Business News: GF unemployment… border credits and sales tax
US consumer spending rebounded in October, increasing by a solid 1.3%, but inflation was also on the rise, rising over the past year at the fastest pace in more than three decades. The jump in consumer spending last month was double the 0.6% gain in September.
The number of Americans claiming unemployment benefits fell last week to the lowest level in more than half a century, another sign that the U.S. labor market is rebounding quickly from last year’s coronavirus recession. Unemployment claims fell from 71,000 to 199,000, the lowest since mid-November 1969. The drop was much larger than economists expected.
The unemployment rate in Grand Forks County fell to 2% in October. This compares to 2.3% in September. According to the North Dakota Job Service, 35,809 people were employed in the county last month. North Dakota’s unadjusted unemployment rate in October 2021 was 2.3%.
A good performance for the collection of sales taxes in Grand Forks for November. Local tax generated $ 2,448,530 for the month. The number reflects sales in September. It was the 9th time in 2021 that the collections crossed the two million mark. With eleven months on the books, the tax generated $ 26,109,178, up 9.29% from a year ago.
Federal regulators have led the way in considering Canadian Pacific’s $ 31 billion acquisition of the Kansas City Southern Railroad. The U.S. Surface Transportation Board ruled that the CPR merger request was complete, dismissing concerns of other railroads. The board has also set a timeline for its review of the deal which will run until at least next July, but could be extended.
Shares of Best Buy Co. fell after the nation’s largest consumer electronics chain posted a decline in its gross profit margin for the fiscal third quarter, citing staged theft and increased promotions from one year ago. The Minnesota-based company also offered a moderate sales forecast for the holiday fourth quarter due to supply constraints.
East Grand Forks Council is looking to leverage the Border Towns Tax Credit program to help RJ Zavoral & Sons. The company is seeking tax relief for its maintenance and yard facilities over a three-year period. The EDA says the demand meets the parameters of business retention and growth. The credit would total $ 149,999. The complete application will be considered at a meeting on December 7
The Justice Department has filed a lawsuit seeking to prevent a major US sugar maker from acquiring its rival. The ministry says the deal would hurt competition and consumers. The lawsuit was filed Tuesday in federal court in Delaware. It comes about eight months after US Sugar announced it had reached a deal to acquire the Imperial Sugar Company, one of the country’s largest sugar refiners.
The Grand Forks board is expected to approve a one-year liquor license extension for Blues, Brews and BB-Ques (DBA Muddy Rivers) at the December 6 meeting. The facility operated from the old townhouse before being closed to make way for the Beacon Project. The move would give the licensee more time to find a new owner for the license or a new location for the business. The current license will expire at the end of the year.
Starting Monday, you can nominate a nonprofit organization to receive a free radio commercial with Leighton Broadcasting. The so-called Gratitude on Repeat effort includes free production and a 13-week program on select stations. Applications will be accepted until December 31st. The winner will be announced on January 3. www.leightonbroadcasting.com/gratitude
Angi Aamodt and Diane Krueger were selected as Graded and Certified 1st Quarter Employees at Grand Forks Public Schools. Aamodt (ranked) and Krueger (certified) each received a plaque from the Grand Forks School Board and a $ 200 monetary award from the Grand Forks Foundation for Education.