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Grand Forks Business News

By Doug Barrett Jan 25, 2021 | 8:17 AM

U.S. long-term mortgage rates slipped this week while remaining at record-low levels. Mortgage buyer Freddie Mac reports that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.77% from 2.79% last week. The average rate on 15-year fixed-rate loans declined to 2.21% from 2.23%.

The number of Americans seeking unemployment benefits fell slightly last week to 900,000, still a historically high level that points to ongoing job cuts in a raging pandemic. The government said 5.1 million Americans are continuing to receive state jobless benefits, down from 5.2 million in the previous week.

A new monthly survey of bankers suggests growing improvement in the economy in rural parts of 10 Plains and Western states. But Creighton University economist Ernie Goss says bank CEOs’ biggest fears for 2021 are excessive inflation and higher long-term interest rates. The survey covers ten state’s including the Dakota’s and Minnesota.

Minnesota’s seasonally adjusted unemployment rate dropped to 4.4% in December, down from a revised 4.5% in November, according to numbers released by the Minnesota Department of Employment and Economic Development (DEED). The tenth of a percentage point tick down was due to people leaving the labor force, at least temporarily, and happened as Minnesota lost 49,800 jobs in December.

North Dakota recorded a total of 7,034 initial unemployment claims in December 2020, down 9.2 percent from November but higher by 32.2 percent compared to the same month one year ago. Seventeen of 20 industries and 41 of 53 counties reported higher initial claims compared to the same month one year ago.

Governor Tim Walz has unveiled a set of policy proposals that will lead Minnesota to 100 percent clean energy in the state’s electricity sector by 2040. By the end of 2017, 25 percent of the electricity generated in Minnesota came from renewable sources, such as wind and solar. Meanwhile, electricity produced in the state from coal declined to 39 percent in 2017 from 59 percent in 2007.

North Dakota Tourism launched its first winter campaign showcasing cool-weather activities and open-air living to inspire discovery of the state’s outdoor recreation, entertainment options and support of small businesses. The campaign runs now through March in-state and in parts of Minnesota, South Dakota and Montana.

Bank of North Dakota’s (BND) College SAVE Plan announced a new match program that encourages families with children entering kindergarten to save for college. The New Baby Match doubles a $200 investment before a newborn’s first birthday, and the BND Match offers up to $300 for those who meet generous income guidelines.

Minnesota Department of Transportation Commissioner Margaret Anderson Kelliher has announced the appointment of Kim Collins as the agency’s new Deputy Commissioner and Chief Administrative Officer. Collins succeeds Scott Peterson, who retired from MnDOT in January after 29 years in state service. Deputy Commissioner Collins most recently served as the Director of MnDOT’s Office of Civil Rights.

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