Fewer Americans sought unemployment benefits last week, lowering jobless claims to 793,000. But the large number shows that job cuts remain high despite a substantial decline in new viral infections.
U.S. consumer prices rose 0.3% in January, led by a surge in energy. But even though the gain was the biggest monthly increase since July, inflation gains over the past year have remained modest. Even with the spike, gasoline prices are 8.7% below where they were a year ago.
Long-term mortgage rates are flat for a second straight week. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan remains at last week’s 2.73%. By contrast, the rate stood at 3.47% a year ago.
The Minnesota Department of Employment and Economic Development (DEED) has announced awards of $4.6 million in Convention Center Relief Grants and $8.54 million in Movie Theater Relief Grants to facilities across the state. These grants were part of a $216 million economic relief package signed into law by Governor Tim Walz on Dec. 16, 2020. Movie Theatre Relief Grants Awardees include: Moore Family Theatres – $15,000.
A Grand Forks shop local campaign is in the works thanks to a $40,000 grant by the Knight Foundation. The Grand Forks council will consider chipping in another $40,000 in CARES Act funding this week. The campaign will utilize a mix of marketing and discount gift cards redeemable only within Grand Forks. Evolve Grand Forks is working to help coordinating the effort.
Americans as a whole are now earning the same amount in wages and salaries that they did before the virus struck — even with nearly 9 million fewer people working. The turnaround in total wages underscores how disproportionately America’s job losses have afflicted workers in lower-income occupations — from restaurants and hotels to retail stores and entertainment venues — rather than in higher-paying industries, where employees have actually gained jobs as well as income since early last year.
The Labor Market Information Center has updated county-level data of the different costs associated with living in more and less populated areas within the state. This data allows users to see comparative living costs for 24 household types and various geographic areas. Seven fundamental living expense categories are tracked: food, housing, health care, transportation, child care, other necessities, and taxes. North Dakota’s average for a single full-time worker is $22,818. In Grand Forks County the average is $21,871.
Northern Plains Rail Services (NPRS) is officially in operation as a transloading site in Grand Forks (ND). The center first opened in August 2020 for rail car repair and cleaning. NPRS is looking to further develop the site for industries in the area that need access to BNSF railway to move product into and out of the Grand Forks trade area. The center is located on 283 acres located on the northwest end of Grand Forks.
Hormel Foods is going nuts. The Minnesota-based company, known for its meat brands like Spam and Applegate, says it’s buying the Planters nut business from Kraft Heinz Co. for $3.35 billion. Included in the deal are Planters brands like Nut-rition, Cheez Balls and Corn Nuts. The deal with Hormel is expected to close in the first half of this year.
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