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Business News: Inflation…airfare & GF teachers

By Doug Barrett Aug 14, 2022 | 5:14 PM

Prices at the wholesale level fell from June to July, the first month-to-month drop in more than two years and a sign that some of the U.S. economy’s inflationary pressures cooled last month.  The easing of wholesale inflation suggests that consumers could get some relief from relentless inflation in the coming months.

 

The number of Americans who signed up for unemployment benefits rose last week to the highest level since November, though the U.S. job market continues to show signs of strength. Applications for jobless aid climbed by 14,000 to 262,000 and now have risen five out of the last six weeks, the Labor Department reported Thursday.

 

Average long-term U.S. mortgage rates soared this week in a continued volatile market as the key 30-year loan rate jumped back over 5%. Mortgage buyer Freddie Mac reports that the 30-year rate rose to 5.22% from 4.99% last week.  Experts see some stability returning as the drop in homebuyer demand moderates although supply remains fairly tight.

 

Roers Construction unveiled plans this past week to revitalize nine blocks in downtown Moorhead.  Roers is partnering with JLG Architects and Stantec on project plans.  The first phase will target new buildings that will be located at the east end of the existing Moorhead Center Mall area.

 

The Grand Forks Inspections Department has issued a building permit for the fit-up of a storefront for The Buckle.  The retail construction is located at 3801 32nd Avenue South.  The permit lists the improvement value at $770,000.

 

The North Dakota Department of Commerce says the Innovation Technology Loan Fund Committee awarded a total of $1 million to two companies.  Vigilant Aerospace, an unmanned aircraft systems company,  focuses on detect and avoid software for beyond visual line of sight. The Grand Forks-based company was awarded $500,000 contingent on a 1:1 match from non-debt sources, and that the majority of the dollars be spent within North Dakota.

 

Altru’s Healthcare Eligibility Resource Options Program (HERO) has reached a milestone.  The program helps connect patients who need financial assistance connect with resources including Medicaid and marketplace insurance option.  Over the last couple of years HERO has saved Altru patients $65 million and has helped nearly 5,000 people.

 

Minnesota has Received AAA bond rating from Fitch.  It follows a similar affirmation by Standard & Poor’s and an upgrade to AAA by Moody’s last week. High bond ratings help keep the cost of borrowing for future investments low.

 

Valley City State University has announced Erica Buchholz will serve as the next Vice President for Business Affairs. Buchholz was appointed as an interim in this position earlier this year.  The VPBA is responsible for leading all business and facilities operations and is a key member of the President’s cabinet.

 

Faced with a shrinking pool of teachers the Grand Forks District has hired 13 international teachers to help fill the instructional ranks heading into another year.  The teachers come from as far away as the Philippines and Nigeria.  Over 100 teachers will attend a new teacher workshop this week.

 

A recent economic impact analysis of youth hockey and figure skating events in East Grand Forks shows business that benefited the most were lodging…restaurants…and bars.  The 9,379 visitors translated direct spending of $1.7 million dollars.  Nearly 40 percent of the people who responded to the income question reported incomes of $150,000 or more.

 

Xcel Energy has announced a transportation vision to power all vehicles with carbon-free energy by 2050.  Under the plan all vehicles would run on zero-carbon fuel, which may be electricity or other clean energy like carbon-free hydrogen for future fuel cell electric vehicles.

 

Air travelers are finally getting a break on fares. The government reports the average airfare dropped nearly 8% in July compared with June. The bad news is, that’s still almost 28% higher than last July.  Airlines pushed fares up for most of this year because demand was high and there were fewer seats to sell. The airlines also blame high jet fuel prices.

 

Postmaster General Louis DeJoy says inflation is going to necessitate another rate increase in January. Despite inflation and staffing difficulties DeJoy says the Postal Service is well prepared for the November election. He noted that postal carriers already delivered about 40 million ballots to and from voters.

 

Johnson & Johnson is pulling baby powder containing talc worldwide next year after it did the same in the U.S. and Canada amid thousands of lawsuits claiming it had caused cancer. The company says talc will be replaced by cornstarch. J&J insists, and the overwhelming majority of medical research on talc indicates, that the talc baby powder is safe and doesn’t cause cancer.

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