A national banking official said he looks to North Dakota’s oil industry for clues about the health of the region’s economy.

“The Bakken, and North Dakota, is very interesting in giving me insight into what’s happening here and what it means for the broader economy,” Neel Kashkari said Thursday, May 16, while speaking at the Williston Basin Petroleum Conference in Bismarck.

Kashkari is president of the Federal Reserve Bank of Minneapolis, which serves North Dakota, South Dakota, Montana, Minnesota, as well as part of Wisconsin and Michigan. The Federal Reserve Banks are independent financial institutions that manage the U.S. economy.

In ordinary circumstances, when the economy is healthy, unemployment is low and the average rate of inflation is about 2%. However, if one of those factors is thrown out of whack, the Federal Reserve may decide to intervene.

“If the economy is growing too slowly, we will traditionally cut interest rates to try to give it a boost,” Kashkari said. “If the economy is overheating and inflation is too high, like recent experience, we will raise interest rates to try to tap the brakes in the economy to bring inflation back down.”

The Federal Reserve conducts extensive research to help inform those decisions, he said — including looking at employment trends in the Bakken.

“There have been times when the labor market here is incredibly tight, and it’s not been so tight around the U.S. economy, and you’re drawing in workers from all over America to come here — creating opportunity, high wages, and also challenges here in the local economy,” Kashkari said of North Dakota.

Recently, that hasn’t been the case, though. The whole country has had more jobs available than workers to fill them.

“If you have a particularly hot sector, you can’t simply draw workers from the rest of the country, because everyone around the rest of the country also has tight labor markets,” he said.

According to Kashkari, tribal economies are another important part of the Minneapolis Federal Reserve’s research. That’s because even when the U.S. economy is strong, tribes often face barriers that prevent them from accessing that wealth.

Their hope is to identify policies that governments can use to break down those barriers.

“Tribal economies have a unique set of challenges,” Kashkari said. “The economy may do well, different businesses may do well, and we still have people who are not participating in our economy.”

So where is the U.S. economy right now?

A mix of factors — including COVID-19, supply chain issues, an increased demand for consumer goods and Russia’s invasion of Ukraine — caused global inflation to surge in 2021, 2022 and 2023.

These days, however, the economy is doing pretty well, Kashkari said.

Nationwide unemployment is relatively low — it was under 4% as of the end of April, according to the U.S. Bureau of Labor Statistics. And while inflation is still rising more quickly than ideal at around 3.5%, it’s a far cry from its peak of 9% in late 2022.

Consumer spending is also strong.

“As much gloom as there appears to be when people are surveyed about how they feel about the economy, most people are spending like they feel pretty good about the economy,” he said. “If you go on airplanes, they’re usually full. If you go to restaurants, they’re usually full. If you go to a hotel, they’re usually busy.”

The housing market has been unexpectedly resilient, too, he said. It’s remained competitive even after a series of mortgage hikes by the Federal Reserve in 2022 and 2023.

The average rate for a 30-year fixed mortgage hovered around 3% before 2022, but is about 7.5% today.

“We think that there’s a pent-up demand for housing,” Kashkari said. “There’s been a pent-up shortage of housing across our economy for the last decade.”

The conference, which has more than 2,200 attendees, continues through Thursday.

This story was originally published on NorthDakotaMonitor.com

Extensive election-year resources have been updated and launched on Forum Communications Co. websites to provide voters with timely information about candidates, the voting process and news stories about the election.

The

free voter’s guide

allows users to enter an address to create a sample ballot with the races and candidates on the June 11 ballot. All candidates across the state — in local, state and federal races — received an invitation to participate by uploading a photo, biographical details including campaign links, and answers to several questions.

This marks the third election cycle in which Forum Communications partnered with the League of Women Voters of North Dakota as part of its nationwide Vote411 initiative.

“Responding to VOTE411 is a great way for candidates to get their information out to voters,” Mary C. Tintes, LWVND vice president, said in a news release. “The upcoming June election is also city election day in North Dakota, and we want to make it easier for voters to learn about their local candidates who will serve in the city offices that are so important in our day-to-day lives.”

VOTE411.org is the League of Women Voters’ one-stop shop for nationwide voting and election information. Some of VOTE411’s key features are candidate and statewide ballot measure information, voter ID information, absentee ballot information, and a polling place locator.

Since 2020, Forum Communications has collaborated with LWVND to give greater visibility to voters about the election process and candidates running for office. Candidate participation has grown each year and users across the state can find information about local candidates, provided the candidates participate.

“The voter’s guide and other resources available through our websites provide an important service to anyone casting a ballot this year,” said Steve Wagner, director of content operations for Forum Communications.

“We want to connect readers with the information they need about candidates and the election. It’s a role we take seriously as community journalists.”

In addition to the voter’s guide, Forum Communications also provides

an online page with answers to frequently asked questions

.

The page, along with stories about the election and candidates, can be found on the websites for The Forum of Fargo-Moorhead, Grand Forks Herald, Jamestown Sun and Dickinson Press.

Voting has already begun in North Dakota through absentee ballots, which need to be requested. Some counties also offer mail-in voting and early voting at designated locations.

To be eligible to vote in North Dakota, an individual must be a U.S. citizen, a resident in the state for at least 30 days, and at least 18 years old on Election Day. North Dakota does not have voter registration, but voters are required to present a valid ID to cast a ballot.

The voter’s guide will remain available through November’s general election. It will also include details about Minnesota races and candidates before the state’s Aug. 13 primary.

The Northern Colorado baseball team qualified for the Summit League Tournament following a 5-2 win Friday over North Dakota State in Fargo, North Dakota.

The Bears started the day Friday with a one-half game lead on South Dakota State for the tournament’s fourth and final spot.

The University of Nebraska Omaha beat South Dakota State 10-2 earlier in the day Friday, which was Omaha’s second win in two days against the Jackrabbits. UNC started the weekend with a magic number of three games to clinch a playoff spot. After South Dakota State’s two losses Thursday and Friday, the Bears had to win either Friday night or Saturday’s season finale to eliminate the Jackrabbits.

The four-team, double-elimination Summit League Tournament is May 22-25 at J.L. Johnson Stadium in Tulsa, Oklahoma. The league champion earns an automatic bid to the NCAA Tournament.

Northern Colorado is 12-16-1 in the league and 13-36-1 overall heading into the final game of the regular season against North Dakota State. UNC didn’t win a game in 21 non-conference games to start the season. The Bears’ first win of the year came March 22 at home against Omaha.

UNC starting pitcher Murphy Gienger matched a season high with seven innings pitched and six strikeouts, allowing two runs on four hits with one walk.

Caden Wagner had two hits with a double and two RBI, Kai Wagner, Caden’s brother, added two hits and an RBI and Jackson Romero also had two hits.

Omaha (16-12-1 in the league) heads into the final day of the regular season with the No. 1 seed for the league tournament.

League-leading St. Thomas (14-10) cannot compete in the league tournament as part of its transition to Division I.

Omaha and North Dakota State clinched spots in the league tournament and can still win the regular-season title after Friday’s games.

The league standings will be based on winning percentage because not all teams played the same number of games.