The number of Americans seeking unemployment benefits fell for a fourth straight week to a pandemic low. The 29,000 decline in claims, to 348,000, was the latest sign that the U.S. job market is rebounding from the pandemic recession as employers boost hiring to meet a surge in consumer demand.
A new monthly survey of bankers in rural parts of 10 Plains and Western states suggests continued economic growth in the region, but some say worsening drought could threaten their banks. The overall Rural Mainstreet economic index dropped slightly in August to 65.3 from July’s 65.6. Any score above 50 suggests growth. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.
Mortgage rates were mixed this past week and barely changed after rising for the first time last week following six weeks of declines. Average rates for home loans remain historically low at under 3%. Mortgage buyer Freddie Mac reports that the average for the 30-year mortgage eased to 2.86% from 2.87% last week. The rate for a 15-year loan edged up to 2.16% from 2.15% last week.
Minnesota gained 14,500 jobs, up 0.5% in July on a seasonally adjusted basis, and the private sector gained 8,700 jobs, up 0.4%, according to numbers released by the Minnesota Department of Employment and Economic Development (DEED). These were the largest gains since March for total employment and the largest since May for private sector employment.
The City of Grand Forks issued nearly 60 building permits totaling over $9.6 million dollars for the week ending August 14. The largest permit was nearly $5.2 million dollars for footings and foundation work at 3570 University Avenue. It’s part of UND’s public-private partnership for residence hall construction on campus.
Target’s streak of strong results extended into its latest quarter but its skyrocketing online sales growth has come back to earth. The Minnesota-based retailer reports that sales at its stores that have been open for at least a year rose 8.7% in the three-month period that ended July 31. That was down from 10.9% growth in the same 2020 span.
North Dakota’s eight commercial airports posted 92,922 passenger boardings in July. That was the highest level of traffic since the pandemic began. The Grand Forks Airport saw 5,913 passengers go through the gates. So far in 2021 boardings at the GFK total 36,916.
With the price of chicken soaring, third-largest poultry producer in the U.S. is being bought for $4.53 billion. Cargill and privately held Continental Grain formed a joint venture to acquire Sanderson Farms. They will pay $203 per share in cash for a company that last year processed more than 4.8 billion pounds of meat.
Mo’s Café has temporarily closed in the Grand Cities Mall. Mo’s opened earlier this year in the location previously housing Del’s Café. The renovated eatery is scheduled to reopen in September under new management.
Xcel Energy has announced that Bob Frenzel has been appointed president and CEO of the company. Ben Fowke, the current chairman and CEO will remain at Xcel Energy as executive chairman of the Board of Directors. Tim O’Connor was also named executive vice president and chief operations officer. Frenzel joined Xcel Energy as chief financial officer in 2016.
Alerus Center General Manager Anna Rosburg has been named a Pollstar and VenuesNow’s 2021 Impact: Next Gen Honoree. While the COVID-19 pandemic shut down much of the live business for the past year and a half, Impact: Next Gen becomes even more important, honoring those who adapted, showed resolve and stood out despite the most difficult entertainment conditions.
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