Americans are proving remarkably reliable in how they are spending their federal stimulus payments. The New York Federal Reserve released a study this week that showed Americans are using most of the money for paying down debt and for savings, with a smaller portion going to actual spending. According to the report, households, on average, are using or plan to use about 41.6% of the latest relief payment toward savings, 33.7% toward debt and 24.7% for spending. The percentage for each category has stayed relatively stable for each of the three rounds of payments.
The number of Americans applying for unemployment benefits rose last week to 744,000, signaling that many employers are still cutting jobs even as more people are vaccinated against COVID-19, consumers gain confidence and the government distributes aid throughout the economy. The Labor Department said Thursday that applications increased by 16,000 from 728,000 a week earlier.
Federal Reserve Chair Jerome Powell says the U.S. economy is headed toward a strong recovery, though he cautioned not all will immediately benefit. He cited quickening vaccinations and signs of rapid hiring in a speech Thursday during the virtual spring meetings of the International Monetary Fund and World Bank. Still, Powell says that many of those out of work will struggle to find new jobs.
The Labor Market Information Center has released the latest Online Job Openings Report (OJOR), a monthly summary of online job openings and active résumés from Job Service North Dakota’s labor exchange system. North Dakota had a total of 16,429 open and available online job openings in March 2021, a change of +7.8 percent (+1,192) from the prior month and +4.8 percent (+747) from the same month one year ago. Grand Forks County had 1,479 openings.
Mortgage rates fell this week for the first time in more than two months as buyers continue to be stifled by high prices and limited supply. Mortgage buyer Freddie Mac says the benchmark 30-year loan rate dipped to 3.13% from 3.18% last week. At this time last year it was 3.33%.
The Grand Forks council will take a first look at a request for a Class 3 liquor license from Downtown Axe on Monday night. The business to be located at 8 South 3rd Street is seeking a beer/wine on/off sale license. It would be a new alcoholic beverage license.
1,940 student athletes representing 84 high school teams across the state are participating in the North Dakota State High School Clay Target League (NDSHSCTL) this spring. The NDSHCTL is a part of the USA Clay Target League, which offers high school and college programs in 34 states.
Verizon is recalling 2.5 million mobile hotspots after some reports of overheating and two reports of minor burns. The 4G hotspots were used by schools and sold by stores. They are called Ellipsis Jetpack mobile hotspots and were imported by Franklin Wireless in San Diego.
The global shortage of semiconductors is forcing General Motors and Ford to further cut production at North American factories as chip supplies seem to be growing tighter. The shutdowns likely will crimp dealer inventory of vehicles made at the plants. GM says it has managed to keep factories humming that make hot-selling and profitable full-size pickup trucks and SUVs. The chip shortage has already been rippling through markets since last summer, but it has hit the global auto industry hardest.
Grand Forks is one of eight North Dakota communities selected to receive funding from the North Dakota Department of Commerce’s Main Street Initiative Partners in Planning Grant. The Grand Forks Region Economic Development Corporation (EDC) was awarded $15,600 to analyze the availability of workforce programming in the region, including the need for a Career and Technical Education Workforce Development Center.
Brig. Gen. Darrin K. Anderson became the newest North Dakota National Guard general officer during a promotion ceremony at the Air National Guard Base, Fargo. With this promotion to general officer, Anderson assumes the duties of the North Dakota National Guard assistant adjutant general for Air from Brig. Gen. Todd M. Branden, who was honored during a retirement ceremony.
Kristi Huber, current President & CEO of United Way of Class-Clay has been hired as Senior Vice President and Chief Marketing Officer at Blue Cross Blue Shield of North Dakota (BCBSND). Huber will begin in her new role on June 1, 2021. She earned her bachelor’s degree in Business and English at Concordia College in Moorhead, Minn.
Charles Reichert, of Richmond, has been named the Minnesota Department of Natural Resources Volunteer Snowmobile Instructor of the Year for 2020. During his 28 years as a volunteer instructor, Reichert has provided safety training for about 1,500 students – or roughly the population of his hometown.
FOLLOW US FOR INSTANT UPDATES!
