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Investopedia

US Consumer Sentiment Declines As Low Earners Become More Concerned

~2.2 mins read

Consumers are feeling better about inflation, but low-income earners are concerned the economy is turning, a national survey on public perceptions of the economy showed.

The Michigan Consumer Sentiment Index continued to tick lower in July. It’s the lowest level since November 2023, and it reflects four consecutive months of decline for the widely-followed measurement.

Survey director Joanne Hsu notedthat consumer sentiment over the last three months has remained “virtually unchanged.”

“Sentiment has lifted 33% above the June 2022 historic low, but it remains guarded as high prices continue to drag down attitudes, particularly for those with lower incomes,” Hsu wrote. “Labor market expectations remain relatively stable, providing continued support to consumer spending.”

The report highlighted the differences between high- and low-income earners, wrote Oren Klachkin, a financial market economist at Nationwide.

“In short, high-income earners are generally enthusiastic while lower-income cohorts are feeling the heat,” Klachkin wrote. “Lower-income households will suffer the greatest pain during the upcoming economic slowdown since they haven’t benefited from the run-up in stock prices and housing values to help them weather the pending slowdown in income growth.”

The public continues to feel better about inflation, with year-ahead expectations for price increases coming in at 2.9%, dropping for the second straight month, while expectations on price growth for five years out remained at 3%, still above the pre-pandemic range. But while inflation expectations improved, high prices continued to weigh on perceptions about the economy.

“Despite slowing inflation, consumers appear to remain unhappy with the high level of prices generally, and food prices in particular,” wrote Scott Hoyt, analyst at Moody’s. “Interest rates remain painfully high and unlikely to return to pre-pandemic levels in the foreseeable future. Homes are unaffordable for many.”

The Federal Reserve closely follows consumer inflation expectations, factoring in public sentiment when making decisions on interest rate levels.

“Gradually diminishing inflation should minimize the risk of an unexpected pop in expectations and help set the stage for a September Fed rate cut,” Klachkin wrote.

While the survey has shown elevated consumer pessimism for several months, there are reasons to expect confidence to improve, said Hoyt.

Gas prices should remain near current levels, interest rates and price levels are trending lower and the labor market is slowing but still strong.

“Given the still-low level of this index, large gains seem likely at some point,” Hoyt wrote. “Though confidence should trend higher, the timing of gains is highly uncertain.”

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Gistlegit

TRENDING: #Onyeegwu - Protesters Nationwide React To Onyeegwu: A Movie That Strikes A Nerve!

~3.8 mins read

Uche Jombo’s "Onye Egwu" Movie Sparks Nationwide Reactions Amidst Protests. Showing Now On Amazon Prime Video "Onye Egwu "

In a remarkable turn of events, Uche Jombo's latest film, "Onye Egwu," has captivated audiences across Nigeria, even as the nation grapples with widespread protests. The film's debut on Prime Video has created a significant buzz, blending art and reality in a way that resonates deeply with viewers.

The Captivating Tale of "Onye Egwu"

Nollywood has recently shown a marked evolution in the richness of its storytelling, and "Onye Egwu" is a testament to this growth. The film tells the heart-wrenching story of Alex Mbanefo, a celebrated football star whose career is abruptly halted by severe injuries. The narrative explores his struggles and his chance encounter with a rising star, Nedu, which reignites his passion and transforms his perspective.

Released in 2023, "Onye Egwu" offers a fresh narrative while paying homage to Nollywood's rich storytelling tradition. The film has not only placed Nollywood on the global map but has also become a symbol of hope and resilience during a tumultuous time in Nigeria.

Plot

"Onye Egwu" centers on Alex Mbanefo (Zubby Michael), a renowned footballer whose exceptional skills earned him the nickname "Onye Egwu." His career comes to a sudden halt due to severe injuries, forcing him to face the harsh reality that his playing days are over. Desperate and broken, Alex returns to Nigeria at his sister's urging. She reveals a shocking twist: a pastor told her that Alex's estranged wife, Tina (played by BBNAIJA's Tacha), used voodoo to sabotage his career.

Parallel to Alex's story is that of Chinedum, a young footballer from a slum who idolizes Onye Egwu. Despite his mother's discouragement and rejection of a football school offer, Chinedum secretly pursues his dream. His friend Uduak, despite lacking talent, receives unwavering support from his mother, adding a layer of contrast and complexity to the narrative.

As Alex searches for a way to revive his career and Chinedum strives to reach the global stage, "Onye Egwu" weaves a tale of perseverance, familial bonds, and the pursuit of dreams against all odds.

Character Analysis

"Onye Egwu" boasts a star-studded cast featuring Nollywood luminaries such as Chioma Akpotha, Ini Edo, Lateef Adedimeji, Ufuoma McDermott, Debo Adedayo (Mr Macaroni), Nancy Isime, Broda Shaggi, Toyin Abraham Ajeyemi, Emeka Nwagbaraocha, Williams Uchemba, Lilian Esoro, Tacha, Kayode Ojuolape, Tina Mba, and many others.

Zubby Michael as Alex Mbanefo: Michael delivers a compelling performance, showcasing Alex's emotional and psychological struggles with a depth that contrasts his usual dynamic roles. His portrayal effectively communicates the pain and frustration of a once-great athlete grappling with the end of his career.

*Watch Video:*

Uche Jombo as Ngozika: Jombo's portrayal of Ngozika, Chinedum's single mother, is pivotal. As a parent struggling to provide for her family, she embodies the harsh realities of life in a slum and the protective nature of motherhood. Her opposition to Chinedum's football dreams, rooted in practicality and concern, adds depth and tension to the narrative.

Kayode Ojuolape as Nedu: Ojuolape shines as Nedu, whose journey interweaves with Alex's, bringing authenticity and depth to the film. His performance blends humor with insightful social commentary, making "Onye Egwu" both engaging and thought-provoking.

Ini Edo as Eno: Edo's vibrant performance as Eno, a mother who supports her son's football aspirations despite his lack of talent, contributes significantly to the film's exploration of cultural themes. Her character adds a layer of comedy and satire, enhancing the film's multifaceted narrative.

Movie Analysis

"Onye Egwu" excels in its rich storytelling and effective delivery. The film's strength lies in its likeable cast and well-executed production. Every aspect, from the actors' performances to the cinematography, color, mood, and texture, complements each other seamlessly. The brilliant pacing ensures a smooth narrative flow, keeping the audience engaged throughout.

The film is a satirical take on contemporary Nigerian society, exploring themes of tradition, superstition, and modernity. It cleverly blends humor with sharp social commentary, creating an entertaining and thought-provoking narrative. Alex's journey, driven by his sister's belief in dark magic and his interactions with quirky relatives, reflects the often absurd nature of societal norms and expectations.

Jombo's portrayal of Ngozika uses satire to highlight the contradictions of Nigerian culture, particularly the tension between tradition and modernity. The humor, often understated, relies on witty dialogue, situational irony, and characters' exaggerated reactions to everyday occurrences.

Conclusion

Despite its strengths, "Onye Egwu" falls short in fully portraying the athletic struggles of Alex. The film lacks scenes that genuinely resonate with the difficulties faced by a footballer dealing with career-ending injuries, missing an opportunity to add depth to Alex's journey. However, the film's charm, insightful narrative, and engaging performances make it a worthwhile viewing experience.

"Onye Egwu" is a captivating blend of comedy and satire, offering entertainment and thoughtful commentary. While it may not leave a lasting impression due to its underdeveloped depiction of Alex's athletic struggles, the film's engaging storytelling and rich cultural exploration firmly establish it as a standout in Nollywood's evolving landscape.

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Instablog9ja

FG To Sell $500 Million Of Dollar-denominated Securities To Attract Forex From Nigerians In Diaspora

~1.2 mins read

The Federal Government has announced plans to sell $500 million of dollar-denominated securities in the domestic market in a bid to strengthen the Naira.

This was disclosed by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, at an event in Abuja on Thursday, July 25.

The minister said the move is expected to attract investment from Diaspora Nigerians and Nigerians with savings held abroad and will take place in three to four weeks’ time.

According to him, “We have an open exchange rate system, it’s not illegal and so we have the issuance of a dollar-denominated security, not depending on the financial architecture of the Western world, not depending on the kind of architecture that you use to raise Eurobonds.

We’re using the Nigerian financial system, the Securities and Exchange Commission (SEC), the banking system, the investment bankers to issue $500 million in the first instance that will be available and will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu.

That issue is a challenge to the best and the brightest in the financial markets. It is due to open in the next three to four weeks maximum.”

The government is also not considering a eurobond offering, focusing on the dollar bond instead.

“Eurobond is one of the options that we have, the markets are open to us, our ratings and our performance merit it. But we prefer in the first instance to challenge Nigerians to come home with their money and be part of the Nigerian reform success story,” he said.

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Instablog9ja

300-level ATBU Student Sl¥mps And Di3s While Taking Her Morning Bath

~0.8 mins read

A 300-level Computer Science student of Abubakar Tafawa Balewa University (ATBU) Bauchi, Naja’atu Salisu, has passed away after she was found unconscious in the bathroom on Friday morning, July 26.

It was gathered that Naja’atu entered the bathroom in the female hostel at the Gubi campus of the university to have a morning shower and prepare for lectures but was later found lying unconscious on the floor of the bathroom.

One of her roommates who spoke with Leadership said: “She had done every routine in preparation for the morning class before going into the bathroom. She brought wears that she planned to wear to the class and kept them on the side of her bed.”

Confirming the incident, ATBU Spokesperson, Zailani Bappa, said she was rushed to the university’s clinic medical attention, but medical personnel were unable to find a vein on her body.

“Having noticed this, Naja’atu was rushed to the Trauma Centre of Abubakar Tafawa Balewa University Teaching Hospital where she was certified d£ad by medical doctors,” he said.

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Investopedia

Crock-Pot Parent Newell's Stock Leaps Back Into The Green

~1.4 mins read

Newell Brands (NWL) beat second-quarter expectations and upgraded its full-year guidance after the company made “significant progress" on its turnaround, sending shares of the Yankee Candle owner up 40% on Friday.

The parent of Crock-Pot, Elmer’s and Sharpie now projects adjusted earnings per share (EPS) of 60 cents to 65 cents in 2024, up from a previous estimate of 52 cents to 62 cents. Newell also narrowed its net sales growth range to declines of between 6% and 7% from 5% to 8%.

Friday's jump pulled the company's shares a few points into the green year-to-date, though still well off highs seen in 2021.

"Over the past year we have improved the rate of year over year core sales growth from down 15% in the first half of 2023 to down 9% in the back half of 2023 to down 4.5% in the first half of 2024," CEO Chris Peterson said on the company’s earnings call.

The company expects its realignment to be “substantially implemented” by the end of 2024 and generate $65 million to $90 million in annualized savings. The company reported less outstanding debt and more cash or equivalents year-over-year.

"We are making significant progress,” Peterson said in a statement. “Since implementing the new corporate strategy, we have taken decisive actions that have improved the company's top line trajectory, driven significant gross and operating margin expansion, delevered the balance sheet and improved cash flow performance”

In the second quarter, Newell posted net income of $45 million, or 11 cents per share, more than double the $18 million, or 4 cents per share, it reported a year earlier. Net sales fell nearly 8% to $2 billion.