Business News: GFK boardings…MN parks & coupons

Commercial air travel in North Dakota continues to climb. The state saw 101,377 passengers take to the skies in October. That was a 7% increase over one year ago. The last time that North Dakota surpassed 100,000 passengers during the month of October was in the pre-pandemic year of 2019 when the state experienced 102,240 boardings. So far in 2023 a total of 77,398 people have gone through the turnstyles of the Grand Forks Airport – that’s up 7.13%.

— — —

The Labor Market Information Center has updated Q-3 county-level data associated with the cost of living within the state. Seven fundamental expense categories are tracked: food, housing, health care, transportation, child care, other necessities, and taxes. A single adult 19 to 51 years of age living in Grand Forks County would need an annual income of $25,160 dollars. That’s less than Cass and Burleigh. The statewide average is $25,843 dollars.

— — —

The number of Americans applying for unemployment benefits fell sharply last week, a sign that U.S. job market remains resilient despite higher interest rates. The Labor Department reports that jobless claims dropped by 24,000 to 209,000.

— — —

Minnesota’s unemployment rate ticked up one-tenth of a percent to 3.2% in October, lower than the national rate of 3.9%. Minnesota’s labor force participation rate held steady for the fourth month at 68.5%. Minnesota has added jobs nine out of the last 12 months.

— — —

Visitors traveled to visit Minnesota’s parks and trails from all lower 48 states. Overall, Minnesota residents made up approximately 91% of users to parks and trails. Following Minnesota, adjacent states represent the largest portion of total use: Wisconsin with 2.7%, North Dakota with 2%, Iowa with 0.6%, and Illinois with 0.5%. The data compiled by the Greater Minnesota Regional Parks and Trails Commission.

— — —

Consumers are expected to use “buy now, pay later” payment plans heavily this holiday season, a forecast that bodes well for retailers but that has credit experts again sounding alarm bells. The short-term loans often come with consumer-friendly interest rates and allow shoppers to make an initial payment at checkout, then pay the rest in installments, typically over a few weeks, even months.

— — —

Best Buy Co. posted stronger-than-expected profits, but reported a deeper-than-expected drop in revenue for the fiscal third quarter as shoppers continue to pull back on buying gadgets in an uncertain economy. The nation’s largest consumer electronics chain also cut its fourth-quarter sales outlook, sending shares down 5% in premarket trading. The Minnesota-based company reported fiscal third-quarter net income of $263 million dollars.

— — —

Dr. Heidi Philpot, a family physician with Altru, was selected as the 2023 NDAFP Family Physician of the Year. She received this honor at the North Dakota Association of Family Physicians’ annual meeting at the Alerus Center. Dr. Philpot has been a physician with Altru for 20 years and serves as program director for the Altru Family Medicine Residency Program in Grand Forks.

— — —

In 2022, 91% of Americans used at least one coupon, and some 177.9 million people redeemed digital coupons. Meanwhile 99.5% of all coupons issued last year expired unused. Americans are on the hunt for bargains this holiday season.