Propelled by surging costs for gas, food and housing, consumer inflation jumped 7.9% over the past year, the sharpest spike since 1982 and likely only a harbinger of even higher prices to come. The increase reported by the Labor Department reflected the 12 months ending in February and didn’t include most of the oil and gas price increases that followed Russia’s invasion of Ukraine.
Slightly more Americans applied for unemployment benefits last week, but layoffs have settled to the low, pre-pandemic levels before 2020′s coronavirus recession. Jobless claims rose by 11,000 to 227,000 for the week ending March 5 according to the Labor Department. The previous week’s number was 216,000.
Minnesota gained 10,200 jobs in the last month on a seasonally adjusted basis, according to numbers released today by the Minnesota Department of Employment and Economic Development (DEED). The unemployment rate ticked down in January 2022 to 2.9% from 3.0% in December 2021. The decline was entirely due to people moving from unemployment to employment.
Average long-term U.S. mortgage rates rose this week but remain at historically low levels, just as the Federal Reserve prepares to raise its main borrowing rate. The average rate on a 30-year loan rose to 3.85% this week from 3.76% last week according to mortgage buyer Freddie Mac.
Another solid showing for home sales in Grand Forks and East Grand Forks in February. Numbers compiled by the Grand Forks Area Association of Realtors shows 52 homes…townhomes…and condos exchanged hands last month. That’s the same tally as in 2021 but compares to 35 in 2020 and 34 in 2019. The average sales price was $225,811.
The state Board of Higher Education will be looking at hiring a consultant to do a salary survey of faculty, staff and leadership of the state’s public colleges as they compare to regional and national salaries. NDUS Chancellor Mark Hagerott says the results will be used to help attract and retain employees.
The North Dakota Department of Commerce announced today it has renewed the Renaissance Zone Program for the city of Mayville for five additional years. The Ren- Zone Program is a tool for community redevelopment and economic investment that incorporates tax incentives to business and residential properties. Mayville started utilizing the Renaissance Zone Program in 2007 and has had 20 approved projects.
Officials at the Minnesota Rural Water Association (MRWA) have awarded East Grand Forks with the best tasting water in Minnesota. The taste test took place during the 38th Annual MRWA Water and Wastewater Technical Conference. Small and rural water utilities from around the State submitted samples of their water straight from the tap.
Becca Cruger has been promoted to director of workforce development at the Grand Forks Region Economic Development Corporation (EDC). Cruger joined the EDC in 2017.
Kristi Hall-Jiran, chief philanthropy and partnership officer, has been named to Prairie Business’ ‘Top 25 Women in Business’ list for 2022. Prior to joining Altru, Kristi served as president/CEO of the Community Violence Intervention Center (CVIC) in Grand Forks.
Sanford Health announced today it has hired Jared Antczak as its chief digital officer. Antczak will provide executive oversight for digital transformation initiatives to enhance patient and employee engagement, support care delivery and improve business processes.
Saturday’s Morgan Wallen concert set a new record for the Alerus Center. A post by Alerus GM Anna Rosburg says it was the highest grossing ticket revenue in building history.
BMW is recalling more than 917,000 cars and SUVs in the U.S. to fix a problem that can cause engine compartment fires. The recall covers many 3 Series, 5 Series, 1 Series, X5, X3, and Z4 vehicles from 2006 through 2013. Owners will be notified by letter starting April 25.