News and Information from Bond Buyer

Day Indicator Last Report Forecast Monday Chicago PMI May: 65.5 June: 63.0 Monday Pending Home Sales April: +0.4% May: +1.5% Tuesday Construction Spending April: +0.2% May: +0.5% Tuesday ISM Manufacturing May: 55.4 June: 55.9 Wednesday Factory Orders April: +0.7% May: -0.2% Thursday Nonfarm Payrolls May: +217,000 June: +210,000 Thursday Private Payrolls May: +216,000 June: +210,000 Thursday Manufacturing Payrolls May: +10,000 June: +10,000 Thursday Unemployment Rate May: 6.3% June: 6.3% Thursday Avg Hrly Earnings May: +0.2% June: +0.2% Thursday Work Week May: 34.5 June: 34.5 Thursday Initial Jobless Claims 6/21: 312,000 6/28: 314,000 Thursday Continuing Claims 6/14: 2.571M 6/21: 2.560M Thursday ISM Non Mfg Index May: 55.5 June: 56.3

After a short-lived supply boost last week, volume will drop by an estimated $5 billion this week as issuers scale back financings and underwriters and investors head into the Fourth of July holiday.

Government

Nationwide poll finds most Americans would support a higher gas tax if revenues are dedicated to highway and transit projects.

Moody's Investors Service has downgraded two Chicago suburbs – one by three notches – for growing pension debt and a looming requirement that they increase their pension contribution or risk losing state aid.

The $1.4 billion Los Angeles tax and revenue anticipation note deal and the $1.2 New York State Dormitory Authority seized market participants’ focus this week.

Three of Illinois' five pension funds have revised their investment rate of returns, a move that could drive up the state's future projected contributions and cut in the savings of the pension overhaul adopted by lawmakers.

A recently approved policy change that extends the accreditation review period is a credit positive for the San Francisco Community College District, according to Moody’s Investors Service.

The Chicago Public Schools announced plans to cut more than 1,000 employees in a move that comes ahead of the district's release of a fiscal 2015 budget that must close a nearly $1 billion budget gap.

PNC Capital Markets has brought in a pair of public finance professionals to help build up its Ohio business.

Some broker-dealers and some issuers have distorted the truth about the municipal advisor rule, said a former Securities and Exchange Commission lawyer who worked on the new regulatory regime.

Moody's Investors Service said it has lowered ratings assigned to bonds issued by two of Puerto Rico's largest public authorities -- the Puerto Rico Aqueduct & Sewer Authority (PRASA) and the Puerto Rico Highway & Transportation Authority (PRHTA).

The chief mediation in Detroit's Chapter 9 case has ordered the city to meet Monday with holders and insurers of $1.4 billion of certificates of participation to try to reach a settlement.

Moody's Investors Service has downgraded the Detroit-area provider Henry Ford Health System one notch to A3, due to a deteriorating operating performance and struggles tied to implementation of a new electronic medical records system.

Bonds from Puerto Rico's $3.5 billion March issuance have strengthened while the Puerto Rico Electric and Power Authority's bonds sell off.

The Internal Revenue Service’s tax-exempt bond office will hold an audio webcast on basic arbitrage concepts on July 10 at 2 p.m., Eastern Daylight Time.

The municipal bond market prepared for the possibility of its biggest default ever after the Puerto Rico legislature approved a law to allow public corporations to restructure their debt.

Standard & Poor's Ratings Services said it has lowered its rating on Puerto Rico Electric Power Authority's (PREPA) power revenue bonds to BB from BBB-minus.

Puerto Rico Aqueduct and Sewer Authority said it doesn't anticipate restructuring its debt under a planned restructuring law for the commonwealth's public corporations.