Municipal Bonds Week of August 17-21
For the week of August 17-21, the index comprising 30 bonds was up 2.3% Year-to-Date, a decrease of 0.3 percentage points since last week.
For the week of August 17-21, the index comprising 30 bonds was up 2.3% Year-to-Date, a decrease of 0.3 percentage points since last week.
For the week of August 17-21, the Georgia public firms index dropped 1.8% this week in price. The index is down -1.8% YTD, a setback of 130 points.
Georgia’s July gross sales and use collections grew +6.9% YoY, the highest growth in collections in 2020. Only 4 industries posted negative growth this month: accommodation (-48.33%), home furnishings (-14.06%), utilities (-7.47%), and wholesale (-7.38%). The top 3 industries that experienced the most sales tax growth YoY this month are other retail (+33.83%), auto (+23.86%), and construction (+18.18%).
Total preliminary initial unemployment claims were down 7% from the previous week. The industries with the largest upticks in new claims was Health Care and Social Assistance seeing a 15% increase in new claims, while the Transportation and Warehousing industry saw a 49% decrease in new weekly initial claims since last week.
FAA traffic numbers for Atlanta for the month of June saw a steady increase in flights to and from Atlanta. May reported a high of 673 daily flights, while June nearly reached 40% of pre-corona numbers at 955 daily flights. June of last year averaged 2,609 daily flights. Expect to see a decline for the month of July, if TSA checkpoint numbers are anything to go by. The ratio will not be 1-to-1 however, as airlines will likely change their schedules to match the needs of their customers.
Restaurant reservations around the country rose 1% last week. In the Southeast, foot traffic casual dining rose 1.6% and rose 0.8% for bars. Fast food remains unaffected by the pandemic
Total preliminary initial unemployment claims were down 7% from the previous week. The industries with the largest upticks in new claims include Transportation & Warehousing as well as Educational Services, which may reflect the impact of current conflicts regarding the opening and closing of schools.
Atlanta hotel occupancy was down 33.3% compared to 2019 this week. Delta’s CEO, Ed Bastian, said business travel may lag for 12 to 18 months during Delta’s most recent earnings call. For hotels classified as conference centers, upper-upscale, and luxury hotels this will prove to be a huge blow to occupancy, and with these segments experiencing a slow recovery, the hotels must find creative ways to book rooms.
For the week of August 10-14, the index comprising 30 bonds was up 2.6% Year-to-Date, a decrease of 0.6% since last week.
For the week of August 10-14, the Georgia public firms index rose 1.6% this week in price. The index is down -0.5% YTD, an improvement of 250 points.
Photo of an undetermined Georgia Tech home game during the 1918 college football season. That's when the sport was hit by the Spanish flu and the end of World War I.
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