Business News: ND benefits…UND Boeing & lease termination

Americans cut their spending at retail stores and restaurants in March for the second straight month, a sign consumers are becoming more cautious after a burst of spending in January. Retail sales dropped 1% in March from February. Lower sales of autos, electronics, and at home and garden stores drove the decline.

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After months of job growth and tight labor conditions, the latest employment data suggests the U.S. economy may finally be slowing down. The economy added just 236,000 new nonfarm payroll jobs in March, which is down from the previous six-month average of 334,000, according to the Bureau of Labor Statistics (BLS).

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A new economic study shows the impact of the lignite industry in North Dakota generated a total business volume activity of $5.8 billion dollars in 2022. The industry represented 2.6 percent of the state’s gross state product and four percent of the state’s gross business volume. The report was conducted by the North Dakota State University (NDSU) Department of Agribusiness and Applied Economics. The study suggests the industry collectively supports more than 12,000 direct and secondary jobs in the state.

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The Labor Market Information Center has released the results of the 2022 Benefits Guide. It reflects benefit offerings by North Dakota business establishments. The results suggest 83% of companies offer benefits to workers – and 79% require employees to be full-time to qualify. Holiday and vacation time were the top benefits by over 70%. Funeral and sick leave were rated at 40% and 36% respectively. 91% of businesses report handing out a raise during the past 12 months.

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The Grand Forks City Council will consider a request tomorrow (Monday) to terminate the existing lease with Forum Communications for space in the HIVE building. Forum Communications is asking the Jobs Development Authority to agree to a 60 day notice for an effective termination date of May 31st. The current lease runs through April 30, 2024. The GF Herald wants to move to a new location. A staff report suggests the move could prove beneficial to the city as value-added tech tenants are interested in a longer term tenancy.

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Delta Air Lines has reported a $363 million loss for the first quarter because of much higher spending on labor and fuel. That’s overshadowing a sharp rise in revenue. Delta says the second quarter will be better — it’s predicting a larger-than-expected profit in the April-through-June period, which includes the start of the key summer travel season.

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Nearly 3 in 4 Americans cite inflation or high interest rates as the main reason they don’t plan to buy a home in 2023, according to a new study. Due to the currently high rate of inflation, home prices and daily expenses are a top concern for many Americans. Due to higher living costs, Americans are taking on more and more debt.

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The University of North Dakota and Boeing will sign a Memorandum of Understanding this week that ensures job interviews for graduating UND ROTC cadets…student veterans…and active-duty students. The five-year MOU will be signed during a ceremony on Monday.

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North Dakota watercraft owners should note that 2023 is the first year of a new three-year registration period. The price to register motorboats in North Dakota under 16 feet in length, and all canoes, is $18; motorboats from 16 feet to less than 20 feet in length is $36; and motorboats at least 20 feet in length is $45. Fees are prorated.

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The North Dakota Department of Agriculture has released the Pride of Dakota showcase and holiday showcase dates for 2023. The Grand Forks event is set for November 3 & 4 at the Alerus Center.