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Friday, 3 July 2020

U.S. ECONOMY ADDED 4.8 MILLION JOBS AS STOCKS CUT GAINS AMDIST VIRUS SPIKE IN FLORIDA

U.S. payrolls grew by 4.8 million in June, the Labor Department said Thursday, New York Times reports.

  It was the second month of gains after a loss of more than 20 million in April, when the pandemic put a large swath of economic activity on ice.

The unemployment rate fell to 11.1 percent, down from a peak of 14.7 percent in April but still higher than in any previous period since World War II. The rate would have been about one percentage point higher had it not been for persistent data-collection problems, the Labor Department said.

Stocks rose on Thursday as investors cheered a bigger-than-expected increase in jobs in June as the economy tries to claws back from the coronavirus shutdown.

The Dow Jones Industrial Average traded 269 points higher, or 1.1%. The Nasdaq Composite hit a record high, climbing more than 1%. The S&P 500 gained 1.1%.

The major averages, however, cut their gains after Reuters reported a one-day spike of more than 10,000 coronavirus cases in Florida. 

Boeing contributed to the gains, rising more than 1% after the airplane maker completed recertification flights for its grounded 737 Max jet, according to a CNBC report.

Stocks that would benefit from an economic reopening also rose. Cruise operators Carnival, Norwegian Cruise Line and Royal Caribbean all gained at least 0.5%. United Airlines and Delta each traded more than 0.6% higher. American Airlines and Southwest advanced 1.1% and 1.6%, respectively. 

The government’s June jobs report showed 4.8 million jobs were created. Economists were expecting 2.9 million jobs were created. The unemployment rate fell to 11.1% from 13.3% in May. Economists were expecting a rate of 12.4%, according to Dow Jones. 

Last month, economists forecast a loss of 8 million jobs in May and the economy gained 2.5 million payrolls instead.

“The direction of the economy is certainly north,” Jim Paulsen, chief investment strategist at the Leuthold Group, said on CNBC’s “Squawk Box” following the report. “I think that’s all it has to do to continue to provide confidence, not only to investors, but also to companies and to consumers.”

Meanwhile, weekly jobless claims data was released Thursday morning. 

The Labor Department said Thursday that initial jobless claims rose by 1.427 million in the week ending June 27. Economists polled by Dow Jones expected initial U.S. jobless claims to rise by another 1.38 million, down from 1.48 million the week earlier.

The data also showed the number of continuing claims — the number of people receiving unemployment benefits for consecutive weeks — rose to 19.29 million, an increase of about 59,000. 

The moves Thursday followed the market’s first trading day in the third quarter. Both the S&P 500 and Nasdaq Composite gained during the regular session on Wednesday, with the latter jumping more than 1% to an all-time high. 

Unemployment rates are seasonally adjusted. The government began collecting standardized unemployment statistics in 1948.·Source: Bureau of Labor Statistic

U.S. markets will be closed on Friday for the July Fourth holiday.

 

SOURCES: . Bureau of Labor Statistics

CNBC’s Fred Imbert @FOIMBERT

Patti Domm contributed to report.

Tuesday, 30 June 2020

Nigeria Job Controversies: Minister, lawmakers clash over planned 774,000 new jobs

What started like a peaceful committee meeting between the Minister of State for Labour and Employment, Festus Keyamo, and the Joint Committee of the National Assembly on Employment and Labour on Tuesday ended in chaos as both parties began exchanging words.
The meeting was aimed at discussing the progress of the planned employment of 774,000 Nigerians by the federal government.
The National Assembly had in the 2020 budget appropriated N52 billion for the Special Public Works Programme aimed at employing 774,000 citizens, a thousand from each of the 774 Local Government Areas in the country.
The controversy
The argument started when members of the committee, headed by Godiya Akwashiki, asked the Director-General of the National Directorate of Employment (NDE), Nasiru Ladan, to explain the composition of a 20-member committee inaugurated on Monday by the ministry for the implementation of the programme.
In his response, Mr Ladan noted that he was aware of only eight members of the committee and asked the lawmakers to seek further clarification from Mr Keyamo.
Unsatisfied with Mr Ladan’s response, members of the panel implied that he was not in control of the programmme.
When Mr Keyamo was asked for further clarification, he snapped, furiously hitting the table. He wondered if he was being accused of hijacking the programme from the NDE and whether the lawmakers were alleging the committee composition was lopsided.
The chaos intensified and lawmakers asked that journalists leave for an executive session with the minister.
But Mr Keyamo firmly rejected the demand, insisting that having been openly accused and disgraced, the cameras should remain in the room.
“How can you expose corruption without the cameras? How can, how can you expose it? I must respond to what he said. You cannot say something and I won’t respond. It is wrong,” he said.
The minister’s outburst angered the lawmakers who asked that he apologise for his behaviour.
Mr Keyamo refused to apologise and insisted that he had done nothing wrong. He said he had been denied the opportunity to respond to their allegations and threatened to walk out of the meeting.

The lawmakers responded in anger, shouting back at the minister to leave if he wanted.
“Go go, get out. Where is the sergeant-at-arms to walk him,” members of the panel yelled.
The lawmakers thereafter reached a resolution asking Mr Keyamo to leave – which he obliged.
Speaking with Journalists, Mr Keyamo accused the lawmakers of trying to take control of the recruitment exercise under his ministry.
He said while he was not aversed to them investigating the programme, they cannot direct him on what to do. He said doing so “will mean sharing in the powers of President Muhammadu Buhari.”
He also admitted that lawmakers were given slots by the ministry.
He said despite granting the lawmakers 15 per cent of the job placement, “they still want to hijack the entire the programme, taking over the power of the president in the process.”

 Source: Premium Times

How Nigeria Poise To Lift 100 Million Nigerians Out Of Poverty In Ten Years -Buhari

President Muhammadu Buhari on Tuesday at the United Nations outlined the Federal Government’s plans to lift 100 million Nigerians out of poverty within the next 10 years.
The president spoke in a video message to a high-level meeting of the UN General Assembly on poverty eradication.
The News Agency of Nigeria (NAN) reports that the virtual meeting featured the launch of the Alliance for Poverty Eradication (APE).
At least, 94 million Nigerians live below the poverty line, according to Oxfam.
APE is designed to serve as a forum to galvanise UN member states, the international community and other stakeholders to support actions geared toward poverty eradication.
Mr Buhari welcomed the launch of the initiative and expressed Nigeria’s endorsement of all multilateral actions aimed at actualising the Sustainable Development Goals (SDGs).
He said: “Nigeria attaches great importance to poverty eradication.
“It is for this reason that in May, 2019, on my inauguration for a second term in office, our government committed itself to starting a new programme of lifting 100 million Nigerians out of poverty within a 10-year period.
“It is my conviction that devoting our efforts towards human capital development, efficient management of our resources, greater financial inclusion, and transformation of the agricultural sector to ensure food security are crucial to poverty eradication.
“In this regard, Nigeria continues to strengthen its existing social safety net initiative by increasing access to enrollees who fit the various programmes in the scheme.
“Nigeria will also continue to provide easier and increased access to financial services for micro and small-scale businesses through the government’s Enterprise and Empowerment Programme.”
The president expressed his administration’s determination to do more, including massive investment in education, especially of the girl-child.
“Nigeria holds the view that education is a critical driver of sustainable development and has immense capacity to eradicate poverty.
“Educating our children, especially the girl child, contributes significantly to the fight against poverty, environmental sustainability and improved health as well as building peace and resilient societies,” he said.
Mr Buhari said the Federal Government had also integrated the economic, social and environmental dimensions of the SDGs into its economic plans.
He decried the adverse economic impacts of the COVID-19 pandemic which he said was threatening to reverse decades of progress made in poverty eradication.
The president said that in Nigeria, as was the case in many other countries, the “domestic supply chains and trading corridors had come under enormous strain.”
According to him, the situation is dire for Sub-Saharan countries with large informal economies and a significant number of daily wage earners.
Mr Buhari noted that the potential economic devastation of the pandemic had made it a national development priority.
In response to the challenges posed by COVID-19, he said the government recently developed an economic sustainability plan.
The plan, he said, would stimulate the economy and extend protection to the very poor and other vulnerable groups through pro-poor spending.
The president lauded the over 30 UN member states anchoring the Alliance for Poverty Eradication.
“In these difficult times, it takes considerable boldness and courage to consider that which is in the interest of the greater good.
“The anchor members have done just that,” he said.
(NAN)

Monday, 29 June 2020

Nigeria’s COVID-19 cases exceed 25,000

The Nigeria Centre for Disease Control (NCDC) has announced 566 new cases of COVID-19, bringing the total number of confirmed cases in the country to 25,133
Eight deaths were recorded from the virus on Monday bringing the total number of confirmed deaths from the virus to 573.
There was an increase in the number of confirmed cases reported on Monday (566) compared to what was reported on Sunday (490).
The health agency in a tweet Monday night said the new cases were reported in 20 states.
These are Lagos, Oyo, Delta, Delta, Ebonyi, Plateau, Ondo, Federal Capital Territory (FCT), Ogun, , Edo, Imo, Bayelsa, Benue, Gombe, Kano, Kaduna, Osun, Nasarawa, Borno, Katsina, and Anambra states.
All the reporting states already had at least a case of the virus.
As of the time of reporting, 35 states and the FCT have recorded at least a case of the disease. Only one state, Cross River, is yet to officially report any case of the virus although there are controversies about it.
“Till date, 25, 133 cases have been confirmed, 9, 402 cases have been discharged and 573 deaths have been recorded in 35 states and the Federal Capital Territory,” the NCDC stated.
The 456 new cases were reported from 20 states: Lagos – 166, Oyo – 66, Delta – 53, Ebonyi – 43, Plateau – 34, Ondo – 32, FCT – 26, Ogun – 25, Edo – 25, Imo – 15, Bayelsa – 13, Benue – 12, Gombe – 11, Kano – 11, Kaduna – 11, Osun – 8, Nasarawa – 7, Borno – 5, Katsina – 2 and Anambra – 2.
Since the onset of the COVID-19 outbreak in Nigeria in February, NCDC said, 132,304 samples have been tested.
As of the time of reporting, there are 15, 255 active cases of COVID-19 in the country, while 9,402 have recovered and have been discharged.
A breakdown of the 25, 231 confirmed cases shows that Lagos State has so far reported 10, 310 cases, followed by FCT – 1,818, Oyo – 1, 372, Kano – 1, 211, Rivers – 1, 056, Edo – 986, Delta – 965, Ogun –807, Kaduna – 703, Katsina – 549, Bauchi – 500, Gombe – 503, Borno – 491, Ebonyi – 481, Plateau – 405, Jigawa – 317, Imo – 318, Abia – 302, Enugu – 261, Ondo – 308, Kwara – 217, Nasarawa – 213, Bayelsa – 211, Sokoto – 151, Osun – 124, Akwa Ibom – 86, Adamawa – 84, Niger – 84, Kebbi – 76, Zamfara – 76, Anambra – 73, Yobe – 59, Benue – 59, Ekiti – 43, Taraba!- 19 and Kogi – 4.
Although the COVID-19 cases continue to rise, Nigeria on Monday further reopened its economy as it lifted the ban on interstate travels and opened its airports for domestic flights.

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