Municipal prices advanced 1/4 to 3/8 point on Friday, thanks to a weaker-than-expected Chicago Purchasing Managers' report, and the market will now turn to this Friday's employment data for a new clue to the economy's health.

The U.S. index of leading economic indicators advanced 0.8% in May for the fourth consecutive monthly increase, but April was revised down to 0.4%, originally reported as a 0.6% increase. Municipals ignored the news and actually improved slightly with Treasury prices in the morning.

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