US pre-owned home sales fell nearly 18% in 2022, the slowest year for the housing market in nearly a decade. The National Association of Realtors said existing home sales totaled 5.03 million last year, down 17.8% from 2021. That’s the weakest year for home sales since 2014. Even so, the national median home price for all of last year, it jumped 10.2% to $386,300.
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Wholesale prices in the United States rose 6.2% in December from a year earlier, the sixth consecutive monthly decline and a sign of hope that inflationary pressures will continue to ease. The latest year-over-year figure was down from 7.3% in November and from a recent peak of 11.7% in March.
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The number of people seeking unemployment benefits in the US last week hit a four-month low, a sign that employers are holding on to workers despite the Federal Reserve’s efforts to slow the economy and reduce inflation. The Labor Department reports that the number of Americans who filed for unemployment benefits in the week ended Jan. 14 fell by 15,000 to 190,000, from 205,000 the week before.
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The Labor Market Information Center has released the latest online report on job openings from the North Dakota Job Service’s labor exchange system. North Dakota had a total of 16,133 open and available online jobs in December 2022, a change of +0.8 percent (+132) from the previous month and -5.5 percent (-940) from the same month a year ago. In Grand Forks County, the biggest employment gap is: Healthcare….Transportation…Sales…and Educational Instruction.
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The annual Manufacturing Business Conditions Survey conducted by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis found that most Minnesota manufacturers expect conditions to be largely unchanged in 2023. 60% of respondents expect wage increases of between 3-5%, while close to 40% anticipate an increase in fees in the same amount. The survey results show that, compared to 2021, most producers showed improved or unchanged conditions in 2022.
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The North Dakota Homeless Continuum of Care will conduct a homeless count on January 25th. The US Department of Housing and Urban Development requires a count on an annual basis. The last report counted 610 homeless people in North Dakota – an increase of 11.3%. In Minnesota, the number exceeded 79 hundred.
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Passenger traffic through Grand Forks Airport recorded its best performance in three years in 2022. GFK reported a total of 87,491 passenger boardings last year – a 31% increase compared to 2021. That was the second largest percentage increase among the eight commercial airports to the north, Dakota trails only 42% in Williston. The growing aviation workforce includes positions for pilots, aircraft mechanics and drone operators.
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The North Dakota Department of Commerce made a $145,000 loan to Uncle Charlie’s Gourmet Snacks. The Fargo-based company is looking to expand its production capacity. The funds will be used for the purchase of inventory, equipment and working capital.
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North Dakota Health and Human Services (HHS) has launched a new online licensing system for child care providers. A modern, online system replaces the manual paper process. In addition, the system adds transparency. Both service providers and the public can view licensing status information on the portal, including licensing checklists and correction orders.
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Google says it is laying off 12,000 workers, becoming the latest tech company to cut the workforce as the industry’s economic boom during the COVID-19 pandemic fades. Microsoft recently announced 10,000 job cuts, or nearly 5% of its workforce. Amazon announced this month that it is cutting 18,000 jobs.
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The Ministry of Agriculture has issued new requirements for food labeled organic, a move aimed at cracking down on fraud and strengthening oversight. The rule reinforces enforcement of the USDA’s strict definitions of organic farming, which require that these foods be produced from natural substances and biologically based farming methods. The new rule takes effect in March, and companies will have a year to comply with the requirements.