Labor Market Stunted, Recovery Halted, Negotiations Paused, and Strong Demand for Municipals Continues

  • Weekly jobless claims reported today are still elevated despite the number being better than expected, indicating labor market weakness continues.

  • The Dallas Fed’s national Mobility and Engagement Index is falling out of its recent range, which is not a good sign for upcoming economic and labor market activity.

  • There has still been no meaningful progress made on a fifth round of COVID-19 relief in Washington, D.C. The Senate is scheduled to adjourn tomorrow.

  • Municipal bond market supply has been deceptively high through July 2020.

  • Today, Lipper reported another $1.6 billion flowed into municipal funds for the week ending Wednesday, August 5. This is the 13th consecutive week investors placed money in municipal bond mutual funds for a total of $19 billion.

  • Ohio governor Mike DeWine tested positive for COVID-19 and is showing no symptoms.

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