Municipal bond volume growth slowed perceptibly last month, but the dollar value of bonds through August was still 42% higher than for the same period last year, at $150.78 billion compared with $105.87 billion, according to figures compiled by Securities Data Co.

Bond volume in August, at $18.99 billion, was only 6% higher than August 1991's $17.92 billion. Last month, new-money issues fell to $8.11 billion, off 38% from the year-ago period's $13.06 billion. However, refundings continued to be sold at a torrid pace, jumping 124%, to $10.88 billion from $4.87 billion.

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