Business News: GF jobs…BND profits & sports gambling

A key index of U.S. prices ticked higher in April, and consumer spending rebounded, a sign that inflationary pressures in the economy remain high. The index, which the Federal Reserve closely monitors, showed that prices rose 0.4% from March to April. The year-over-year figure is down sharply from a 7% peak last June but remains far above the Fed’s 2% target. The report showed that despite rising prices, consumers remain buoyant. Their spending jumped 0.8% from March to April, the biggest increase since January.
— — —

Labor productivity in the private nonfarm sector declined in 37 states and the District of Columbia in 2022, the U.S. Bureau of Labor Statistics reported this past week. Hours worked increased in 48 states and the District, and declined in Minnesota and Nebraska. Seven states experiencing declines in output also recorded increases in hours worked: Alaska, Louisiana, Maryland, Mississippi, New Hampshire, North Dakota, and Oklahoma. North Dakota also experienced the highest rate of labor productivity growth of 2.7 percent per year.

— — —

The unemployment rate for Grand Forks County last month slipped to 1.9%. The April rate compares to 2.2% the previous month. According to Job Service North Dakota a total of 716 people were in search of employment during the month. The workforce totaled 37,628.

— — —

Do you own your home? According to U.S. Census reports of the 126.8 million occupied housing units in 2020 a total of 63.1% were owner-occupied. The homeownership rate was the lowest since 1970 when it was 65.1%. On the flip side renter-occupied units increased from 40.7 million in 2010 to 46.8 million in 2020. North Dakota’s home ownership rate is 61.6%….Minnesota sites at 70.6%.

— — —

The EPA has approved a $2 million dollar grant to the Fargo Housing and Redevelopment Authority to upgrade the Lashkowitz High Rise property which overlooks the Red River. The 22 story building is vacant and contaminated with asbestos and heavy metals. The cleanup will make way for its safe reuse as affordable housing.

— — —

The state-owned Bank of North Dakota (BND) has reported total record assets of $10.2 billion at year-end 2022. The growth enabled the Bank to increase its portfolio to a record $5.4 billion in loans. In addition, the Bank reported a record profit of $191.2 million dollars. The Bank of North Dakota is the only state-owned bank in the nation.

— — —

The North Dakota Industrial Commission has approved its fourth carbon capture and storage facility. Orders written by the Department of Mineral Resources (DMR), and signed by the Commission, approve Blue Flint Ethanol to geologically store carbon dioxide from the Blue Flint ethanol facility located in McLean County. Carbon dioxide can be captured from stationary sources and injected deep underground into permeable and porous geologic strata and remain isolated.

— — —

Best Buy turned in a first-quarter profit that beat Wall Street expectations, while the nation’s largest consumer electronics chain continued to wrestle with weak consumer demand for gadgets. But the Minnesota-based chain predicts that the slump in consumer electronics will bottom out by year-end as customers who bought gadgets at the onset of the pandemic will start to update their devices.

— — —

An NCAA-commissioned survey of 18- to 22-year-olds shows more than half acknowledged placing sports wagers and two-thirds of those who live on college campuses saying they engage in betting. The purpose of the survey was to explore the prevalence of gambling. Thirty-percent of the 3,500 respondents said their typical wager was between $10 and $20. But 6% said they have lost more than $500 in a single day.