Economic News: Unemployment ND… GFK Boards and Bernie’s Restaurant

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The number of Americans applying for unemployment benefits last week hit its highest level in more than eight months, a sign that the labor market may be showing some weakness. Claims for unemployment aid for the week ending July 16 rose by 7,000 to 251,000, from 244,000 the previous week. The Labor Department says that’s the most since Nov. 13, 2021, when 265,000 Americans applied for benefits.

North Dakota’s unadjusted unemployment rate in June was 2.6%. Between May 2022 and June 2022, unemployment increased by 2,251, an increase of 26.5%. North Dakota generally experiences an increase in the number of unemployed during this period. North Dakota ranked 9th among all state unemployment rates.

Minnesota’s unemployment rate fell two-tenths of a point to 1.8% in June 2022 — a record high since the measure was tracked in 1976. The lowest unemployment rate before the pandemic was 2. 5% at the start of 1999. the month was entirely due to people moving from unemployment to employment.

North Dakota has the 16th highest job quit rate in the United States according to an analysis by financial website WalletHub. The study found that the state quit rate over the past 12 months was 3.08%. The incentives offered by job change, as well as the desire to move away from careers most affected by COVID-19, are two important factors behind what has been called the “great quit” . Minnesota is ranked 42nd at 2.53%. (https://wallethub.com/edu/states-with-highest-job-resignation-rates/101077)

Rising mortgage rates combined with already high home prices to discourage potential buyers. Mortgage applications fell sharply. Sales of previously occupied homes have fallen for five consecutive months, during what is typically the busiest time of the year in real estate. All signals point to the Federal Reserve continuing to raise interest rates to fight inflation.

North Dakota recorded 84,630 air passenger boardings in June. That’s a 4.5% increase from the same month a year ago. Grand Forks Airport recorded 6,502 boardings last month. With six months on the books, the GFK saw 46,564 passengers pass through the gates in 2022. This is the highest tally since 2019.

East Grand Forks Council will consider an application later this week for an off-sale liquor license for Bernie’s restaurant. The city has already approved a liquor license for sale for the restaurant. The restaurant is slated to open this fall in the former Whitey’s and Sickies building. The question is whether sales will be allowed behind the bar or in a separate area of ​​the restaurant – or both. According to a staff report, the state allows such a combined license. The company will be owned by Food Network’s Molly Yeh.

American Express’ profits fell 14% in the second quarter as higher spending more than offset record spending by its cardholders on its network. AmEx said it made a profit of $1.96 billion. The results exceeded analysts’ expectations.

The East Grand Forks EDA is looking to create a business registration program. The EDA says COVID has made it clear that being able to reach all businesses in a timely manner is important. The current network is not complete. Businesses would be encouraged to participate in the program at no cost. The EDA also asks the city to cooperate when new businesses apply for permits…licenses…or water and light accounts.

Steve Blazek was recently appointed by Governor Burgum to serve on the North Dakota Aeronautical Commission for a 5-year term effective July 1, 2022. Blazek is Senior Vice President of Corporate Banking at First International Bank & Trust in Fargo.

The City of West Fargo has hired Casey Sanders-Berglund as Director of Economic Development. Sanders-Berglund was most recently associated with the Fargo Moorhead West Fargo Chamber of Commerce, where she served as vice president of engagement since 2018. She is a 2013 graduate of the University of North Dakota.

SkyWater Technology plans to build a $1.8 million semiconductor manufacturing and research center adjacent to Purdue University’s main campus, which is expected to create 750 new jobs. SkyWater, based in Bloomington, Minn., announced plans to build the 600,000 square foot plant in Purdue’s Discovery Park district, a 400-acre mixed-use development adjacent to the West Lafayette campus.

Amazon announced Thursday that it will acquire primary care organization One Medical in a deal valued at around $3.9 billion, marking another expansion for the retailer into healthcare services. One Medical operates primary care practices in multiple markets across the country and offers virtual care as well as in-person visits.

Netflix lost another 970,000 subscribers in the spring amid increased competition and runaway inflation that is squeezing household budgets, increasing the urgency behind the video streaming service’s efforts to launch a cheaper option with commercial disruptions. It could have been much worse, however, given that Netflix management released an April forecast that announced a loss of 2 million subscribers in the second quarter.

Limiting the size of swimming pools in and around Las Vegas could offer just a drop in the proverbial bucket of water savings amid a historic drought in the southwestern United States. The elected officials voted to do it anyway. Officials cite concerns about dwindling water supplies from the dried up Lake Mead Reservoir on the depleted Colorado River.

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