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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
SBA Stands Ready to Assist Victims of Recent Severe Storms and Flooding in Mississippi
Comtex
WASHINGTON, May 9, 2008 /PRNewswire-USNewswire via COMTEX News Network/ ----Following the announcement of the Presidential disaster declaration in Mississippi covering several counties as a result of severe storms on March 20 and continuing flooding, Administrator Steve Preston of the U.S. Small Business Administration issued the following statement:
"We look forward to working with the State of Mississippi to make low-interest federal disaster loans available to homeowners, renters and businesses," said Preston. "We will be swift in our efforts to help Mississippi disaster victims rebuild their homes and businesses."
Once local recovery centers are identified in the declared area, SBA officials will provide one-on-one assistance to disaster loan applicants.
The declared counties of Bolivar, Warren, Washington and Wilkinson are eligible for both Physical and Economic Injury Disaster Loans from the SBA. The contiguous counties of Adams, Amite, Claiborne, Coahoma, Franklin, Hinds, Humphreys, Issaquena, Sharkey, Sunflower and Yazoo in the State of Mississippi; contiguous counties of Chicot, Desha and Phillips in the State of Arkansas; and contiguous Parishes of Concordia, East Carroll, East Feliciana, Madison, Tensas and West Feliciana in the State of Louisiana are only eligible to apply for SBA Economic Injury Disaster Loans.
Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible up to $40,000 to repair or replace damaged or destroyed personal property.
Businesses of any size and private non-profit organizations may borrow up to $1.5 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets. SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage in the future.
For small businesses only, the SBA offers Economic Injury Disaster Loans to help meet working capital needs caused by the disaster. Economic Injury Disaster Loan assistance is available regardless of whether the business suffered any physical property damage.
Interest rates can be as low as 2.750 percent for homeowners and renters and 4 percent for businesses with terms up to 30 years. Loan amounts and terms are set by the SBA and are based upon each applicant's financial condition.
To be considered for all forms of disaster assistance, victims must first call the Federal Emergency Management Agency (FEMA) at 1-800-621-FEMA (3362). Additional details on the location of Disaster Recovery Center(s) and the loan application process can be obtained by calling the SBA Customer Service Center at 1-800-659-2955.
The filing deadline to return applications for physical property damage is July 7, 2008. The deadline to return economic injury applications is February 3, 2009.
For more information about the SBA's Disaster Loan Programs, visit our web site at www.sba.gov.
SOURCE U.S. Small Business Administration
http://www.sba.gov
Copyright (C) 2008 PR Newswire. All rights reserved
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