America’s employers slowed the pace of their hiring in November, adding a still-solid 210,000 jobs, the fewest in nearly a year. Friday’s report from the Labor Department also showed that the unemployment rate fell sharply to 4.2% from 4.6%. That is a historically low level though still above the pre-pandemic jobless rate of 3.5%.
A new monthly survey of business leaders in nine Midwest and Plains states shows the region’s economy remains healthy, and overall confidence in the economy over the next six months has improved. But about half of supply managers surveyed expect supply chain disruptions to get worse for the first six months of 2022. The monthly survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
The average interest rate for long-term mortgages in the U.S. remained flat this past week, following the Federal Reserve suggesting that it would start tightening credit by raising its benchmark rate. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year, fixed rate home loan ticked up slightly to 3.11% from last week’s 3.10%.
The North Dakota Industrial Commission has approved an additional $200,000 in funding for a rail improvement project at the ND Mill and Elevator in Grand Forks. The tracks between the bulk plant and warehouse have deteriorated to the point that replacement is required. The upgrade will also improve drainage in the area. The original estimate was pegged at $550,000.
Wages and hours have increased since before the pandemic both in Minnesota and nationally. In Minnesota, average hourly earnings for all private sector workers rose 41 cents to $33.43 in October over the month. The number of Minnesotans working involuntary part time, meaning they want a fulltime job but are working part time because they can’t find a fulltime job, fell again in October by 2,600 people on a 12-month moving average basis.
The Department of Employment and Economic Development announced that the University of Minnesota Crookston’s Veden Center for Rural Economic Development is a recipient of a $237,217 Small Business Partnership Grant Program. The money will be used to provide technical assistance for start-up and emerging businesses.
The U.S. Small Business Administration’s Disaster Field Operations Center is reminding small nonfarm businesses in 13 North Dakota counties and neighboring counties in Minnesota of the January 3rd deadline to apply for an SBA federal disaster loan for economic injury. These low-interest loans are to offset economic losses caused by drought that began April 27, 2021. Primary North Dakota counties: Barnes, Grand Forks, Griggs and Steele; Neighboring North Dakota counties: Cass, Eddy, Foster, LaMoure, Nelson, Ransom, Stutsman, Traill and Walsh; Neighboring Minnesota counties: Marshall and Polk.
Northland Community & Technical College’s aerospace site in Thief River Falls will host the northwest Minnesota REC Foundation Aerial Drone Competition (RADC) on December 11th. The 2021-22 Challenge: Downdraft 2, will be held featuring high school students from across the region. Around 14 high school student teams will compete in the event.
Honda is recalling nearly 725,000 SUVs and pickup trucks because the hoods can open while the vehicles are moving. The recall covers certain 2019 Passports, 2016 through 2019 Pilots and 2017 through 2020 Ridgeline pickups. Honda will notify owners by letter starting Jan. 17.
Kellogg’s has reached a tentative agreement with its 1,400 cereal plant workers that will deliver 3% raises and end a nearly two-month-long strike. The deal covers workers at all four plants in Battle Creek; Omaha, Nebraska; Lancaster, Pennsylvania; and Memphis, Tennessee where all of Kellogg’s well-known brands of cereal, including Frosted Flakes and Rice Krispies.
Getting more bang for your buck used to be the mantra of dollar store shoppers everywhere, but times are changing – and prices are rising. As consumers continue to contend with escalating prices for food, clothing and other items thanks to inflation, dollar stores are rethinking their pricing strategies. Dollar Tree announced last month that it will be boosting prices to $1.25 for most of its products. And now Dollar General is looking to roll out more of its Popshelf stores, where most items cost $5 or less.
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