U.S. consumer spending rebound in October, rising by a solid 1.3%, but inflation was up as well, rising over the past year at the fastest pace in more than three decades. The jump in consumer spending last month was double the 0.6% gain in September.
The number of Americans applying for unemployment benefits plummeted last week to the lowest level in more than half a century, another sign that the U.S. job market is rebounding rapidly from last year’s coronavirus recession. Jobless claims dropped by 71,000 to 199,000, the lowest since mid-November 1969. The drop was much bigger than economists expected.
The unemployment rate in Grand Forks County slipped to an even 2% in October. That compares to 2.3% in September. According to North Dakota Job Service 35,809 people were employed in the county last month. North Dakota’s October 2021 not seasonally adjusted unemployment rate was 2.3 percent.
A strong showing for sales tax collections in Grand Forks for November. The local tax generated $2,448,530 for the month. The number reflects sales in September. It was the 9th time in 2021 that collections have topped the two-million mark. With eleven months in the books the tax has generated $26,109,178 – up 9.29% over one year ago.
Federal regulators have cleared a path to consider Canadian Pacific’s $31 billion acquisition of Kansas City Southern railroad. The U.S. Surface Transportation Board decided that Canadian Pacific’s merger application is complete, dismissing concerns from other railroads. The board also laid out a schedule for its review of the deal that will stretch at least through next July but could be extended.
Best Buy Co.’s shares tumbled after the nation’s largest consumer electronics chain posted a decline in gross profit margin for the fiscal third quarter, citing organized theft and increased promotions compared to a year ago. The Minnesota-based company also offered a muted sales forecast for the holiday fourth quarter amid supply constraints.
The East Grand Forks council is looking to tap into the Border Cities Tax Credit program to assist RJ Zavoral & Sons. The company is seeking tax relief for its maintenance and yard facilities over a three year span. The EDA says the request meets the parameters for retaining and growing businesses. The credit would total $149,999. The full application will be reviewed at a December 7th meeting
The Justice Department has filed a lawsuit seeking to block a major U.S. sugar manufacturer from acquiring its rival. The department contends that the deal would harm competition and consumers. The lawsuit was filed Tuesday in federal court in Delaware. It comes about eight months after U.S. Sugar announced it reached an agreement to acquire the Imperial Sugar Company, one of the largest sugar refiners in the nation.
The Grand Forks council is expected to approve a one year extension of the liquor license for Blues, Brews and B-B-Ques (DBA Muddy Rivers) at the December 6thmeeting. The establishment operated out of the former Townhouse before it was shuttered to make way for the Beacon project. The move would grant the license holder more time to either find a new owner for the license or a new location for the business. The current license is scheduled to expire at the end of the year.
Starting Monday you can nominate a nonprofit organization to receive a free radio ad schedule with Leighton Broadcasting. The so-called Gratitude on Repeat effort includes free production and a 13 week schedule on select stations. Nominations will be accepted until December 31st. The winner will be announced on January 3rd. www.leightonbroadcasting.com/gratitude
Angi Aamodt and Diane Krueger have been selected as the Classified and Certified Employees of the 1st quarter at Grand Forks Public Schools. Aamodt (classified) and Krueger (certified) each received a plaque from the Grand Forks School Board and a $200 monetary award from the Grand Forks Foundation for Education.
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