Capital Markets Summer 2022: Revealing Recession Patterns

I

Powering Through Economic Volatility Revealing Recession Patterns

I • Innovation flourishes while the economy languishes ‒ Automobile ownership advanced in the Great Depression, and there was significant growth in PCs and smartphones during challenging economic periods

II

Personal Computer Penetration Grew Through Early ‘90s Recession

Global Smartphone Subscribers Grew Through Global Financial Crisis

U.S. Real GDP Index U.S. PC Index Recession

Global Real GDP Index Global Smartphone Subscriber Index Recession

III

160

500

+335%

+43%

IV

400

140

300

120

200

+4%

100

+9%

V

100

0

80

2006

2007

2008

2009

2010

1988 1989 1990 1991 1992

Source: NBER; Diego Comin and Bart Hobijn “Historical Cross County Technology Adoption Dataset”; U.S. Department of Transportation; GSM Association; FactSet.

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