OR IN PART IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER BY ANY PERSON WITHOUT MOODYrsquoS PRIOR WRITTEN CONSENT

CREDIT RATINGS AND MOODYrsquoS PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK

All information contained herein is obtained by MOODYrsquoS from sources believed by it to be accurate and reliable Because of the possibility of human or mechanical error as well as other factors however all information contained herein is provided ldquoAS ISrdquo without warranty of any kind MOODYS adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODYS considers to be reliable including when appropriate independent third-party sources However MOODYrsquoS is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moodyrsquos publications

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability to any person or entity for any indirect special consequential or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information even if MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers is advised in advance of the possibility of such losses or damages including but not limited to (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODYrsquoS

To the extent permitted by law MOODYrsquoS and its directors officers employees agents representatives licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity including but not limited to by any negligence (but excluding fraud willful misconduct or any other type of liability that for the avoidance of doubt by law cannot be excluded) on the part of or any contingency within or beyond the control of MOODYrsquoS or any of its directors officers employees agents representatives licensors or suppliers arising from or in connection with the information contained herein or the use of or inability to use any such information

NO WARRANTY EXPRESS OR IMPLIED AS TO THE ACCURACY TIMELINESS COMPLETENESS MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODYrsquoS IN ANY FORM OR MANNER WHATSOEVER

Moodyrsquos Investors Service Inc a wholly-owned credit rating agency subsidiary of Moodyrsquos Corporation (ldquoMCOrdquo) hereby discloses that most issuers of debt

securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by Moodyrsquos Investors Service Inc have prior to assignment of any rating agreed to pay to Moodyrsquos Investors Service Inc for ratings opinions and services rendered by it fees ranging from $1000 to approximately $2700000 MCO and MIS also maintain policies and procedures to address the independence of MISrsquos ratings and rating processes Information regarding certain affiliations that may exist between directors of MCO and rated entities and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5 is posted annually at wwwmoodyscom under the heading ldquoInvestor Relations mdash Corporate Governance mdash Director and Shareholder Affiliation Policyrdquo

Additional terms for Australia only Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODYrsquoS affiliate Moodyrsquos Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 andor Moodyrsquos Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable) This document is intended to be provided only to ldquowholesale clientsrdquo within the meaning of section 761G of the Corporations Act 2001 By continuing to access this document from within Australia you represent to MOODYrsquoS that you are or are accessing the document as a representative of a ldquowholesale clientrdquo and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to ldquoretail clientsrdquo within the meaning of section 761G of the Corporations Act 2001 MOODYrsquoS credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer not on the equity securities of the issuer or any form of security that is available to retail investors

Additional terms for Japan only Moodys Japan KK (ldquoMJKKrdquo) is a wholly-owned credit rating agency subsidiary of Moodys Group Japan GK which is wholly-owned by Moodyrsquos Overseas Holdings Inc a wholly-owned subsidiary of MCO Moodyrsquos SF Japan KK (ldquoMSFJrdquo) is a wholly-owned credit rating agency subsidiary of MJKK MSFJ is not a Nationally Recognized Statistical Rating Organization (ldquoNRSROrdquo) Therefore credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and consequently the rated obligation will not qualify for certain types of treatment under US laws MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No 2 and 3 respectively

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds debentures notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have prior to assignment of any rating agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125000 to approximately JPY250000000

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements

  • Handicapping the Paths for the Pandemic Economy
  • Slide Number 2
  • 1
  • Pandemic Upends Global Economy
  • US Economy Struggles Most
  • More Infections Worse Downturn
  • 2
  • Global Businesses Re-Open
  • US Lockdown Winds Down
  • Central Banks Erect a Firewall
  • Aggressive Global Fiscal Policy Responsehellip
  • hellipThat Cushions the Blow (Temporarily)
  • 3
  • Alternative Scenarios
  • V W U L A Swoosh Recovery
  • Commercial Real Estate Market Will Be Slammed
  • 4
  • US EPI Assumptions
  • 5
  • Global Businesses Are Shell-Shocked
  • Double-Dip Recession Without More Fiscal Support
  • 6
  • US Businesses Are Paying Increasingly Latehellip
  • hellipand Business Bankruptcies Surge
  • Running Out of Fiscal Space
  • Globalization Will Be Diminished
  • Slide Number 27
  • Slide Number 28
  • Slide Number 29