The rich pricing of recent new issues indicates that municipal underwriters either believe tomorrow's employment news will help bonds or that any downturn it triggers will fade fast, one analyst said.

New deals have been coming "a trifle rich" in recent days, making it appear that underwriters aren't afraid of having leftover inventory going into the August jobs report, said Robert W. Chamberlin, senior vice president and supervisory municipal analyst at Dean Witter Reynolds Inc.

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