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Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2% annual pace from July through September. The rise in gross domestic product — the economy’s output in goods and services — marked a return to growth after consecutive drops in the January-March and April-June periods. Driving the third-quarter growth were strong exports and healthy consumer spending.
The number of people seeking unemployment benefits rose modestly last week, the latest sign that the labor market remains strong despite the Federal Reserve’s efforts to cool the economy and hiring. Applications for unemployment aid for the week ending Dec. 24 climbed 9,000 to 225,000. Employers added 263,000 jobs in November.
The Labor Market Information Center has released Q2 2022 employment and wages by industry. In Q2 (Apr-Jun) 2022, North Dakota’s total employment increased 2.3 percent on a year-over-year basis to 411,383, a gain of 9,201 jobs. Average weekly wages were $1,131, higher by 6.0 percent from the same quarter one year ago.
The North Dakota Department of Commerce announced the creation of the North Dakota Energy and Economic Coordination Office. The EECO will serve as a unified avenue for industry experts to coordinate with North Dakota energy entities to advance North Dakota’s full energy portfolio. The office will help coordinate direct assistance to new companies that are interested in relocating to North Dakota, and existing companies that look to expand their current operations.
Minnesota’s minimum-wage rates in 2023 will be adjusted for inflation increase to $10.59 an hour for large employers and $8.63 an hour for other state minimum wages. The state minimum-wage rates will not apply to work performed in the cities of Minneapolis and St. Paul, which have higher minimum-wage rates.
The UND Conference Center could have a new date with a wrecking ball. The building at 2724 University Avenue was spared from demolition in 2017 when a national sorority agreed to lease the building while it looked at the site for new construction. Interest in the new build has since diminished. The reasons for razing the structure range from safety to operational savings.
The DDA has announced new plans for winter activities downtown Grand Forks. For the past eight years the Downtown Development Association has maintained the Ice Rink in Town Square. New additions in the works include: outdoor curling, snow sculptures, snow domes, ice tables, and other programmed events. All of these activities form a new concept that will be known as “Downtown Frosty Forks”. The DDA will release additional details when the amenities are up and running.
Starting Jan. 1, many Americans qualify for a tax credit of up to $7,500 for buying an electric vehicle. The credit, part of changes enacted in the Inflation Reduction Act, is designed to spur EV sales and reduce greenhouse emissions. The new law also provides a smaller tax credit for people who buy a used EV.
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