Wellspring | July 8, 2019

A weekly summary of news, analysis and data shaping the market.
U.S. Reports Better-Than-Expected Job Growth in June

The June payrolls report is out, and while it was stronger than expected it doesn’t do much to change the overall trajectory of job growth in the U.S. The U.S. economy added 224,000 jobs in June on a seasonally-adjusted basis, according to data released on Friday by the Bureau of Labor Statistics. Analysts had been expecting an increase of 162,000 which would have been broadly consistent with the average increase in employment of 164,000 jobs a month from January through May. Federal Reserve officials have little reason to adjust their economic outlook on the basis of this report, which is broadly consistent with previous months’ job market data.

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Why Invest In a National vs.State-Specific Municipal Bond Portfolio?

Conventional wisdom holds that municipal bond investors living in high-tax states should focus on owning bonds issued in their state of residence in order to earn income free from federal, state, and potentially, local taxes.

However, the decision to only invest in bonds from your home state is not always clear-cut, especially if the investor is interested in maximizing after-tax income in their portfolio rather than attempting to minimize their tax bill. The 2018 tax law changes capped the deductibility of state and local taxes at $10,000 for joint filers, which will drive up effective tax rates for investors in a number of higher-tax states. With this phase out, investors in these high-tax states are even more incentivized, in our opinion, to look to generate the tax-advantaged income that municipal bonds can provide.

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Money Problems Are Keeping Every Generation Up At Night

Check out the biggest financial stressors for every age group

More than half of US adults are losing sleep due to worries about money. According to a new report by Bankrate, financial insomnia affects middle-aged adults (39-54) the most. Roughly two-thirds of respondents within that age demographic claimed they occasionally lose sleep over at least one money-related issue.

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Who Got The Biggest Tax Refunds This Year? Higher Earners.

Under the 2017 Tax Cuts and Jobs Act, lawmakers promised that Americans would get a tax break. Most of them did, with some big caveats: The benefits of the legislation weren't conferred equally, and some upper-middle-class filers expecting refunds got a rude awakening instead.

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U.S. Vertical Farms Are Racing Against The Sun

Leafy salad greens grown under banks of LED lights, with mist or drips of water are having their day in the sun. Several top U.S. indoor farms, stacked with plants from floor to ceiling, tell Reuters they are boosting production to a level where they can now supply hundreds of grocery stores.

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