The number of Americans seeking unemployment benefits rose last week to 770,000, a sign that layoffs remain high even as much of the U.S. economy is steadily recovering from the coronavirus recession. Thursday’s report from the Labor Department showed that jobless claims climbed from 725,000 the week before.
North Dakota’s January not seasonally adjusted unemployment rate was 5.1 percent. The unemployment rate rose 0.3 of a percentage point between December and January. January 2020’s rate was 2.1 percentage points lower than the current rate. North Dakota typically sees an increase in unemployment numbers between December and January.
A new monthly survey of bankers points to a quickly recovering economy in rural parts of 10 Plains and Western states. The overall index of the Rural Mainstreet Survey shot up more than 18 points to 71.9 in March from February’s 53.8. Creighton University economist Ernie Goss credits in part sharp gains in grain prices, federal farm support and the Federal Reserve’s record-low interest rates. The survey covers the Dakota’s and Minnesota.
The oil and natural gas industry in North Dakota accounted for more than $40 billion in gross business volume, nearly 60,000 jobs and over $3.8 billion in state and local tax revenues in 2019, according to a new study designed to highlight the industry’s impact on North Dakota’s economy. From fiscal years 2008 to 2020, tax revenues from the oil and gas industry in North Dakota totaled nearly $22 billion, according to a report by the Western Dakota Energy Association and North Dakota Petroleum Council.
The North Dakota Department of Commerce says 22 companies were approved for a total of $3,156,757 of funds through the North Dakota Development Fund (NDDF) in 2020. The North Dakota Development Fund was created in 1991 as an economic development tool. It provides flexible funding through debt and equity investments for new or expanding North Dakota primary sector businesses. Snack Shack LLC, a local Grand Forks food truck and French Taste LLC., a Grand Forks food cart received $9,000 loans.
North Dakota had 18.7 million visitors in 2020, a 21% decrease. Visitation to NDtourism.com increased 51% over the previous year and traditional inquiries were up 4%. These findings are detailed in the 2020 North Dakota Tourism Division Annual Report. Visitors to North Dakota spent $2.1 billion, a decline of 31%. Tourism officials blame the decline on the pandemic.
Maine-based retailer L.L. Bean saw the best sales in nearly a decade during pandemic. Officials say the Freeport-based retailer started its fiscal year with store closings and worries about survival but the company weathered the turbulent times to revenue growth of 5%. Analyst say L.L. benefited from two of the hottest retail segments during the pandemic — comfort items like slippers, pajamas and loungewear, and outdoor gear like hiking boots, fishing gear and canoes.
White Earth Reservation Tribal Council members have approved a new $16 living minimum wage for all tribal entities, including Shooting Star Casino, effective Mar. 20. The news comes after a federal minimum wage increase was rejected.
Nathan Iseminger has joined the Grand Forks Region Economic Development Corporation (EDC) as its UAS sector developer. Iseminger will lead EDC initiatives to foster collaboration among industry partners and provide resources and expertise to engage with stakeholders and capitalize on new opportunities for industry development. He recently retired from Grand Forks Air Force base, concluding a 22-year active-duty career.
A global semiconductor shortage and a February winter storm have combined to force Ford to build F-150 pickup trucks without some computers. The company says the pickups will be held at factories for “a number of weeks,” then shipped to dealers once computers are available and quality checks are done.
FOLLOW US FOR INSTANT UPDATES!
