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Articles by Stephen Newton
Step into the Cretaceous period at Nicholas Conservatory's newest exhibit
Imagine a lush forest. As you walk through, suddenly peeking out from among the greenery, you spot a dinosaur. Only it's not 66 million years ago, it's 2025. That’s what you can do at the Nicholas Conservatory in Rockford during Dinosaurs of the Forgotten Forest now through Oct. 19. The Conservatory is located at 1354 N. 2nd St. in Rockford. The exhibit features dinosaurs, plants and small mammals from the Cretaceous period of Earth, that lasted from 145 to 66 million years ago.
Access Bank Plc, EIB Partner To Empower SMEs, Women Through €50 Million Facility
Access Bank Plc and the European Investment Bank (EIB), on Thursday, signed a memorandum of understanding, to deploy the long-term financing of 50 million euros, aimed at boosting the financial inclusion of young people and women in Nigeria. Held with support from the European Union, the execution will contribute to the progress made towards achieving the Sustainable Development Goal number 5, which targets gender equality and empowerment for all women and girls.
ARCON gets Court’s Nod to Summon Meta in N30 billion Suit
A Federal High Court sitting in Abuja has granted the Advertising Regulatory Council of Nigeria (ARCON), leave to serve a writ of summons on Meta Platform, social media giant and owners of Facebook, Instagram, and WhatsApp. The court gave the nod pursuant to an application by ARCON in a pending N30 billion suit against the social media giant for violation of the extant advertising laws of Nigeria. The writ is to be served at the United States corporate headquarters of Meta.
Africa Trade Barometer Report 2022 Showcases Promising Growth in Trade
Stanbic IBTC Holdings, a member of Standard Bank Group has shared some of its latest findings from the Africa Trade Barometer Report 2022 released recently. The report, which assesses key economic indicators in Africa highlights several noteworthy developments across 10 African countries.
Airtel TV Celebrates Creativity, Awards Star Winner N1m
Leading entertainment content streaming service, Airtel TV, announced the winners of its first Super Skit-Makers contest on Wednesday, 3rdMay 2023 at Airtel Headquarters, Ikoyi, with prizes ranging from N250, 000 to N1, 000,000. Launched in March 2023, the Airtel TV Super Skit-Makers competition is an initiative by the fledgling platform, to recognize and reward the country’s outstanding talent in the emerging online skits genre.
Heineken Acquires Distell, Namibia Breweries to Delve into Wines, Spirits Business
In a bid to deepen its footprints in Africa and also further expand its product portfolio into wines and spirits business, leading global brewer, Heineken has completed the acquisition of Distell and Namibia breweries as part of strategies to further explore opportunities in the market.
NB Plc Shareholders Approve N13.87billion Dividend Payout
Shareholders of Nigeria’s foremost brewing company, Nigerian Breweries Plc, have unanimously approved the dividend payout of N13.87 billion for the 2022 financial year. The dividend was approved at the 77th Annual General Meeting of the company held at the Civic Centre in Lagos on Wednesday, April 26, 2023.
Director/PDMR Shareholding
Friday 08 April, 2022 Elixirr Intnl PLC Director/PDMR Shareholding RNS Number : 8526H Elixirr International PLC 08 April 2022 ELIXIRR INTERNATIONAL PLC ("Elixirr", the "Company" or the "Group") Director / PDMR Shareholdings Elixirr International plc (AIM:ELIX), an established, global award-winning challenger consultancy, announces that, following the announcement made on the 18 March 2022 regarding the acquisition of iOLAP Incorporated ("iOLAP"), the Company will be satisfying the initial...
Manufacturing Sector Growth Rose in June
The ISM Manufacturing Index registered 60.2 points in June, up 1.5 percentage points from the previous month, according to the Institute for Supply Management. June’s reading indicates the twenty-second consecutive month of expansion in manufacturing, as readings over 50 points denote expansion. Of the eighteen manufacturing industries, seventeen reported growth, while none reported contraction. Nine of the ten index components grew, while the customers’ inventories index contracted.
Construction Spending Rate Rose 0.4 percent in May
Construction spending increased 0.4 percent at a seasonally adjusted annual level (SAAL) of $1,309.5 billion, in May, according to the Census Bureau. April’s spending estimate was downwardly revised to $1,304.5 billion. May’s figure is 4.5 percent greater than the May 2017 estimate of $1,253.6 billion. Total private construction was $1,005.4 billion SAAL, a 0.3 percent increase from the revised April estimate of $1,002.3 billion.
Consumer Sentiment Remains Strong in June
Consumer Sentiment increased 0.2 points in June to 98.2, according to the University of Michigan Consumer Sentiment Index. June’s figure is 3.4 percent above the June 2017 index. The Current Economic Conditions Index rose 4.7 points to 116.5. The reading was 3.6 percent above the June 2017 estimate. The Consumer Expectations Index declined 2.8 points to 86.3 and was 3.0 percent higher than a year ago.
First Quarter GDP Revised from 2.2 to 2.0 percent
Real GDP grew at a seasonally adjusted annual rate of 2.0 percent during the first quarter of 2018, according to the Bureau of Economic Analysis’s second estimate, down from 2.2 percent in the “second” estimate. The general picture of economic growth remained the same. The percent change primarily reflected a downward revision to private inventory investment, PCE and exports. The downward revisions were partially offset by an upward revision to nonresidential fixed investment. Read the BEA release.
Durable Goods Orders Fell 0.6 percent in May
New orders for manufactured durable goods decreased 0.6 percent in May to $248.8 billion, following a 1.0 percent April decline, according to the U.S. Census Bureau. The volatile transportation equipment sector led the decline, falling 1.0 percent to $86.1 billion over the month. Motor vehicles and parts were the largest contributor to transportation’s decline, decreasing 4.2 percent to $55.6 billion. New orders excluding the transportation sector fell 0.3 percent.
Consumer Confidence Slips in June
The Conference Board Consumer Confidence Index decreased 2.4 points to 126.4 in June. The Present Situation Index was nudged down 0.1 point to 161.1. The Expectations Index declined 4.0 points to 103.2. “Consumer confidence declined in June after improving in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of present-day conditions was relatively unchanged, suggesting that the level of economic growth remains strong.
New Home Sales Rose 6.7 percent in May
New single-family home sales increased to a seasonally adjusted annual rate of 689,000 in May, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The May level was 6.7 percent above the upwardly revised April rate of 646,000 and 14.1 percent above the May 2017 estimate. Sales increased 17.9 percent in the South, while the Midwest was unchanged. Both the Northeast and West posed declines, falling 10.0 and 8.7 percent, respectively.
Existing-Home Sales Fell 0.4 Percent in May
Existing-home sales decreased 0.4 percent to a seasonally adjusted annual rate of 5.45 million in May, according to the National Association of Realtors (NAR). This followed a 2.5 percent decline in April. Sales are 3.0 percent below the May 2017 level. “Closings were down in a majority of the country last month and declined on an annual basis in each major region,” said Lawrence Yun, NAR chief economist.
Housing Starts Up 5 percent in May
Housing starts increased to a seasonally adjusted annual rate of 1.350 million in May, according to the U.S. Department of Commerce. The figure was 5.0 percent above the April rate of 1.286 million and 20.3 percent higher than the May 2017 rate. Single-family home starts rose 18.3 percent from last month. Multifamily surged 11.3 percent since April and are up 27.4 percent since May 2017.
Industrial Production Slipped 0.1 percent in May
Industrial production fell 0.1 percent in May after an upwardly revised 0.9 percent increase in April, according to the Federal Reserve. Capacity utilization nudged down to 77.9 percent in May, but remains the second highest level in three years. Manufacturing output declined 0.7 percent after remaining unchanged last month. Production of durable goods decreased 1.0 percent, while nondurable goods production was little changed.
Producer Prices Post Largest Annual Gain Since 2012
Producer prices increased 0.5 percent in May, seasonally adjusted, after rising 0.1 percent in April, according to the U.S. Bureau of Labor Statistics. Producer prices rose 3.1 percent for the twelve months ended May 2017, the largest annual gain since January 2012. The index for final demand goods surged 1.0 percent in May, after remaining unchanged last month. The index for final demand energy rose 4.6 percent, while prices for final demand goods less foods and energy grew 0.1 percent.
FOMC Raises Rates and Signals Two More 2018 Hikes
At its meeting today, the Federal Open Market Committee (FOMC) unanimously voted to raise the target range for the federal funds rate to 1.75 to 2.0 percent. It was the second hike this year. The committee signaled two more increases this year as inflation rises and the unemployment rate drifts lower.
Small Business Optimism Index Rose to 34-Year High in May
The NFIB Small Business Optimism Index grew to 107.8, 3.0 points above April’s reading. This was the second highest reading in the index’s 45 year history and just below the record level (108.0) reached in 1983. Eight of the ten index components rose in May, while one declined. Thirty-four percent of business owners surveyed said the next three months was a good time to expand, seven points lower than last month’s reading.
Consumer Prices Up 2.8 Percent Annually
The Consumer Price Index rose 0.2 percent in May on a seasonally adjusted basis, according to U.S. Bureau of Labor Statistics. This followed a 0.2 percent April increase. Over the last 12 months, the all-items index rose 2.8 percent. Prices for all items less food and energy, the “core CPI,” grew 0.2 percent in May, following a 0.1 percent April increase. The index rose 2.2 percent for the 12 months ending in May. The food index was unchanged.
Consumer Credit Growth Slowed in April
Consumer credit increased at a seasonally adjusted annual rate of 2.9 percent in April, down from a 3.8 percent rate in March. This was the slowest pace in seven months. Total outstanding credit increased $9.2 billion during the month (compared with $12.3 billion in March) to $3.88 trillion. Revolving credit, largely a reflection of credit card debt, increased at an annual rate of 2.2 percent to $1.03 trillion, following a 1.1 percent decrease in March.
International Trade Gap Narrowed 2.1% in April
The U.S. international trade deficit narrowed in April, falling 2.1% to $46.2 billion, according to the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Imports fell 0.3%, while exports rose 0.3%. March’s trade deficit was downwardly revised from $49.0 billion to $47.2 billion. The goods deficit decreased 1.5% to $68.3 billion, while the services surplus slipped 0.1% to $22.1 billion. Exports of goods increased 0.2% to $141.2 billion in April.
ISM: Non-Manufacturing Sector Growth Accelerated in May
The ISM Non-Manufacturing Index registered 58.6 points in May, 1.8 percentage points above April’s figure. This was the 100th consecutive month of expansion as a reading above 50 indicates growth. Fourteen non-manufacturing industries reported growth, while one reported a decrease. Growth in the Business Activity Index increased 2.2 points to 61.3, the 106th consecutive month of growth. Thirteen industries reported increased business activity, and two reported decreased activity.
Factory Orders Fell 0.8% in April
New orders for manufactured goods decreased 0.8% to $494.4 billion in April, according to the U.S. Census Bureau. The decrease followed a 1.7% rise in February. New orders for manufactured durable goods decreased 1.6% to $248.6 billion in April. Transportation equipment led the decline, falling 6.0% to $87.2 billion. Shipments of manufactured durable goods were virtually unchanged at $247.0 billion.
Manufacturing Sector Growth Rose in May
The ISM Manufacturing Index registered 58.7 points in May, up 1.4 percentage points from the previous month, according to the Institute for Supply Management. May’s reading indicates the twenty-first consecutive month of expansion in manufacturing, as readings over 50 points denote expansion. Of the eighteen manufacturing industries, sixteen reported growth, while none reported contraction. Nine of the ten index components grew, while the customers’ inventories index contracted.
223,000 Jobs Added in May, Unemployment Down to 3.8%
Total nonfarm payroll employment grew by 223,000 in May, an increase from last month’s downwardly revised reading of 159,000, according to the Bureau of Labor Statistics. The national unemployment rate fell to 3.8%, matching April 2000 as the lowest since 1969. Private service-providing industries gained 171,000 jobs, led by education and health services and retail trade, adding 39,000 and 31,100, respectively.
Construction Spending Rate Rose 1.8% in April
Construction spending increased 1.8% at a seasonally adjusted annual level (SAAL) of $1,310.4 billion, in April, according to the Census Bureau. March’s spending estimate was upwardly revised to $1,286.8 billion. April’s figure is 7.6% greater than the April 2017 estimate of $1,217.7 billion. Total private construction was $1,014.3 billion SAAL, a 2.8% increase from the revised March estimate of $986.6 billion. Total private construction is 7.6% higher than the April 2017 figure.
Job Cuts Fall 12.6% in May
Employers announced plans to cut 31,517 jobs in May, according to a report issued by Challenger, Gray & Christmas. May’s announced cuts were 12.6% below April’s and 4.8% lower than last May’s. The retail sector led the way, cutting 4,946 jobs in May. Year-to-date cuts are 49.8% higher than this period last year when 55,910 jobs were cut. The energy sector showed a monthly uptick in cuts, announcing 1,634 in May.
Durable Goods Orders Fell 1.7% in April
New orders for manufactured durable goods decreased 1.7% in April to $248.5 billion, following a 2.7% March rise, according to the U.S. Census Bureau. The volatile transportation equipment sector led the decline, falling 6.1% to $87.1 billion over the month. Commercial aircraft was the largest contributor to transportation’s decline, decreasing 29.0% to $16.2 billion. New orders excluding the transportation sector fell 0.1%.
Consumer Sentiment Slides but Remains Strong in May
Consumer Sentiment declined 0.8 points in May to 98.0, according to the University of Michigan Consumer Sentiment Index. May’s figure is 0.9% above the May 2017 index. The Current Economic Conditions Index slowed 3.1 points to 114.9. The reading was 0.1% above the May 2017 estimate. The Consumer Expectations Index rose 0.7 points to 89.5 and was 1.6% higher than a year ago. “Consumer sentiment slipped by less than an Index-point from last month.
Existing-Home Sales Fell 2.5% in April
Existing-home sales decreased 2.5% to a seasonally adjusted annual rate of 5.46 million in April, according to the National Association of Realtors (NAR). This followed two consecutive monthly increases. Sales are still 1.2% below the April 2017 level. “The root cause of the underperforming sales activity in much of the country so far this year continues to be the utter lack of available listings on the market to meet the strong demand for buying a home,” said Lawrence Yun, NAR chief economist.
FOMC Minutes Signal June Rate Hike
The Federal Open Market Committee agreed that if the economy performs as expected “it would likely soon be appropriate for the committee to take another step” in raising rates, according to the minutes from the May 1-2 meeting. During the meeting, committee members decided to hold rates between 1.5 to 1.75 percent. The Committee will next meet June 12-13. Committee members continued to debate the inflation path as it moves closer to the “symmetric” 2 percent target.
New Home Sales Slipped 1.5% in April
New single-family home sales increased to a seasonally adjusted annual rate of 662,000 in April, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The April level was 1.5% below the downwardly revised March rate of 672,000 and 11.6% above the April 2017 estimate. Sales increased in two of the four regions, led by the Northeast, which rose 11.1%. The South posted a gain of 0.3%, while the Midwest was unchanged. The West posted the only decline, falling 7.9%.
Industrial Production Rose 0.7% in April
Industrial production grew 0.7% in April after a downwardly revised 0.5% increase in March, according to the Federal Reserve. Capacity utilization rose to 78.0% in April, the highest level in three years. Manufacturing output grew 0.5% after remaining unchanged last month. Production of durable goods decreased 0.5%, while nondurable goods production rose 1.5%. Capacity utilization for manufacturing fell 0.1 percentage point to 75.8%, a rate that is 2.5 percentage points below its long-run average.
Housing Starts Drop 3.7% in April
Housing starts decreased to a seasonally adjusted annual rate of 1.287 million in April, according to the U.S. Department of Commerce. The figure was 3.7% below the March rate of 1.336 million but 10.5% higher than the April 2017 rate. Single-family home starts were virtually unchanged, nudging up 0.1% from last month. Multifamily slowed 12.6% since March but rose 19.1% since April 2017.
Consumer Prices Rose 0.2% in April
The Consumer Price Index increased 0.2% in April on a seasonally adjusted basis, according to U.S. Bureau of Labor Statistics. This followed a 0.1% March decline. Over the last 12 months, the all-items index rose 2.5%. Prices for all items less food and energy, the “core CPI,” grew 0.1% in April, following a 0.2% March increase. The index rose 2.1% for the 12 months ending in April. The food index was rose 0.3%. Prices for both food at home grew 0.3%, while food away from home rose 0.2%.
Consumer Credit Growth Slowed in March
Consumer credit increased at a seasonally adjusted annual rate of 3.6% in March, down from a 4.3% rate in February. Total outstanding credit increased $11.7 billion during the month (compared with $13.6 billion in February) to $3.87 trillion. Revolving credit, largely a reflection of credit card debt, declined at an annual rate of 3.0% to $1.03 trillion, compared to a 0.6% decrease in February. Non-revolving credit rose at a 6.0% annual rate, or $14.2 billion.
164,000 Jobs Added in April, Unemployment Down to 3.9%
Total nonfarm payroll employment grew by 164,000 in April, an increase from last month’s reading of 135,000, according to the Bureau of Labor Statistics. The national unemployment rate fell to 3.9%, the first sub-4% unemployment figure since 2000. Private service-providing industries gained 119,000 jobs, led by professional and business services and education and health care, adding 54,000 and 31,000, respectively.
ADP: 204,000 Jobs Added in April
The non-farm private sector added 204,000 jobs in April, according to the ADP National Employment Report. This followed a downwardly revised 228,000 job increase in February. Small businesses with fewer than 50 employees gained 62,000 jobs. Medium-sized businesses with 50-499 employees created 88,000, while large businesses added 54,000 jobs.
FOMC Holds Rates Steady, Sees Inflation Near Target
At its meeting today, the Federal Open Market Committee (FOMC) unanimously voted to hold the target range for the federal funds rate steady at 1.5 to 1.75 percent. The committee most recently raised rates by 25 basis points in their March meeting. Fed officials are split between three or four hikes in 2018, and markets widely expect the next increase to occur in the FOMC’s next meeting, scheduled in June.
Construction Spending Rate Slipped 1.7% in March
Construction spending decreased 1.7% at a seasonally adjusted annual level (SAAL) of $1,284.7 billion, in March, according to the Census Bureau. February’s spending estimate was upwardly revised to $1,306.4 billion. March’s figure is 3.6% greater than the March 2017 estimate of $1,239.6 billion. Total private construction was $987.5 billion SAAL, a 2.1% decrease from the revised February estimate of $1,009.1 billion. Total private construction is 3.9% higher than the March 2017 figure.
Consumer Sentiment Remains Strong in April
Consumer Sentiment fell 2.6 points in March to 98.8, according to the University of Michigan Consumer Sentiment Index. Last month’s index was the highest reading since 2004. April’s figure is 1.9% above the April 2017 index. The Current Economic Conditions Index slowed 6.3 points to 114.9. The reading was 2.0% above the March 2017 estimate. The Consumer Expectations Index fell 0.4 point to 84.4, however it was 1.6% higher than a year ago.
First Quarter GDP Grew 2.3%
Real GDP grew at a seasonally adjusted annual rate of 2.3% during the first quarter of 2018, according to the Bureau of Economic Analysis’s “advance” estimate, down from 2.9% in the fourth quarter. The growth in real GDP reflected positive contributions from personal consumption expenditures, nonresidential fixed investment, exports, private inventory investments, state and local government spending, and federal government spending.
Durable Goods Orders Rose 2.6% in March
New orders for manufactured durable goods increased 2.6% in March to $254.9 billion, following a 3.5% February rise, according to the U.S. Census Bureau. Transportation equipment offset sluggish growth in other areas, rising 7.6% to $91.4 billion over the month. Commercial aircraft was the largest contributor to transportation, increasing 44.5% to $21.0 billion. New orders excluding the volatile transportation sector were unchanged.
New Home Sales Rose Four Percent in March
New single-family home sales increased to a seasonally adjusted annual rate of 694,000 in March, according to the U.S. Census Bureau and the Department of Housing and Urban Development. The March level was 4.0% above the upwardly revised February rate of 667,000 and 8.8% below the March 2017 estimate. Sales declined in two of the four regions, led by the Northeast, which fell 54.8%. The Midwest posted a decline of 2.4%, while the South and West increased 0.8% and 28.3%, respectively.
Consumer Confidence Rises in April
The Conference Board Consumer Confidence Index increased 1.7 points to 128.7 in April. Last month’s index was downwardly revised from 127.7 to 127.0. The Present Situation Index rose 1.5 points to 159.6. The Expectations Index improved 1.9 points to 108.1. “Consumer confidence increased moderately in April after a decline in March,” said Lynn Franco, Director of Economic Indicators at The Conference Board.
Existing-Home Sales Rose 1.1% in March
Existing-home sales increased 1.1% to a seasonally adjusted annual rate of 5.60 million in March, according to the National Association of Realtors (NAR). This was the second consecutive monthly increase as activity expanded in the Northeast and Midwest. However, sales are still 1.2% below the March 2017 level.
Beige Book: Economic Activity Expanding at a Modest to Moderate Pace
Economic activity continued to expand at a modest to moderate pace across the twelve Federal Reserve Districts in March and early April, according to the just-released Federal Reserve Beige Book. The report was based on information collected through April 9. Consumer spending increased in most Districts this period, particularly in non-auto retail sales and tourism. Auto sales continued to be mixed .
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