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The granddaddy of monthly economic reports is the federal reading on the employment situation. To call this a single report is deceptive. It actually has a bunch of moving parts that, on their own or as a group, can move stock and bond markets.
It's easy to think of the report in four parts. The first is non-farm payrolls, which tracks the month-over-month change in the number of jobs in the U.S. that don't involve milking cows or picking lettuce. Then comes the unemployment rate, which is the percentage of unemployed people as it relates to the total workforce.
The third component is the average hourly earnings change, which tracks how much more or less money U.S. workers are making. Finally, there's the average work week, which counts the number of hours non-farmers work.
Like most data reports, the unemployment one has its flaws. For one thing, it tracks non-farm payrolls, which means that a lot of folks who work off the land -- or, more to the point, are not currently working off the land -- are excluded. Also, if you¿re a consultant or small-business owner (a big part of the current economy), you¿re not counted. On the flip side, you can be double-counted if you hold down two jobs. That's one of the reasons why it's common to see non-farm payrolls drop (suggesting higher unemployment) but the unemployment rate shrinking (suggesting higher employment).
The impact of the Employment Situation report often depends on the mood of the markets. Take the wage component. If stock and bond traders are worried about inflation, an unexpected rise in hourly earnings suggests wage inflation and, ergo, can scare people. But, that same spike could be welcome if traders are more worried about a slowdown in consumer spending. Higher earnings mean more spending power.
Look for the employment report on the first Friday of every month at 8:30 a.m. EST.
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Friday, May 09, 2008
PNM Resources Successfully Remarkets Senior Notes and Prices Offering
Comtex
ALBUQUERQUE, N.M., May 09, 2008 (BUSINESS WIRE) ----PNM Resources (NYSE: PNM) today announced the successful remarketing of $247,250,000 aggregate principal amount of its Senior Notes, Series A, due 2015, and the establishment of a reset rate of 9.25%. PNM Resources also announced the pricing of its simultaneous offering of an additional $102,750,000 aggregate principal amount of Senior Notes, Series A, due 2015. The remarketed notes and the additional notes will constitute one and the same series of notes. The notes will pay interest semi-annually at a rate of 9.25% per year, payable on May 15 and Nov. 15 of each year, beginning Nov. 15, 2008, and will mature on May 15, 2015.
Banc of America Securities LLC, Lehman Brothers, Merrill Lynch & Co., Morgan Stanley and Wachovia Securities served as joint book-running managers in the offering of additional notes by PNM Resources. Banc of America Securities LLC, Citi, Deutsche Bank Securities, JPMorgan, Lehman Brothers, Merrill Lynch & Co., Morgan Stanley, RBC Capital Markets, Wachovia Securities and Wedbush Morgan Securities Inc. served as remarketing agents in the remarketing.
Proceeds from the remarketing and offering will be used for general corporate purposes, including repayment of short-term debt.
The notes are expected to be rated "Ba2" (under review for possible downgrade) by Moody's Investors Service and "BB-" (stable) by Standard & Poor's Rating Service. Investors are cautioned that a security rating is not a recommendation to buy, sell or hold securities, that it is subject to revision or withdrawal at any time by the assigning rating organization, and that each rating should be evaluated independently of any other rating.
The remarketing and offering are being made by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting the following parties:
Lehman Brothers c/o Broadridge Prospectus Fulfillment 1155 Long Island Avenue Edgewood, New York, 11717 Banc of America Securities LLC Attention: Prospectus Department 100 West 33rd Street, 3rd Floor New York, New York 10001
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Background:
PNM Resources (NYSE: PNM) is an energy holding company based in Albuquerque, N.M., with 2007 consolidated operating revenues from continuing and discontinued operations of $2.4 billion. Through its utility and energy subsidiaries, PNM Resources serves electricity to approximately 835,000 homes and businesses in New Mexico and Texas and natural gas to nearly 492,000 customers in New Mexico. Its utility subsidiaries are PNM and Texas-New Mexico Power. Another subsidiary is First Choice Power, a deregulated competitive retail electric provider in Texas. With generation resources of more than 2,650 megawatts, PNM Resources and its subsidiaries market power throughout the Southwest, Texas and the West. In addition, the company has a 50-percent ownership of EnergyCo, which owns approximately 920 megawatts of generation. For more information, visit www.PNMResources.com.
SOURCE: PNM Resources
PNM Resources, Albuquerque Gina Jacobi, 505-241-2211 (Analysts) Frederick Bermudez, 505-241-4831 (Analysts & Media)
Copyright Business Wire 2008
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