The SBA and pretermit

pretermit

pree-tuhr-MIT

1. To let pass without mention.
2. To suspend or to leave undone.

From Latin praetermittere (to let pass), from praeter (beyond, past) + mittere (to let go, send).
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TIP OF THE WEEK

Congress has pretermited the fate of SBA lending.

On Friday, the House of Representatives passed the American Jobs and Closing Tax Loopholes Act (HR 4213) by a vote of 215–204. The trouble lies in the fact that it was the last day of the week, with a very long holiday weekend stretching before Congress.

The bill now goes to the Senate, which will not take it up for consideration until after it returns from its Memorial Day recess on June 7.

The bill contains authorization extensions through the end of the year and an appropriation to extend fee reduction and higher guarantee.

Until then, the recovery loan queue is open.
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Indices:
PRIME RATE: 3.25%
SBA LIBOR Base Rate May 2010 = 3.28%
SBA Fixed Base Rate May 2010 = 6.48%
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504 Debenture Rate for May
The debenture rate is 4.11% but note rate is 4.17% and effective yield is only 5.52%.
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AHEAD OF THE YIELD CURVE
The Federal Reserve Open Market Committee does not meet for another three weeks.

They will continue to keep interest rates low, as they put it, for an “extended period” until the economy shows definite signs of recovery.

One of the most visible signs will be jobs.


Keep your eye on Friday’s payroll report from the Department of Labor.

Here is a summary of payroll employment and this week’s interesting little table of data:

April 290,000
March 230,000
February (36,000)
January (26,000)
2009
December (150,000)
November (11,000)
October (111,000)
September (215,000)
August (201,000)
July (304,000)
June (443,000)
May (322,000)
April (504,000)
March (699,000)
February (651,000)
January (655,000)
2008
December (681,000)
November (597,000)
October (423,000)
September (403,000)
August (127,000)
July (67,000)
June (100,000)
May (47,000)
April (67,000)
March (88,000)
February- (83,000)
January- (76,000)

What does all this mean?

The economy has lost 1.4 million jobs over the last year, and 7.8 million jobs since the recession started in December 2007. For the current recession, employment peaked in December 2007, and this recession is by far the worst recession since WWII in percentage terms, and 2nd worst in terms of the unemployment rate (only early '80s recession with a peak of 10.8 percent was worse).
When the numbers do come out on Friday, look at it closely.

A government boost to hiring is already under way at the Census Bureau. The agency said it will take on about 970,000 temporary workers from April through June to conduct the population count that occurs every 10 years. It will be important to remove the Census hiring to try to determine the underlying trend. The Census Bureau will release the actual number with the employment report.
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OFF BASE

All those census workers hired are going door-to-door to roughly 48 million households that did not mail back their forms.

The word 'census' originates in ancient Rome from the Latin word 'censere' (meaning ‘estimate’). Perhaps the best known census was the one that forced Mary and Joseph to go to Bethlehem. The U.S. Census is mandated by the Constitution primarily to allocated congressional representation.

The last census in 2000 estimated that US population at 281,421,906, an increase of over 32,000,000 from 1990. With the population growing by almost three million people per month, it is estimated that at least 150,000 new jobs should be generated monthly just to keep up with a growing population.

Census data can also be used for all sorts of queries.

In two centuries, the country’s most common names have not changed all that much. Smith is still the best name for signing into a hotel anonymously. Johnson has moved up a notch to second. And the top five at the turn of the 18th century are still in the top six.

Over 147 people named Smith have played major league baseball. The one with the best nickname is Phenomenal Smith. Phenomenal Smith was born John Francis Gammon and got his nickname when he struck out 16 batters in a game in 1885 while pitching for the Newark Domestics, with no batter hitting the ball out of the infield.

Having been nicknamed "Phenomenal", he reportedly claimed that he was so good that he didn't need his teammates to win. While playing for the Brooklyn Grays, his team decided to punish him for his perceived brash and cocky demeanor by intentionally committing 14 "errors", losing the game 18-5. The intentional misplays of his teammates soon caused Smith to be released from the team.