U.S. municipal bond funds reported $1.04 billion of net cash outflows in the latest week, the eight consecutive week of outflows, AMG Data Services reported late on Thursday.

The latest outflows, for the week ended May 19, were less than in the previous week, when tax-exempt funds recorded $1.323 billion of net cash outflows.

The net cash flow figure excludes distributions and reflects actual net cash purchases and sales of shares.

The four-week moving average for municipal funds, based on weekly reporting funds, reflected an outflow of $1.12 billion, AMG said.

The 2,044 municipal bond funds tracked by Arcata, California-based AMG had assets of $325.9 billion in the latest week.

(Reuters)