The number of people seeking unemployment benefits fell sharply last week to 684,000, the fewest since the pandemic erupted a year ago. Today’s report from the Labor Department shows that jobless claims fell from 781,000 the week before. It is the first time that weekly applications for jobless aid have fallen below 700,000 since mid-March of 2020.
North Dakota recorded 4,187 initial unemployment claims in February 2021, down 40.6 percent from January but higher by 87.4 percent compared to the same month one year ago. Nineteen of 20 industries and 44 of 53 counties reported higher initial claims compared to the same month one year ago. North Dakota’s February not seasonally adjusted unemployment rate was 5.3 percent. The rate one year ago was 2.5 percentage points lower than the current average.
Minnesota’s seasonally adjusted unemployment rate dropped to 4.3% in February, down from 4.5% in January, according to numbers released by the Minnesota Department of Employment and Economic Development (DEED). The decline in the unemployment rate was due to more people finding work and a decrease in the number of unemployed people. Minnesota’s labor force participation rate fell by a tenth of a point to 67.8% in February. It was 70.2% in February 2020.
Orders to U.S. factories for big-ticket manufactured goods fell a sharp 1.1% in February with demand in a key sector that tracks business investment also dropping. The Commerce Department reports that orders for durable goods declined last month for the first time after nine consecutive monthly gains including a sizable 3.5% rise in January.
U.S. long-term mortgage rates jumped to their highest level since June, though still remain near historic lows. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year fixed-rate home loan rose to 3.17% from 3.09% the previous week. One year ago, the benchmark rate stood at 3.5%.
Grand Forks sales tax collections topped the two-million mark in the March payment. The city added $2,156,917.11 to the coffers from the local tax. The rebound in collections helped offset the first two months that were down from one-year ago. For the first three months of 2021 collections are down 7.62%.
The Grand Forks council has given preliminary approval to a Class 3 liquor license for The TapRoom Brew Hall. The business is slated to open at 13 North 3rd Street. The Class 3 license is for beer and wine.
A surplus fire truck at the Grand Forks Fire Department is getting a new home. The city council has given preliminary approval of a plan to sell the 1987 Spartan fire engine for $1,500 dollars to Grand Forks County. The move paves the way for the truck to be stationed at the Grand Sky to help establish on-site fire protection services at the UAS business park.
Postmaster General Louis DeJoy has announced plans to slow mail delivery standards and cut hours at some post offices as part of a 10-year strategy to stabilize the struggling agency. Dejoy took over the agency last summer.
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