A measure of prices that is closely tracked by the Federal Reserve rose 5.8% last year, the sharpest increase since 1982, as brisk consumer spending collided with snarled supply chains to raise the costs of food, furniture, appliances and other goods. The Commerce Department also said that consumer spending fell 0.6% in December. A wave of omicron cases discouraged many Americans from traveling, eating out or visiting theaters and other entertainment venues.
Visa’s fiscal first-quarter profits rose 27%, as improving economies worldwide as well as more people using digital payments helped lift the company’s fortunes. The San Francisco-based company said Thursday that it earned $3.96 billion, or $1.81 a share, up from a profit of $3.13 billion, or $1.42 a share, in the same period a year ago. The results easily topped Wall Street’s forecasts.
Average long-term U.S. mortgage rates were essentially flat this week after jumping nearly a half percent the past two weeks in anticipation of the Federal Reserve announcement of pending rate increases. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan ticked down to 3.55% from 3.56% last week. It stood at 2.73% a year ago.
Grand Forks has issued a building permit to the Target Corporation for what is billed as a store remodel. The value listed on the permit is $3.2 million dollars. A Target statement suggests the company is in the process of updating 150 stores nationwide. A company spokesman tells KNOX News the reimagined stores will feature modernized design elements that bring more technology and digital experiences to shopping. Potential improvements include upgraded Guest Services as well as pickup and drive up. Details on the timing of the project were not available.
Picture: Target rendering on potential store upgrades.
Grand Forks sales tax collections topped $2.24 million dollars in the January payment. That completed payments for the 2021 budget year. The average monthly collection was $2.42 million dollars. That compares to $2.13 million during the previous 12 month span – an increase of 13.59%.
The Alerus Center in Grand Forks finished 2021 in the black. The events center building turned a profit in excess of $200 thousand dollars. The figure is preliminary and still subject to a year-end audit. (Corrected copy to reflect dollar figure)
North Dakota’s December not seasonally adjusted unemployment rate was 2.8 percent. The jobless rate rose 0.3 of a percentage point between November and December. North Dakota typically sees an increase in unemployment numbers between November and December. A total of 10,987 people were in search of work last month.
North Dakota’s commercial service airports finished calendar year 2021 with a statewide total of 886,809 airline passenger boardings. This is an increase of 314,716 passengers or a 55% increase from 2020. The recent growth in demand throughout 2021 has also encouraged airlines to begin looking to add more flights, destinations, and seat capacity. A total of 66,785 passengers passed through the gates of the Grand Forks Airport in 2021 – an increase of nearly 44%.
Apple shook off supply shortages that have curtailed production of iPhones and other popular devices to deliver its most profitable holiday season yet. The results announced Thursday for the final three months of 2021 help illustrate why Apple is looking even stronger at the tail end of the pandemic than when the crisis began two years ago.
Kia is recalling more than 410,000 vehicles in the U.S. to fix a problem that can stop the air bags from inflating in a crash. The recall covers certain Forte small cars from the 2017 and 2018 model years, and Sedona minivans and Soul small SUVs from 2017 through 2019. The electric Soul also is included.
The Northern Plains UAS Test Site has a new executive director. Trevor Woods, formerly the director of safety, was chosen by the Northern Plains Unmanned Systems Authority for the position. The Authority is a commission chaired by North Dakota’s lieutenant governor and composed of representatives from North Dakota’s general aviation community, several state agencies and both major research universities within the state. NPUASTS is one of seven Federal Aviation Administration unmanned aircraft system test sites in the nation
The North Dakota Aviation Hall of Fame committee announces that Leo Duane Jostad has been selected for induction into the state’s Aviation Hall of Fame. He will become the 46th recipient. The induction ceremony will take place in Fargo at the annual “Fly North Dakota” Conference on Tuesday, March 8th at the Fargo Air Museum.
Xcel energy has announced that Patricia Correa will join the company on Feb. 1, 2022 as the new chief human resources officer (CHRO). Correa will replace Darla Figoli, the company’s current executive vice president and CHRO whose last day is March 1. Correa comes to Xcel Energy from Eaton Corporation where she currently serves as senior vice president, human resources – industrial sector.
The Grand Forks Salvation Army Thrift store is getting a refresh. The Grand Re-opening is set for early spring 2022. Services such as the food pantry, social programs, chapel and much more will not be affected by the Thrift Store updates and are available through the University Avenue offices.
Altru Clinic Warroad will be open for Express Clinic hours beginning Monday, February 7. An Express Clinic will provide the community with access to care for acute, walk-in care needs Monday through Friday from 5 p.m. to 7 p.m. and on Saturday from 7 a.m. to Noon.
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