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The U.S. economy expanded at a 2.9% annualized pace between October and December, ending 2022 on a high note despite pressure from higher interest rates and looming concerns. Government estimates show the country’s gross domestic product fell from the 3.2 percent annual growth rate posted in the July-September period last quarter.
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The Federal Reserve’s benchmark inflation rate fell further in December, and consumer spending eased — the latest evidence that the Fed’s series of interest rate cuts are slowing the economy. Inflation last month was a 5.5 percent increase from a year ago, down from a 5.5 percent increase in November. The third was a direct drop. Consumer spending fell 0.2% from November to December.
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Preliminary labor force statistics show North Dakota’s seasonally adjusted unemployment rate for December 2022 was 2.2 percent, up from the previous month. A year ago, the rate was 3.0 percent. According to the ND Job Service, a total of 8,940 people were looking for work last month.
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Minnesota’s unemployment rate rose two-tenths of a point to 2.5 percent in December 2022, but remains historically low. While the private sector gained 900 jobs in December, losses in government jobs (down from 6,100) led the decline. Those losses were entirely in the local administration.
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The North Dakota Public Service Commission reports the agency had more than 1,000 consumer contacts in 2022. These include informal complaints against regulated entities, public comments submitted as part of an open case and referrals to other agencies. The most frequent reasons for complaints are payment issues, disconnections, and phone outages.
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The Grand Forks Growth Fund Committee approved a FlexPace loan in the amount of $107,692 for the Wallwork Track Center. The business wants to use the loan to purchase the interest on the bank loan for further expansion and land acquisition at the location at 5505 Gateway Drive. The entire project cost more than $4 million. JDA will also consider the request.
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North Dakota tourism officials have unveiled a new marketing campaign and the 100th anniversary edition of the state highway map. The campaign, called Hello, builds on feedback that North Dakota defies expectations with the outdoors, exciting events and cities, friendly people and affordable prices. The department will spend $3.1 million to promote the state by 2023.
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Opponents of a plan to remove horses from Theodore Roosevelt National Park are asking administration officials to reconsider the move. The National Park Service is taking public comments at the end of the month. Supporters say the horses are an economic draw for the park and its heritage. Gov. Doug Burgum will address the issue at a news conference Monday.
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The 26 colleges and seven universities that make up the state of Minnesota have a combined impact on the state’s economy of $8.4 billion by 2021. The economic analysis indicates 62,125 jobs supported or sustained economic activity in the state. The report found that NCTC had an economic impact of more than $127 million on the region while supporting 953 jobs.
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Rodney Schaaf of Bowman, North Dakota has been selected for induction into the state’s Aviation Hall of Fame. . In the year In 2012, Rodney became the fourth pilot to complete the state’s passport program, flying to 89 public utility airports in North Dakota. Rodney’s first military assignment sent him to Grand Forks Air Force Base. In the year
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Amazon is adding a prescription drug discount program to its growing healthcare business. The retail giant said RxPass will be a subscription service for customers with Prime memberships. Amazon says people pay $5 a month to fill as many prescriptions as they want from a list of about 50 generic drugs. The company said the fee could cover a list of drugs such as the antibiotic amoxicillin and the anti-inflammatory drug naproxen.
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