The nation’s employers added a healthy 187,000 jobs in August in a sign of a still-resilient labor market despite the high interest rates the Federal Reserve has imposed. The unemployment rate rose from 3.5% to 3.8%, the highest level since Feb. 2022. The August jobs report also showed that wage gains are easing, a trend that may help signal to the Fed that inflation pressures are cooling.
Best Buy sales and profits slid in the second quarter as the Minnesota based consumer electronics chain continues to wrestle with a pullback in spending on gadgets after Americans splurged during the pandemic. Americans are facing higher prices and more expensive credit. It’s more expensive to take out loans for appliances, cars and houses, or to use a credit card.
North Dakota’s taxable sales and purchases for the second quarter of 2023 climbed 16.8% compared to the same time one year ago. Taxable sales and purchases for April, May and June of 2023 were $6.9 billion. Tax Commissioner Brian Kroshus says the state’s economy continues to perform extremely well. Thirteen out of 15 major industry sectors reported taxable sales and purchases increases when compared to the second quarter of 2022. Around the state Minot reported a 13% increase…Bismarck 4.5%…Fargo 3.9%…and Grand Forks was up 3%.
August home sales in Grand Forks / East Grand Forks posted their second highest total of the year with 85 single family homes…townhomes…and condos sold. A total of 462 sales have been finalized in 2023. That compares to 583 one year ago. The average sales price in August was $306,781 dollars.
Minnesota exports of agriculture, mining and manufactured products were valued at $6.1 billion in the second quarter of 2023, according to new data released by then Minnesota Department of Employment and Economic Development (DEED). After eight straight quarters of growth, state exports fell 9% over the second quarter of 2022. Exports to Canada, the state’s top trading partner, fell sharply due to a decline in mineral fuel and oil sales. But exports to Minnesota’s second-largest market, Mexico, were up 26%.
The Minnesota Department of Employment and Economic Development (DEED) is seeking public input on the state’s Digital Opportunity Program draft plan, designed to reduce gaps in broadband access, digital technology ownership and digital skills. Each state must submit a plan to the National Telecommunications and Information Administration detailing how it will spend its allocation from the $2.75 billion Digital Equity Act. The Office of Broadband Development will host listening sessions in 16 cities across the state including in Crookston on September 12th.
UND is hoping to set up 1st round interviews with potential VP Research candidates in mid-September. A search firm has helped compile a short list of candidates. The deadline to apply was August 22nd. Finalists are expected on campus by the end of October.
The Alerus Center Commission has named Jarrod Spoor as the new chair of the board. The events center commission consists of seven (7) voting members and two (2) nonvoting members. Russell Kraft is the vice chair of the commission that oversees the management of the events center building.
The average American worker puts in over 1,800 hours per year. Even when given the chance not to work many Americans leave time-off on the table. The financial website WalletHub says 55% of paid time off went unused in 2022. WalletHub examined 10 key indicators to determine where Americans work the hardest. North Dakota claimed the top spot followed by Alaska and South Dakota. Minnesota came in at number 23. On the flip side New Mexico was ranked last.
Kia is recalling about 320,000 cars in the U.S. to fix a problem that could stop the trunk from being opened from the inside. The recall covers the Optima midsize car from 2016 through 2018, Optima hybrids and plug-ins from 2017 and 2018, and the Rio small car from 2016 and 2017. Owners will be notified by letter starting Oct. 19.
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