The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession. The government estimate showed that the nation’s gross domestic product decelerated last quarter from the 3.2% annual growth rate it had posted from July through September.
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The Federal Reserve’s preferred inflation gauge eased further in December, and consumer spending fell — the latest evidence that the Fed’s series of interest rate hikes are slowing the economy. Prices rose 5% last month from a year earlier, down from the 5.5% year-over-year increase in November. It was the third straight drop. Consumer spending fell 0.2% from November to December.
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Preliminary labor force statistics indicate North Dakota’s December 2022 not seasonally adjusted unemployment rate was 2.2 percent, up from the prior month. One year ago the rate was 3.0 percent. According to ND Job Service a total of 8,940 people were in search of a job last month.
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Minnesota’s unemployment rate ticked up two-tenths of a point to 2.5% in December 2022, but remains historically low. While the private sector gained 900 jobs in December, it was losses in Government jobs (down 6,100) that drove the jobs decrease. Those losses were entirely in local government.
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The North Dakota Public Service Commission reports the agency received more than 1,000 consumer contacts in 2022. These include informal complaints against regulated entities, public input submitted as part of an open case and referrals to other agencies. The most frequent reasons for complaints are billing issues, disconnects and phone outages.
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The Grand Forks Growth Fund Committee has approved a FlexPace loan in the amount of $107,692 to Wallwork Truck Center. The business wants to use the loan to buy down interest rates on a bank loan for further expansion and land acquisition at its site at 5505 Gateway drive. The total project is pegged at over $4 million dollars. The JDA will also review 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 showing that North Dakota defies expectations with its vast outdoors, exciting events and cities, friendly people and affordability. The division will spend $3.1 million advertising the state in 2023.
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Opponents of a plan to remove horses from The Theodore Roosevelt National Park are urging management officials to reconsider the potential move. The National Park Service is taking public comment through the end of the month. Supporters say the horses are an economic draw to the park and its heritage. Governor Doug Burgum will address the issue at a Monday news conference.
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The 26 colleges and seven universities that comprise Minnesota State had a total impact on the state’s economy of $8.4 billion in FY2021. The economic analysis suggests the economic activity supported or sustained 62,125 jobs throughout the state. The report found NCTC had an economic impact of more than $127 million dollars 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 2012, Rodney became the fourth pilot to complete the state’s Passport Program, where he flew to all 89 public-use airports in North Dakota. Rodney’s first military assignment sent him to the Grand Forks Air Base. Following his honorable discharge from the Air Force in 1978, Rodney was hired as a pilot for Delta Airlines and continued a successful career through his retirement in 2004.
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Amazon is adding a prescription drug discount program to its growing health care business. The retail giant says RxPass will be a subscription service for customers who have Prime memberships. Amazon said people will pay $5 a month to fill as many prescriptions as they need from a list of about 50 generic medications. The company said the flat fee could cover a list of medications like the antibiotic amoxicillin and the anti-inflammatory drug naproxen.
