America’s employers added just 235,000 jobs in August, a modest gain after two months of robust hiring at a time when the delta variant’s spread has discouraged some people from flying, shopping and eating out. The unemployment rate dropped to 5.2% from 5.4% in July.
Growth in the services sector, where most Americans work, slowed in August after setting a record pace in July. The Institute for Supply Management reports its monthly survey of service industries decreased to a reading of 61.7 in August after hitting a record high of 64.1 in July. The July figure was the fastest pace since this data series began in 2008. Any reading above 50 indicates growth in service industries.
A new monthly survey of business leaders suggests the economy keeps operating at a healthy pace in nine Midwest and Plains states, but supply delays and shortages of workers are limiting growth in the region. The overall economic index for the region slipped to 68.9 from July’s surging 73.1, but it still indicates strong growth. Any score above 50 on the survey’s indexes suggests growth. The survey covers the Dakota’s and Minnesota.
Standard & Poor’s and Fitch reaffirmed Minnesota’s AAA rating, the highest rating awarded by the analysts. The news comes as Minnesota prepares for the sale of over $879 million in general obligation bonds on September 9, 2021. Management and Budget Commissioner Jim Schowalter says the rating will help lower interest rates for the state and reducing our cost of borrowing.
The Government Finance Officers Association of the United States and Canada (GFOA) has awarded the Certificate of Achievement for Excellence in Financial Reporting to the state of North Dakota for its 2020 annual comprehensive financial report (ACFR). The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting.
The Grand Forks P & Z Commission has approved a 30 foot high commercial ground monument sign at 3601 32nd Avenue South. The owner of the Grand Forks marketplace which includes the Super Target and Lowe’s commercial areas requested the sign. City code currently allows for a 20’ by 20’ sign. Critics say it would open the door for other sites along the corridor to apply by larger signage. Supporters say it’s another tool to help fill open storefronts and market businesses. The city council will review the request.
Altru has received preliminary approval to continue to use a temporary parking lot north of Sertoma Park. The City of Grand Forks approved the lot while the new hospital was under construction. Altru suspended the build due to the pandemic. Construction is slated to start up again next month. The temporary lot approval expired on June 30th. If the council concurs with the P & Z recommendation the lot could be in use until August 2025.
The Minnesota Department of Employment and Economic Development (DEED) will begin accepting applications for the Main Street COVID Relief Grants Program on September 20th. A total of $64,200,000 is available in grants for Minnesotan owned and operated businesses that can demonstrate financial hardship due to the COVID-19 pandemic. Funding will be distributed in a 50/50 split between the Twin Cities metro area and Greater Minnesota.
Minnesota has announced plans to reopen driver’s license exam stations to full capacity statewide by early next year. Most driver’s exam stations were shuttered amid COVID-19 concerns. The Legislature earlier this year set aside dedicated funding in fiscal years 2022 and 2023 to reopen all 93 offices, including in Northwest Minnesota.
The global shortage of computer chips is getting worse, forcing automakers to temporarily close factories including those that build popular pickup trucks. Industry analysts say the delta variant of the novel coronavirus has hit employees at chip factories in southeast Asia hard, forcing some plants to close.
The auto industry has raced ahead on an electric wave with more manufacturers joining the race seemingly every day. The boating industry has sputtered far behind, bogged down by low-horsepower engines and batteries that take up nearly half the boat. Bolstered by new technology, the electric boats are now faster, have smaller batteries with longer ranges and are still zero emission.
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