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Bob Carey
Chief Market Strategist
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  States Are Taking In More Revenue
Posted Under: Bond Market
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View from the Observation Deck

  1. Owners of municipal bonds should take some comfort in knowing that state tax receipts have rebounded in a meaningful way in recent quarters.
  2. Revenues rose 10.8% (y-o-y) in Q2'11. That is a substantial improvement over the situation in Q2'09, where revenues declined by 16.3% (y-o-y).
  3. State tax receipts have increased for six consecutive quarters. The average rate of nominal growth was 6.6%.
  4. Prior to the rebound, collections were down five consecutive quarters (Q4'08 – Q4'09). The average rate of nominal decline was 9.3%.
  5. For the 12-month period ended June 2011, total collections exceeded the previous 12-month period by $58 billion, or 8.4%, according to Rockinst.org.
  6. That represents the strongest showing since 2005.
Posted on Wednesday, December 7, 2011 @ 8:26 AM • Post Link Print this post Printer Friendly

These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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