Business News: Unemployment…recall & GF restaurant

The nation’s employers delivered a burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades. Last month’s job gain topped the December gain of 333,000, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a half-century low. (AP)

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Grand Forks County wrapped up the final month of 2023 with a 1.6% unemployment rate. A total of 590 residents were in search of work during December. Among North Dakota’s 53 counties the highest jobless rate was in Rolette County at 4.1%. The statewide not seasonally adjusted average was 1.7%.

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American consumers, fresh off strong holiday spending, are feeling more confident than they have in two years. The Conference Board, a business research group, said Tuesday that its consumer confidence index rose for the third straight month, to 114.8 in January from 108 in December. Consumer spending accounts for about 70% of U.S. economic activity, so economists pay close attention to consumer behavior as they take measure of the broader economy. (AP)

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The average long-term U.S. mortgage rate eased this week, welcome news for prospective homebuyers as the spring homebuying season approaches. The average rate on a 30-year mortgage fell to 6.63% from 6.69% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.09%.

(AP)

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Developers are asking the Grand Forks Planning & Zoning Commission to approve a replat of a vacant parcel of commercial land near South Washington and 47th Avenue South. According to a city staff report the owners are looking to place a fast food/convenience restaurant on the site. The eatery would have a drive thru option as part of the new build. The name of the establishment was not included in the initial report.

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Millions of Americans rely on auto loans to finance vehicles. At last check the financial website WalletHub reports the total has reached nearly $1.6 trillion dollars in debt. The average household owes $13,400 dollars. Among the states where auto debt is increasing the most – Minnesota ranks 5th and North Dakota 6th. Wyoming is tops on the list while Rhode Island is ranked 50th. https://wallethub.com/edu/states-where-auto-loan-debt-is-increasing-most/132953

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Xcel Energy is advancing a clean energy transition with a new Upper Midwest Energy Plan. The outline calls for extending the use of Xcel’s two carbon-free nuclear plants while adding more wind and solar energy, battery energy storage systems. Xcel President Ryan Long says the proposal builds on already-approved plans to retire all coal plants by 2030. The plan is designed to keep costs low for customers by unlocking $5.7 billion in estimated tax credit savings from the Inflation Reduction Act. Xcel Energy’s Upper Midwest electric system serves Minnesota, Wisconsin, North Dakota, South Dakota and Michigan.

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The Commission on Judicial Selection has announced two vacancies in Minnesota’s Ninth Judicial District. The vacancies are the result of the pending retirement of the Honorable Darlene Rivera Spalla and the Honorable Shari R. Schluchter. These seats will be chambered in Mahnomen and Bemidji. The application deadline is February 22nd.

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The American Cross has selected a Fargo native to be the new executive director for the Dakota Region. Kimberly Vosseteig has spent the last five years raising funds for the Children’s Miracle Network Hospital, Sanford Children’s, and the oldest-serving non-profit in North Dakota, Fraser, Ltd. Vosseteig is a graduate of North Dakota State University. The Minnesota and Dakotas Region of the Red Cross serves 7.3 million people.

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Tesla is recalling nearly all of the vehicles it has sold in the U.S. because some warning lights on the instrument panel are too small. Documents posted by U.S. safety regulators say the recall will be done with an online software update.