U.S. pre-owned home sales will drop nearly 18% in 2022, the worst year for the real estate market in nearly a decade. Existing home sales totaled 5.03 million last year, down 17.8% from 2021, the National Association of Realtors said. It was the weakest year for home sales since 2014. Even so, the national median home price rose 10.2% last year to $386,300.
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U.S. wholesale prices rose 6.2 percent in December from a year earlier, slowing for the sixth straight month, a hopeful sign that inflationary pressures will continue to cool. The latest year-on-year figure was down from a recent peak of 7.3% in November and 11.7% in March.
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The number of U.S. jobless claims hit a four-month low last week, suggesting employers are keeping their workers on despite the Federal Reserve’s efforts to slow the economy and curb inflation. The Labor Department reported that the number of Americans filing for unemployment benefits fell 15,000 to 190,000 in the week ended Jan. 14 from 205,000 the previous week.
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The Labor Market Information Center released the latest online job vacancies report from the North Dakota Employment Service Center’s Labor Exchange system. North Dakota has a total of 16,133 online job openings in December 2022, a change of +0.8% (+132) from the previous month and -5.5% (-940) from the same month one year ago. In Grand Forks County, the biggest job gaps are in: health care…transportation…sales…and education.
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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 a majority of Minnesota manufacturers expect conditions to remain largely unchanged in 2023. 60% of respondents expect wages to increase by 3-5%, while close to 40% expect benefits to increase by the same amount. The survey results show that the situation of most manufacturers has improved or remained the same in 2022 compared with 2021.
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The North Dakota Continuum of Care for the Homeless will conduct a point-in-time count of homeless individuals on January 25th. The U.S. Department of Housing and Urban Development requires annual statistics. The most recent report counted 610 homeless people in North Dakota—an increase of 11.3 percent. In Minnesota, the number is more than 7,900.
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Passenger traffic at Grand Forks Airport will post its best performance in three years in 2022. GFK boarded 87,491 passengers last year, a 31% increase over 2021. It was the second-biggest increase among the eight commercial airports in the North Dakota state, trailing only Williston’s 42 percent gain. The growing aviation workforce includes job openings for pilots, aircraft mechanics and drone operators.
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The North Dakota Department of Commerce provided a $145,000 loan to Uncle Charlie’s Gourmet Snacks. The Fargo-based company is looking to expand its manufacturing capabilities. The funds will be used to purchase inventory, equipment and working capital.
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The North Dakota Department of Health and Human Services (HHS) has launched a new online licensing system for child care providers. Modern online systems replace manual paper-based processes. Additionally, the system increases transparency. Both providers and the public can view license status information on the portal, including license checklists and correction orders.
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Google said it was laying off 12,000 workers, becoming the latest technology company to lay off workers amid the economic boom the industry has experienced amid the COVID-19 pandemic recession. Microsoft recently announced 10,000 layoffs, nearly 5% of its workforce. Amazon said this month it would cut 18,000 jobs.
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The Department of Agriculture has issued new requirements for food products labeled organic in a move aimed at combating fraud and strengthening oversight. The rule strengthens enforcement of the USDA’s strict definition of organic foods, which require those foods to be made using natural substances and bio-based farming methods. The new rules will take effect in March, and companies will have one year to comply with the requirements.
