Employment data

The Investment Company Institute reported $974 million of inflows into municipal bond mutual funds in the week ending Nov. 23, down from $1.430 billion in the previous week.

State economies are generally stronger than anticipated in the first half of 2021.

The long end of the municipal curve rallied under a backdrop of stronger-than-expected October jobs data and upward revesions to the prior two months ahead of the arrival of $9.6 billion next week.

Municipals outperformed the move in taxables Friday but weakness hangs over the market as fund flows lessen and supply increases. Taxable munis may be keeping exempt rates from moving higher.

ICI reported $704 million of inflows, a $1.1 billion drop from the week prior, bringing the total to $76 billion year to date.

In both states, jobs have recovered past where they were prior to last March when the pandemic hit the U.S.

Better-than-expected job gains, a rising UST complex and an increase in supply to test municipals' resolve.

With all eyes on Friday’s employment report, since several additional strong months of gains are needed for the Federal Reserve to be comfortable announcing a tapering of its asset purchases, Wednesday’s news could signal trouble.

Florida’s unemployment rate rose 0.1% to 5.0% in June while gaining more than 69,300 jobs, as active job seekers look to rejoin the workforce.

With better-than-expected payrolls, economists still caution full recovery is a ways away. Muni participants are closely following how the Fed's action — or inaction — will affect the municipal market going forward.

Economists are bracing for another volatile monthly jobs report and some forecasters are tweaking their models ahead of Friday's data.

It could take the nation, heavily influenced by New York and California, 18 months to return to full employment, Fitch Ratings said.

A disappointing jobs report gives credence to the Federal Reserve’s concern about slack in the labor market.

The state’s seasonally adjusted unemployment rate remains below the national unemployment rate of 6.0%.

Yields jumped as much as 10 basis points as new deals saw some concessions as munis played catch up to the run-up in U.S. Treasury rates after the 10-year hit 1.75% mid-session. Refinitiv Lipper reports nearly $1.3 billion of inflows.

With the reset in yields in the rear view, valuations — especially relative to Treasury — will likely support continued robust demand.

The January employment report headline number disappointed while stimulus news lifted equities and U.S. Treasuries rose on both counts. Municipals ignored those moves ahead of another week of less-than-ample supply.

While Florida has gained jobs for eight straight months, Fitch warns it could take up to four years for the travel, leisure and hospitality sectors to recover, areas that play an important role in the Sunshine State's economy.

The companies said the new offering combines ICE Data Services’ expertise in municipal bond pricing and reference data alongside ADP’s aggregated, anonymized and timely HR and compensation data.

The employment report showed 140,000 decline in nonfarm payrolls in December, but economists found some positives in the numbers.