U.S. non-farm unit labor costs fell at a 2.0% annual rate in the third quarter compared to the preliminary estimate of a 0.2% decline, while productivity growth accelerated at a stronger-than-expected 6.3% annual rate compared to a 4.9% preliminary measure, the Bureau of Labor Statistics reported yesterday. Productivity growth in the third quarter was the strongest since the third quarter of 2003, when it was up 10.4%. Unit labor costs’ decline was the largest since the third quarter of 2003.IFR Markets predicted 5.7% growth for productivity and a 1.1% drop in unit labor costs.
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Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
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Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
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It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
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Photos from The Bond Buyer's Texas Public Finance conference.
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The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
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"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
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