The US economy expanded at a 2.9% annual rate from October to December, ending 2022 with momentum despite pressure from high interest rates and widespread fears of a looming recession. The government’s estimate showed the nation’s gross domestic product slowed in the latest quarter from the 3.2 percent annual growth rate reported from July to September.
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The Federal Reserve’s preferred gauge of inflation eased further in December and consumer spending eased, the latest evidence that the Fed’s string of rate hikes is slowing the economy. Prices rose 5% last month from a year earlier, down from a 5.5% annual increase in November. It was the third straight decline. 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 in December 2022 was 2.2 percent, an increase 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 looked 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 6,100) led the job decline. These losses were entirely within the local government.
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The North Dakota Public Service Commission reports that the agency received more than 1,000 consumer contacts in 2022. These included informal complaints against regulated entities, public input submitted as part of an open case and referrals to other agencies. The most common reasons for complaints are billing problems, disconnections, and dropped phone connections.
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The Grand Forks Growth Fund Committee approved a FlexPace loan of $107,692 for the Wallwork Truck Center. The business wants to use the loan to reduce interest rates on a bank loan to further expand and acquire land at its site at 5505 Gateway Drive. The total project is pegged at over $4 million. The 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’s highway map. The campaign, called Hello, is based on feedback showing that North Dakota defies expectations with its expansive nature, exciting events and cities, friendly people and affordability. The division will spend $3.1 million on state advertising in 2023.
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Opponents of the plan to remove horses from Theodore Roosevelt National Park are urging management officials to reconsider the potential move. The National Park Service is holding public comment until 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 had a combined impact on the state’s economy of $8.4 billion in fiscal year 2021. The economic analysis suggests that economic activity supported or sustained 62,125 jobs statewide. The report found that NCTC has 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 graduate from the state’s Passport Program, where he flew to all 89 public use airports in North Dakota. Rodney’s first military assignment sends him to Grand Forks Air Force Base. After his honorable discharge from the Air Force in 1978, Rodney was employed as a pilot for Delta Airlines and continued a successful career until 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 a Prime membership. Amazon said people will pay $5 a month to fill as many prescriptions as they need from a list of about 50 generic drugs. The company said the flat fee could cover a list of drugs such as the antibiotic amoxicillin and the anti-inflammatory drug naproxen.