The Federal Reserve will start dialing back its ultra-low-interest rate policies this year as long as hiring continues to improve. Chair Jerome Powell signaling the beginning of the end of the Fed’s extraordinary response to the pandemic recession. Such a move could lead to higher borrowing costs for mortgages, credit cards and business loans.
Growth in U.S. consumer spending slowed in July to a modest increase of 0.3% while inflation over the past 12 months rose to the fastest pace in three decades. The July increase in spending was down sharply from a 1.1% rise in June. It was the clearest signal yet that the surge in the delta variant of the coronavirus was having an impact on consumer spending, the driving force in the economy. The report showed that consumer prices over the past 12 months have risen 4.2%.
Sickies in East Grand Forks has closed its doors. The restaurant made the announcement in a Facebook post. “Due to the initial pandemic shutdown and the ongoing staffing issues experienced thereafter, we have no choice but to cease operations in East Grand Forks.” There are reports that another business has already expressed interest in the site.
Grand Forks secured the second highest check of the year in August for local sales tax collections. The city added $2,588.045.97 to its coffers. The bulk of the sales occurred in June. The tally is slightly higher than one year ago and pushed the year-to-date total to over $1.6 million dollars. The calendar year collections are up 8.28%. The one-quarter percent restaurant-lodging component also showed over the year gains.
At the end of the second quarter of 2021, total outstanding college-loan balances stood at $1.59 trillion dollars according to the Department of Education. The financial website WalletHub reports North Dakota is ranked 6th for student loan indebtedness. The report also placed the state at 27th for percentage of student loans past due or in default. (https://wallethub.com/edu/best-and-worst-states-for-student-debt/7520).
Best Buy has raised its full-year sales outlook after the nation’s largest consumer electronics chain posted fiscal second-quarter results that beat Wall Street’s projections. Best Buy joins other retailers including Walmart, Target and Macy’s that have posted strong results for the quarter, an indication that U.S. consumers remain resilient. Minnesota-based retailer was somewhat insulated from the economic fallout last year because so many people stuck at home stepped up spending on webcams, laptops and other technology.
The Grand Forks Growth Fund has approved a pair of FlexPACE loans for ND Coffee Roastery. The company originated as part of Bully Brew Coffee Roasters. The $31,000 will help buy down interest on commercial loans. The money will help fit-up a warehouse site at 2898 Heartland Business Court. The JDA will consider the request on September 7th.
The unemployment rate for Grand Forks County last month was 3.3%. The labor force was estimated at 37,090. The number employed totaled 35,861. North Dakota’s July 2021 not seasonally adjusted unemployment rate was 3.6 percent.
Minnesota’s minimum-wage rates will be adjusted for inflation Jan. 1, 2022, to $10.33 an hour for large employers and $8.42 an hour for other state minimum wages. The current large-employer minimum wage, $10.08.
UND’s EERC has secured a $150,000 grant from the DOE’s Office of Fossil Energy and Carbon Management. The money will be used to research rare earth minerals and critical minerals derived from lignite coal. The offices of Senators Hoeven and Cramer announced the grant award.
T-Mobile says it has notified nearly all of the millions of customers whose personal data was stolen and that it is “truly sorry” for the breach. The company disclosed earlier in August that the names, Social Security numbers and information from driver’s licenses or other identification of about 50 million accounts was exposed.
The Minnesota Department of Agriculture (MDA) has launched its annual pesticide and fertilizer survey. This year the survey will focus on best management practices (BMPs) for corn and soybean farmers. The mailed survey is being sent this week to the 7,600 Minnesota farmers.
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