%PDF-1.4 % 3 0 obj <> /Annots [ 5 0 R 6 0 R ] /Contents 4 0 R>> endobj 4 0 obj <> stream xWnFgA@%ERdߜq4Fl (4u1]RIَPgg/.Mi4@j\9sfvEt. J)t<0@:yq25_#E)c,ן 7HPQ$rTt|%]z> 'm)ܺ7sn)HϏ X|uF;L")%H&OKUcox\)f"xwqiZ(dgh['bӥ28o+ظWA*,8K_g# \+5p5ޤڞu.ބ)&g/=Z,B<0k\SABb'~xdyMkAx}b~l>SqD__Twz1$}:وR(\?!sDJ]9(>_)$`${;udS]lJ6 eDLj1RC Rw&,uH^2A<{K1}MoW!jvuC")\vֽ)Kjnф>~7RH9CZ/0[{%ov/yhJUz֦&`X|g}%W$.t^JF+}dĬa51 `Lf-Ut2VVJBO {osV1NNj?[7\Z˫\s~=愃`b0J9Y㭬1ݏ[9beSr;Q'GÜWT^v/5[2q  FZtpKl~O9J(sK6вc^Fs^sڹg 5r@[+gO PNYY ~qۉAD &JFi䂹M%,|sѹcD'5eho]ejjYz\!?4JydE3y#uނa5 SK7VKkc^2^ qJSMgvXnj8_ o^qe[ks~[)XmφXӼ(zAq-_Ks6?.hZ YջKLRŷ>0,!~n#0ݩ1'^`eT+m_%njD2߲]aAeI3@!hNqp!Ny G>k$`H5:LE7N9qdV&r9^mo_Ky iO@#u(Gigz87> endstream endobj 5 0 obj <> >> endobj 6 0 obj <> >> endobj 1 0 obj <> endobj 7 0 obj <> endobj 8 0 obj <> endobj 9 0 obj <> endobj 10 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 11 0 obj <> endobj 12 0 obj < >> /FontFile2 14 0 R >> endobj 13 0 obj <> stream xNFѻ`"a&؉]ǜ;iCֶlv=m_;;tctvƛhSLg;.tK]JS]Z׻n5LfG=IO{^^7mwCo}G -r?kW=?7T endstream endobj 14 0 obj <> stream x||TULO2I$3aR6aRI!!$LBo2 EEtQ& UU]-fϽoR`yzι7B*1emC<܁yAc TK NSCm= =4 !!퍽=(Ґm=/Cťv6HФ$Oܟq =u"=o|; e B6.h=čB&L`O9?O!@wLO2\B=<_z.}VB׊?,Ia)H? - ^`BQш@ E8AzYP<P"JB#+JEi(eL&hzeȆrP.C)Tih:*CU*Tj 4";f:4գ5&Ԍ$)7A⊀^;)ym81t#h="$zhr|=VgCx#a;4"C,=vG3S /B#0̭@OhڎE`YmB@z<[ۂ尊xG%x2CQ[ɣٿy ]z˗-]ױ{Ⴎ:;Z[ϩ=^;sFMuUEyiSKK y<T*LyhPr|NWݎn!k hyFXUe B϶YjVB*6 v!S&7e*r1i0L!7e2X ޞ8# E eDR# v qMյSv-xX//%6)椌9G&y ngw9eod^itxhFŊ*UˆKD?QBl$mp/PU?k, 2K%fRNP킹I 9JPګj+aR \ՉstE& inQ;Z*$W,)$ג^+UE4#4 r`Nh53Hs F{dct*?qn4Dv ^)<ɠy.e_HlH~sh:11t{K [5iFkW($0/T͝Y'X'e yH2wcEc|a*t*A$oL V 8Fp(؄~xG*N`>Z;]v|?/=~SǏh[G'r|"DV1Lt'H Xw`gOq+v&%/q'[ c,&(ρ`pD `xGϞayb-'{p 52 P;H2<UhF$ gIﻸ:v }mѢmO\k=+WpV8}͛[oVR+]JBHELJ"OL lO̻1c۝jbaq" Z!FOE`R:&<`@4 !Kch`؁F47/7}ϲ5 [o~m~ݑns{~hᩣ-6$O~Yߛ.^~ox.<xޡUy9 "W+P |%^|&SEҀto/S=z?^{}[i~Gf];'ݟ}56휭۽nxι3vٽܐivdϺAe_} "J@1f4R,'0Q32Od.>X,& *9\Ð>>0*nrx5"?,44(H,R9dc3SM$r3}['}t٫{3r_0G/c״uGccŧNٵp ?AГBɄ )#EzJ\b6 R.*)*) d̵|r|GynJ}/ws%Ζgvi[SYqg KHxG~];UW2I&1¯F >*(vK])>@ݷ]9P"KT܎D='Br_pcC3 1En֗?RÝhƎS~SL>w\ݺ|zױ5[z.\͛ߏO߷W&N,Φs lb˚ R$0f#1WcXkR'%\thqE#Hl~ zX Rhmif  qKxX8 \9Ug1 #L\p^ ;kf} I. S0o¥w0n0=d'Q]ϯכLqJJzJԣ?ҷ{d,͛>;vӊǦL|e'-,- MM.(HNS{[2sftt6Y_>:gÂ3kF (tB-ɼHUAdKA6kE_jzܵ[UG'~^cȈK#X{}A|NC"W?(0%ß8i$3[ pG_=}v? 8 /?-\u8O b 8XR+QM%1.F]5IM/Cfܫ_0/%'= d'(9}"L೑bp^>L,q7U߭>ՎK޼cpcoĕ/kJ+jG2޳|,c^i ʇp'XttA ^”Iɽ #y.SLJ8\rPqeTĒYyrQajB?oݹ[هX$`/ˍ&,~'M't_f~.4,۟.|9X$Ob ~ w'@|#X-F&\B` fK@' wû8 +x߸%ۊZ?ٸWr6,WVkp`₌ 5/e?*&e$S܍]ull D'@/]#_wE{- Jʌw=>Z#O}>9~⣎twO 꺎+\NuY޽X}ɻ68M'+}UC9ֲr3`D)fL!SgN=Oo9}?}j1p =kx_(̜T7>jԨɛĵ? _| {;Ax0 ||C!(+hT*_?Wܘd4p0-7DŽNug=f܇{ޱo :cKj5 p"XoZ>"I`Qy$u?4ۍ{s.ש?z $#CI0OXzk|C~iN}i&L?OWGnZX7̔ܵd2L;@cbW8 }$sG|રX~IKw&1!Je/1SSFx$,!Kexv+VAb>Z~Id72x .8F&~R1+Z}s:>pOu%re9ޤ/Lį bpErwݐ_xc#;0KLԳ?*\@R /f?&\/ SΘ|*'oZShb%YsAɡ~? :huс&P42̸h\MuVbLX4?:$^@Y7 EXdif2REJS8T|=3R&3gIX:\u1ů Kh0q; %ࢣ79w_fO+ܱLÑ&:}M*[U?asO@L̶ T84ZO`tYDw!"2IAFǟx=7?:'jz}I2oMR%a}cIʜg!`4RCzStmkWhrJʆ,#Żܞ9`ݗt0n 04mJ9tox{|pC%R6 $DD?QZC^D[ !] _ŤܚޠdG6Js7LvvpϘ0-Y/D#w]ZC0T'`:JGW{h䍇Ơ:HCԑfyn%{xS3>t{ҏv ce\ݪ?kvy9j1}U!"/KZv 7#$-^E#G]<33U?w6gQQ|2wRrC9BCJx[Pf3HPXppVHB~1*&o@R@(yF=( _(xՄ`nv%"vC.ok I֘ԫg_~+eYJN~K+W վ;$}Jn^p¬<kYʕkW,~zF~ kQ;AkPYV@BB +:7n?z݊]%VDM(vmw3/o2zAO࿠//p V`ho?;B\s&n8KVWE?Y}fg@aQ8”(vDNozG;u:5\oͯ>be~ _?)[*mLi  M^A1I>>` AHWKi`E8zU?.xV06=(Ļ3-*Beq5k gZ,(uI UG\(?1"Ik(` y3uڂȍ- W_~+w ųǙ7K&\=5=vܹsr@[~ _.G}$Q:^u:`6um^J^s_v!SR mm|h& ظ/.YxaxŗO2ݽ=N>Do~i|=}vymrb^Fu(UQQR#0 4{_D3G &RƜw37U n ۱<Ҷ-ypuW/ ',%)SמhJ}Ei\4ñTV 6bL#u ?N!0 '6[7InB0;>?i3OmpvI^Ŀn1 3]Lr0l4ՍPU tmfݗU_ukS:5Ҩ\TTּ}+zVv}/jb8*u(9WYc 3&c.7.h+we֚8qGue rbb1DN͵NoaNb T!uL%/HR`q3t3w|"/U<{NX^_q|}$h@S4gL*822ȣ6O][v.qŏeMv9[쭛ήgr:TTgUDKSBÙBSRUfg\3gG~B#q% ?;0JEgWSon ڷ{#|w{p|Sa+_i86}{>om| c^+ɻ(ⷩlNdWÃeGoZ}¢ܗэkM.72vC"~&̧O w]b@$TnZ+yn|mfP%\\\;AU CQ \pFoPKlK!}W-tse5L+SAKSu( Kj=0׌:N :Bf=$r{t:Bh }|VE6%7ok~յSj\ʴ>&YǼzۂvAv8jayoha_>E;S6|K6 oCQyyd޶=mz^/GL@LD~o[&1{>8U{۾`)v( 6F{)67J?5^8ڇXqdݻbș:)u1x`w{#\}t@Vχn剁l'YMtA1h}Vbk#}^tm ܉ijIV7-P1NBs+K5g!ՖVطQ&Jogwˆz&ܣ)c&z!wCw/(Ŕ3TE zuȎH4R>˰RQ񜋩 T[b4<0r%2^ʻ ,Zo`1}T%=(]$ea}sTRΓL<3BN]>$g7?pxl,/,/2O{o ;ͣ_h/z]'S=y)}gR#ɣoOrے }KM}sr)^ߘ7$&'xsu=Y=]_kϴϰx5xq8"__їszG?-ڣjKM_<Σ/2ySN osMR?gFz"<p>+La^O铓,2}l..F7^ (̾au’P>*ԣ7 G{A.%T?;$3(cviV`hvg6YS㟬vU ըݏ[}ϱ~eF"sQ]aߕ|/aES#,Oհ)L |6/❮jKE%/[\*rUrIPͬٵ<-u=kdAaE(-MұXEKAqE<ܸgtBH endstream endobj 15 0 obj <> endobj 16 0 obj <> endobj 17 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 18 0 obj <> endobj 19 0 obj < >> /FontFile2 21 0 R >> endobj 20 0 obj <> stream xVQfd%{dT*l-Ȉ_sڥ}@;t:NtSn3msBhJWnt[Nw^{&lGM7l{z^4^7]B-JV[K}[}G?fVnw endstream endobj 21 0 obj <> stream x{ |[řȖ|GdlYe˲-ɒOَq|9˶IHSH rͶ@)GR .),~r,$D3=9(dyoF XIPYߚRݾta12퉹! _NXS0@"&\s6= B+tXo sIN9h•eDk\^7gʼ޿N>X܎HKx)?<@#Z .r̿JbeRB?I?:FpzQ: "3}Cda)3=]]Ğ)tp&E2Q 8-C(%$Q2JA+P*ZP:Y(\()QRBFEiP ҢRTA>=2 dD&TP5AQ=j@hjBͨ6Ԏ:P'Bݨvj4֠A4ZF:m@&! Lin(R!dW(Lzh2 C"O*K5u+R2&嚠hR2X.Ŷsr}C 6 TRq򊓽fsuj_OO9S=M٠P UU(? 9܁X*ST&)Äڷ+kNB馊{5^[x3#l fJK)f [o[ރA*IwV }QzWw/?ੵt2RxNU[q7f.*24&s:KTrLj:Lt$b~S| Y/"O+1%z]6&yrhW׏j&{7i;c[&Ĝ .@WR'I)=6>TnۋIwT3Zqlzۻݫ89p8)WJ!kzI:BLo T^S:{ۮkuOq;`nˣM1fnE.~oGKm2~2jRcD*A%_˘^gqv괺=E}l|~c0e}QO}Ukd:YZ[SV <$Rʅ$Y2& S Z'-?y-3Nɾvuw3[wC%88/IK/)3233V3 CBW!:+|\X!_=X8 GE-Jp2e&!)>zj?6o?t# >ž'ex8|ȔȊ "%_o!f\P 6. GH/m{L[<0;K٩Krk)U>uGY.+4JOlzȠ*RY ҅|G~1.].(]6 q*Lr\SI*B՞SvغK5+S-)Z6:ەի6wx_V̫| ~!YVGPzqpOK"zṅ]4Va4VI1NK()+EKF|*)#zҠֶ,^\ع[[BE&'w̽I$f{/SU{XX&A;uT׶[[ 7Gkn6u7 jdj,+c$ 7{gnnjƖ$OhPngTa>hH DZPo == 2`l4(\"):qxK/!ȕFT X-+0R^1c꛽OL".y̥4Π_3sbpu0)â|=^tvnNpsFVP&ԞBɦ vY~FA+owgca^-hC&=#<8^迌 zs"N ̟SX! *A"au뚈۬͟;K\"B'W޽!7x{' ӚR`'3*T5ʊ2WRr4 t͝=p\KK.o.KKy}n~. ;&M6OuYwY@S%u[f_7mǿ>,Chm ΅zdڋ|*x%go%ؼJֳ 7Im<uta!|{z抇9./}O| TMr|釯"q w|~,4Op5j\!UH ?ϷXB[]OfٹFCyzzǀf k [OY9ƯkP'mH|cI)#7Co.2晛4o5XY_[-w:=[PYPP95E~Z[XX> '| <ĄT\ARY:qgGl&*opj. &߻W^u3?`r^[ ]+ ȩIXJJ7f}1#j[Ly*QAEpV tS|)i6Ul:< g%ЖG8wN ՃEܲ}->F|`q$L6ZFzjbM{n?PhReeQmF[Ma X/rW[ؚޑ=ĽU3HW>7A;=g[dYeATHC5$ XF8des@g07G\a E hm.-+b5i\vӪ|82#Q=?ڮ/咒ۆ5sͪ*ERA*X^q¨>%dj74lG\y%<>g65-aP>rsBG]]՘C \8߷o0YC!m g;P;^jwy:pǴ;`&.Rn ڄR`3k ;hk>s0{?cotg"2cӻV",>ᖙQj:wdHxĄv݀#0kB:3\t͸~l}a=5$9tϫ:#kp 5d7#==[͕qnSVM~Se$4/ԆkP Ԏ\ɿ+ q@kzpg[@l>%O wE WLKSs5J(KzJhZ ]} #DRχVZ h*hy%V8ņdA> "jǟ 5BD Џvgsa?uB}@ywCĄߐDqϠHJ, J9 qH[/A3x ?v2?DJ؅5/`k=KX΢frB;=ᑿ+cQ=B?/ D<-F'LI <8} ˅>AQB_VIDŽ~H_W+H#J~*Ѩ5柅~L[2+>CB?|GC%NԄesȇhMP!C:T_ 9ˆfYsrs;@}u,-` twܧjga8@0 7(u 8,Sp Ф(_A)bGl8/WAgvfk/P 0IƗ2~c|OC_yN3|N#9vxf.o1'{bElv3\9T Fu2.z1P__Q]ۗX}L㚧dH-@`팷\=Mgf~++[ϰ7m¨2-L^$0ɤP̵2ɨ)'"O | >CO~䝚9'&\M \ M9cY|s\ڮfff.ukFcswv-78s~x`spnS8@|^{k^N2Gn9m./>.xgIo0&cv (3px88f,RvpY km[mmesiks9m-0'&JWĞp*[>^_P3n9(^ЫY|/hxV_0़R"[> Z,I's#2 8lG?zYlX\µy{{y&].p/k9xV9[GjG75A)K ,kjVY$=Kn'%zY 0 y50RّVװ`wZGJ95\YYZͤ7`zEV_b6ӵke|xYM244䵳#~+1/;q3Nedf:^Lxv'}l?hE W"!=Bk\[tF7ZPDP k__D lO !qE8/zipR s,HDNl\ [K>B3.!H&fh`ʒ<΂[Y0_!vBغP΃J.8/PZ~<*x$fSb*_زa[IH ŭE"~qv)NcX EUB 7|qiL|M BoXp,L&1&/oC8Ȯg.|LX|b7 akX5.-F6Ro@[ܹѽOܪ/\³ZLRoY)+T;op ZdFS0_w܆z;Z;;zVwM i--=-b\亂k0NAA *>VV9ay:y;*Ӡ(JT~"ep=; *_{ad"`-7Of-E,9n[᧔`v`A@? N Sp`r@<+JiD4 EmCP9å UrN* %r2LU^x.7=9lgZ^|qZ8y$H> endobj 23 0 obj <> endobj 24 0 obj <> stream /CIDInit /ProcSet findresource begin 12 dict begin begincmap /CIDSystemInfo <> def /CMapName /Adobe-Identity-UCS def /CMapType 2 def 1 begincodespacerange <0000> endcodespacerange 1 beginbfrange <0000> <0000> endbfrange endcmap CMapName currentdict /CMap defineresource pop end end endstream endobj 25 0 obj <> endobj 26 0 obj < >> /FontFile2 28 0 R >> endobj 27 0 obj <> stream xVQfd%{dT*l-Ȉ_sڥ}@;t:NtSn3msBhJWnt[Nw^{&lGM7l{z^4^7]B-JV[K}[}G?fVnw endstream endobj 28 0 obj <> stream x} T\u9w~afa~2/ À$@I $la 0H=ŎYĵOMl6$S98mi^8N8Y]yN8ܙ'}YO=s>"BRPN >nOD"$4mrajV=Aݯ>q tD|Ew:4 AuE)?ӳ)gO~0 ʂo!4{q.>ghsp_ja~)vGh<_XL,tk pqB0R| Av?wޅBB  D"*eQx<ï /ِ7W%J!;kkk? S# C"C *EZCeH Ȉʑ Q +iGT 3;QP5r!7 /Aȇ((¨E(P3ځZP+jCh'@hڍP7A{P/ڋ>@ @a4t݆:nGwh݉N (@׏&#h^i eP Ц B}WP3?I: p: ;FN}/tY##KM9Y] <6e4r/\dx+ ml @ 2}_.HN+i邹RHH, ‡^Ad^AkPBςH)o@YR \GTjҷ Ԉbbш1b8֮6*ӎ#FZ?FΩP^k ŚrP TVƞ K~>=F˻w/*R^_]viSoh"$o~FzD@EL)@'VAMTD|9Jh@HyRJEf(@hr,vpE#4#uȳ0~LPH969R~A~9+؋?#_DrIC9 o iX喍HRZ8kZrui᪀kA~56~7%("Šcc ǰcqؤDmimt:7=.OΝcvf/JEX0a*E%L*5 @Z(zr$W^@ o*oaytˇq+@i&s@X[1tkޞi(# e90#o@*PњK +CNi XK;IĒѡ0JQ' hw)FCIߎA=/Ps-Ά͢Բ(5F܍W%ib}H4po5p`O]$4Ps¿*a +VaR‚GlQ8JA>4U@Lh4@ Q CCqCi$òиw@#zHםᖋޕÜRPtC:g Q#U \Wic;]8A KW<.`D!foķx2aGv{<#v nw)7K['\6noV~,/U\Bn@f v3U=tkfFLUڮ";(O뀧uХ^2s8IQ5iP2rk0p-s ;n2O e޶oہv<)5T81)]&*J@1&?&vz,C{&Oԑ:|v:.68jZcUnyC5.U5K~ %G5VeCoj 6OVꖨKK-]Wq'Ne-=ؚޯ^u0U"ܗ^GWaB0bCcl Cwu]?36o )t1kW+5]Ѐu&@]ba-f sN׀w esuB Wb,zo!+Y Ҡ@|ҐORE(TkW̤1i<O3E#G>z/ן^|$4z֎DPpє,j]Cq%8bk>6XNKQl~}:#O浻%\EA0">!AC`_D!$.17S餢N"! "?IG=pG; eAQjjWT`:i IixIuYO38~v - /z6_u&6 CGڛl&?rQa&tPX0P$t$\MIdeKETj5B6C4Bi".qgfH_H04D`]|Ν[[G;Ύ;w[5ւk}ޚǎ^:pQjnuF77e > z}#KM^`*vP4W7[_|p#|ZAB#wHCbZ26;i32k+Eɬ2k jVx maBitvC G5*o`].OYet.;k[}HUKCs~ k&}c"qTíp$kFt@tPq8d7\ 9sg.d,Pd(2B:jNL|,wA ].HNO+J-NjсeXg@FVVGG}mk;wtvGJ4B.-\4-%57- X`Kc(U3i,ME+@'tΝйں-`k ZLLF4v(I1nLχ5F[ [ 8c#ʢ옾)]IagHnO+l KmBXiuvp{ =zg@~OVTCM6[ӡh]#FlA_6\w*֦&K@,DGc:jj(;@ "-$ Xnc֬ZT1-@Je{WջQ7bu3 2B/Qzk4;VM͊~afS@=؊>^155rjϐDG(m2&8n32&iW˽ɺ[9x,+ q//hwb]w+b}7 AECp#$E1y1@^  rWϝ;rʑ.6@VHYEQH+sf@Hk>2c~7%|d3c:2 &Uf)x|E q>zNJfwltFUPP&'29fL_e9 e3@l*l`ho^{A j"ٛYBC ! QKKn!f ^c [@v)MzP3岰5+<tALBu]ScM|_SZuZR{-U%PQ*̧ux:P`4$.bq[Xڛ $ߵJ.,O h&Z%g5K@Rn)F)`UXWJQ,냮}еɹ!tAnx4'a3/&`bV|G0 'tyl';D L;N#<E8ީDPLCYrJ>iGz`@4L=Pn2 O@?}*_"6'+fnT"nZn";4g;9suElͅR v +g9!zo!kΣ\9u#=?*7Sيw_f{B[ mZGPde  kozXt9püUnM+q]݆\.vҧN;sѾTcpE_9?ڞ,N&*DJ}DW^H>DHާAϤ dO??>5۠cMG,yH6Sch&D2$Xyllp91P1ߏTP"P AH.~wE?*+@|Bo"R|b23x 3n+$)c^/ Dg揀`g.,ۃrFSZꀵk%brVdkkkk"̕ogflx6CQM;,fP b981ln|pΑFp3cH'm8qc3鹳96kEw- ƽ;eoMYM"=A )6DFB'3mc=nV6-_~Ry}e<&X)|K.۽ &Cy>?P3<%5P1/ /M؟~,FIי J@\AtD .ywc,͆ |)Qh 1xgK"t1ڝ ]Lr.}fo#^WdU{<= =f<2YN#"7aThrYUB[H-R?T][hm.]p9rwK_5Z1 QPE}~sw}=Ewg9[NߏxkcKbDM/l@+zۏWM}n C\O+(3ߦ=lt;L)Zqv EmHc{]?[6v,yZ&{uιJ`*;AOzl"; 7+d 50=sT=5(nL";kWhGi|Mdk2J-2op<M8B};d kEn7˭p_/y4?>ӏ Ϧh$Ur eOT@J|#]o|z|Vv(=K(y"ό>tQhxk7OHD!+("9I"gu乖櫗@kF9[]=lH*IC|nB[oBq6cCbmKE~aNxQQ6Jm':S{ͩX`X XեfGi{GXS*56vT|i]:}_UJTLݷpP0o^n%G022a Y.RײZ\d1ܔIJ]є#aulpmnXz&aڬKÔLœRTڐL'9 ^*F"ڜUG#-_^(dn]rK>Q&+ cB?gq#kb$c~dJ7C*BrQv1[?DI*rP H,2koMc*8 *\Njm>{>%;l |i:X]¢VwFy_eqB8޲.gggV4\"3ya*h JCW--[Z\ȆA&$Tlu|VIT( DVoᅡH^(1L2@o NA hWtmHԾ1RB" fU46j<<<`(cTV=^{mMKq!߸@dSe_ۘ р, .$wn Ol OɺS]p۸ ɡċ%ݍ2R%wJ)L 2 Ÿe  lGMLnK&^ BV_{ڏo+ nUKoG/ ؼq ]@<85O`MϿQd113D:TR_*A?=O^A E2&{Iq/ID*t,Mz2 e Pȩ5?zږvƢH]rS;ev m^Kъ/hV, yVWg0dD12!S]\h1UwDKi}?l$Bmv2PdyeoB,B6/tpV2?Voe =PWzꁺz0l 8զsE0Z{bis8\] 9Mon8œ2kwv-o2OiSL}kгx,7y ` k"]^M@m_^#8?8FV,${oyrJJ0`*UjW+Yf~|NV!/ eɦy[쐹s7jp4bl^OI頡Sl5bֈlnJf*RuͭqYZX Vywʪ]) lO'쯱3挏Y:lZJr 369?wb#DWa /_9ՆCWVL"[R7[bxďZjTڤ ^] #i:PK0gy웹ձf, Ġd}Ql(>DJ/boLK۾>>(?Q<9"`_VdȄt|w/_h <3{ ټwyfP{B0-L~fsx/#L` J3[] ˰iLG#L/=|S?YɌ>8x$\y B.҅Nq(rlN|}™Q- <3:#RB9Tm6Czpؼ_Vߗ~kc'q_1Y+Xf:UM_H|ayivځdSɓքE%Zɮ% V̿ĐIH.k ܂`q(RNM" wAAX;ފ`PQKmƗ!wsK p/}=uU=ov|S$gx %›dawPHloP̅ïbx\4I@ERbѠ*n B2P9>_BRcV>? %v wQ$]IvQU|*9OsO7#F^[hvkH^iyFՀJJѹï7jVk@&7ִ* z)rӟ^]S+T|Qϛ;|IHW|߽ !t PHC5'W9 c j(&<ڱqµ߻ J%#PB؏zxaLѠBD;'Pމ\Ǡ~ ~R u ? !x}C%,;BhBJU+ ><]/VW/V̕r=鶹weu MjN<ᇸ@umYu%߼B{x]>Wzx=32?;gfDⒸXJ,NLpt9u Ŷ j*] ̍:O'撋bb%%v%fh> =2pbjy&aFn@-(P)OԵ)@]@!>qq7J A٘JR6ǡ>o1!OA ²Hߛ3/'7HTr)XLL915@Z+N12mJ~{9F̧uN,&sbr*9X􋝧qqXl|i:~SK~c_h?e$g$,eDoOӷ1d/QAb.KPNR!dd "{#3%RY/Iqd{&#"% E<#b tbl3?$+i2gDFnx2ߖեrgjLc0a%Z#juLi')J )z\Hw҃c\6JgddFqB>K5{YJ7F//c'UtӜK8 z!П)fshdiΘڂ| ee:2^lVIs1|gy$ȠKQ,I{NSuX_q/tӱY ++ӔCIt2DW{=q h8mHHLllAaֆg#?LRq.lK,3|I2C)v6gF4e=/✮@y:O5)$ L{(q_Y&)FDS6;4}o"c3rmZC|?[-QEj_9<zia5SWiɠo0waYJo) 2@)RzR?3kenEJ3wTg(ToLsq׽w]jLYXCnq>:Mب%79)Db)95͉uMM~1> x6_\"ttrn 0A\[!INē'޹LL25q"x{KN&f'Ώ$gS& !,O$Nev1 {Sˋq8"#g[<'y5&3:;ndr;_sI:w>ųAq/fH5 py& gFO'`x ǩ#ΟIg)T#b"Aw.s3IBF/^1w8R$89O%8Ec:9~ ss)pjsE db<%'g~F;x \ug"DĞ[OR||L2u8<s%6jbn)96YXqEq \{1qF"LhQI7Drq6!t,]Jj|1ɺfkH 0onyV=?3F4d|fY-XC?_B=0.{.>_b/$R .bJx&Asupp `$rr2>9g)O1`3 '%qrq~=j!-]:MPZ &XX(?AөŽPhcFÎ6xEW b#4 ͩ]J!7}J/ߓ glw!bLaȠ> stream JFIFHHExifMM*; JiTt >Ian Back fIan Back ahttp://ns.adobe.com/xap/1.0/ Ian Back CC" }!1AQa"q2#BR$3br %&'()*456789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz w!1AQaq"2B #3Rbr $4%&'()*56789:CDEFGHIJSTUVWXYZcdefghijstuvwxyz ?ebٛX>*/w+D|ӼCsPHH.5 o~"Oȉ;eIxOy6Iػht]/ö^ ZT$VgmyͬY)Oן ~_Doe-cohcϏWztH^Dkc}<(ph li'o'>?oBѬ ௎Z U"qw=ٴav ,r[{^nm/vjۗ2TF1>OÜ%,-> /ExtGState << /GS1 7 0 R >> /XObject << /I1 29 0 R >> >> endobj 30 0 obj << /Producer (mPDF 8.0.15) /Title (q1_gdp_is_solid,_but_short_of_the_whisper) /CreationDate (D:20251014100445+00'00') /ModDate (D:20251014100445+00'00') >> endobj 31 0 obj << /Type /Catalog /Pages 1 0 R /OpenAction [3 0 R /XYZ null null 1] /PageLayout /OneColumn >> endobj xref 0 32 0000000000 65535 f 0000002196 00000 n 0000050491 00000 n 0000000015 00000 n 0000000248 00000 n 0000001656 00000 n 0000001948 00000 n 0000002285 00000 n 0000002346 00000 n 0000002494 00000 n 0000003460 00000 n 0000003856 00000 n 0000003925 00000 n 0000004230 00000 n 0000004621 00000 n 0000017155 00000 n 0000017311 00000 n 0000017862 00000 n 0000018258 00000 n 0000018327 00000 n 0000018641 00000 n 0000019017 00000 n 0000027074 00000 n 0000027227 00000 n 0000027776 00000 n 0000028172 00000 n 0000028241 00000 n 0000028553 00000 n 0000028929 00000 n 0000042438 00000 n 0000050655 00000 n 0000050883 00000 n trailer << /Size 32 /Root 31 0 R /Info 30 0 R /ID [ ] >> startxref 50993 %%EOF Q1 GDP is Solid, but Short of the Whisper - HTS Commodities

Q1 GDP is Solid, but Short of the Whisper

04/29/2021

The initial reading of first quarter GDP came in at a quarter-over-quarter, annualized rate of +6.4%, a bit below the +6.7% median forecast, but well off whisper numbers above +7.0%. Headline GDP may have missed the mark, but the underlying numbers tell a more compelling story. In particular, the volatile inventory component subtracted 2.6 percentage points from the headline as business stockpiles were unable to keep pace with the boom in consumer spending. Today’s depleted inventories translate into tomorrow’s increased production, suggesting the inventory contribution will be positive in future quarters. Net exports were another drag on growth, as imports far exceeded exports, shaving another 0.9 percentage points from the overall number. If inventories and net exports are excluded, the GDP print would be closer to +10.0%.

Download the full article

Read more Economic Commentary

Learn More From HilltopSecurities

Lost Service Sector Jobs on Verge of Return

CP-Eye Popping

logo
Thank you for visiting the HTS Commodities website. For best viewing experience, we recommend using Chrome, Firefox, Safari, or Microsoft Edge.