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    Wike describes Seyi Makinde as chief architect of PDP problems

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

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    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

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    Buhari says Nigeria security and economy improved during his tenure

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    Air Sierra Leone commences flight operations to Lagos

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

    Nigeria renews $2 billion currency swap deal with China to boost bilateral trade

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    The Frontier Fund unit holders to get N17 per unit distribution

    Banks begin to charge taxes on bonds, T-bills as exemption expires

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    Dangote Refinery reduces petrol price by N15 nationwide

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    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    “Bankruptcy” report – Fidelity Bank Plc clarifies position

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    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    NGX Daily Equities Market Report: Market gains for third consecutive days

    NGX delists Flour Mills shares, lists additional NB and Jaiz Bank shares

    Bitcoin soars above $21,000 as U.S. dollar sags

    BITCOIN hits $103,000 for the first time

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin (BTC) rises above US$90,000 records a new all time high

    Bitcoin crosses US$60K, approaches All-Time High

    Bitcoin (BTC) rises above US$80,000

    Alhaji Dahiru Mangal sold his 1.96bn Oando Shares for N11.81bn

    NGX RegCo suspends Trading of Oando Plc shares

    NGX RegCo approves Livingtrust Mortgage Bank’s free float compliance plan

    SEC approves Busha and Quidax as crypto exchanges in Nigeria

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    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

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    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

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US Economy Shrinks for the First time in Almost 5 Years

Wednesday, 29 April 2020, 4:33 pm
in News, World
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US Economy Shrinks for the First time in Almost 5 Years
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The U.S economy witnessed it’s sharpest contraction in more than ten years for the first quarter of 2020.  Gross domestic product declined at a 4.8% annualized rate in the first quarter as consumer spending sharply dropped due to the strict measures imposed in an effort to contain the spread of the novel Coronavirus.

This contraction of the GDP at 4.8% ended the longest expansion in the history of USA and it is was below the minus 4.0% forecasted. This is as a result of sharp decrease in consumer spending and a reduction of inventory at businesses due to movement restrictions imposed in March across the country.

  • Read also; Covid-19 – 26.4 million Americans file for unemployment.

The GDP data reflected a slump in the economic activities in the last two weeks of March that saw millions of Americans file for unemployment. The slowdown primarily reflected slower consumer spending, which grew at a seasonally adjusted annual rate of 0.3 percent after a growth rate of 3.5 percent in the fourth quarter of 2019. It was the poorest quarterly showing in more than seven years.

Chris Rupkey, chief economist at MUFG in New York said “The economy will continue to fall until the country opens back up, “If the economy fell this hard in the first quarter, with less than a month of pandemic lockdown for most states, don’t ask how far it will crater in the second quarter.”

The U.S. Congress has approved a fiscal package of around $3 trillion and the Federal Reserve has cut interest rates to near zero and greatly expanded its role as banker of last resort, but economists say these measures are inadequate. Fed officials were wrapping up a two-day policy meeting on Wednesday.

  • Read more; The New Normal: Post Pandemic Implications on the Nigerian Economy

The U.S has the largest number of confirmed Covid-19 cases and number of deaths in the world. It has over one million confirmed cases. However, it has conducted over 5.5 million Covid-19 tests, making it the highest in the world.

The Commerce Department’s Bureau of Economic Analysis (BEA) said “stay-at-home” orders in March had “led to rapid changes in demand, as businesses and schools switched to remote work or cancelled operations, and consumers cancelled, restricted, or redirected their spending.”

  • Read more; Covid-19 – IMF approves $3.4 billion for Nigeria

However it said that it could not quantify the full effects of the pandemic, but that the virus had partly contributed to the decline in GDP in the first quarter.

Despite the anaemic first-quarter performance, the U.S. economy’s prospects for the rest of the year appear solid. Growth is expected to be fuelled by a revival in consumer spending, supported by continued strong job growth, accelerating wage gains and record stock levels.

  • Read also; Are Nigerians On Their Own in This Onerous Undertaking?

According to Commerce Secretary Wilbur Ross, the weak first quarter performance showed the need for the new policies Trump is offering.

“We need the president’s tax plan, regulatory relief, trade negotiations and the unleashing of (the) American energy sector to overcome the dismal economy inherited by the Trump administration,” Ross said in a statement.

He said that strong business and consumer sentiment “must be released from the regulatory and tax shackles constraining economic growth”.

Written by

Ifunanya Ikueze

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