Recent content from Kavita Kumar
Huntington Bank closing 11 Twin Cities branches inside Cub stores
The closures amount to about 15% of its Minnesota locations.
Federal Reserve grants U.S. Bancorp relief from stricter regulations after acquisition
The Minneapolis-based bank also reported a better-than-expected third-quarter profit.
Why are there suddenly credit unions 'everywhere' in Minnesota?
Traditional banks are closing branches. But credit unions are taking an alternate approach.
Minnesota added 7,700 jobs in May despite uptick in unemployment rate
The state jobless rate increased slightly to 2.9% as more people entered the labor force.
Twin Cities' inflation is lowest among a dozen U.S. cities and half the rate of the U.S.
The Minneapolis-St. Paul region continues to see inflation moderating faster on a year-over-year basis compared to other parts of the country.
Minnesota's first Black-owned bank still trying to gain steam after first year
First Independence Bank expanded from Detroit to Minneapolis at the urging of a group of local banking executives.
William Spriggs, advisor to the Minneapolis Fed who criticized how economists approach race, dies at 68
Spriggs was chief economist at the AFL-CIO and advised the Minneapolis Fed's Opportunity & Inclusive Growth Institute.
Minnesota's export growth slowed in first months of 2023 but still surpassed nation's
State exports to Canada and Mexico increased while those to China declined.
Target pulls some of its Pride products after threats to store workers
The Minneapolis-based retailer is still selling swimwear made for the transgender community but is no longer selling products from a brand that critics say expresses "Satanist" views.
Lockheed Martin design center coming to St. Paul, bringing more than 100 jobs
The aerospace and security company should open its Twin Cities operations this fall.
Fed's Kashkari says higher capital requirements would bolster banking system
The president of the Federal Reserve Bank of Minneapolis wrote an essay outlining his thinking.
After brief slowdown, Minnesota's job market ramps up in April
The state added 4,500 jobs in April, and the unemployment rate held steady at 2.8%.
3M fires longtime exec for inappropriate personal conduct
Michael Vale had been with the company for more than 30 years, most recently as its group president and chief business and country officer.
Downside of higher pay? Fewer hours, fewer jobs, Twin Cities minimum wage study says
The policy changes led to 5,400 fewer jobs in Minneapolis and 3,800 fewer jobs in St. Paul, according to researchers
St. Louis Fed chief tells Minnesota audience slow growth is more likely than a recession
James Bullard, a Minnesota native, shared his economic thinking in a Friday conversation with Minneapolis Fed President Neel Kashkari.
Girls and nonbinary students from Minnesota pitch app ideas to U.S. Bancorp execs
The pitch challenge is part of a statewide Technovation program that aims to grow interest in coding and technology
After bank failures, Minneapolis' Ameriprise adds new offerings to entice deposits
The financial services company is the third largest bank in Minnesota by deposit size.
Minnesota restaurants, senior homes turn to robots amid labor shortage
While some Minnesota businesses profess automation can't fully replace the human touch, they still intend to invest further in robotic help.
Minnesota lost jobs in March despite the unemployment rate ticking down
With March's job losses, the state has no longer fully recovered all of the private-sector jobs lost in the pandemic
Amid increased scrutiny, big banks report dips in deposits
But the country's fifth-largest bank, Minneapolis-based U.S. Bancorp, still reported an uptick in deposits in the days following March bank failures, plus a quarterly profit.
Wells Fargo closing home mortgage campus in south Mpls.
The company also will exit its Metropoint offices in St. Louis Park and relocate workers to downtown Minneapolis and Shoreview.
Minnesota Public Radio to quit Twitter
The move comes after National Public Radio and the Public Broadcasting System both announced plans to leave the controversial social media site.
Driver killed in rollover on I-35 in Lakeville after fleeing crash, then hitting semi
A Burnsville man was ejected from his SUV after it rolled into the median after striking two other vehicles.
A credit crunch could be coming. Here's what that could mean for getting a loan
In a New York Fed survey of households, 58.2% of consumers reported it was harder to obtain credit in March than a year ago, the highest percentage since the survey started a decade ago.
Inflation in Twin Cities fell to 3.4% last month, lowest rate in two years
Meanwhile, U.S. inflation eased to 5% in March.
U.S. Bancorp announces new CFO, other leadership changes
John Stern will become chief financial officer, succeeding Terry Dolan, who is taking on a new executive role.
Minnesota's economy slowed but remained resilient in last months of 2022
The state's Gross Domestic Product rose 1.3% in fourth quarter, compared to 2.6% for the U.S.
Car sales expected to rise this year as inventories improve despite high prices, interest rates
As snow melts, the car shopping season kicks off in Minnesota, starting with the nine-day Twin Cities Auto Show opening Friday.
Minneapolis Fed president said recent banking turmoil brings recession closer
Neel Kashkari made his first public comments since the recent bank failures on CBS' Face the Nation this past Sunday.
Mostly business as usual for Minnesota banks despite recent bank failures
Many said they haven't seen an outflow of deposits despite Silicon Valley Bank and Signature Bank collapsing.
Minnesota has finally recovered all private sector jobs lost in pandemic
The state added 10,100 jobs in February, and its unemployment rate ticked up to 3%.
Could Minnesota's proposed rebate checks fuel even higher inflation?
Some economists have raised the question after a number of states already passed tax rebates, but rebate supporters argued much bigger factors drive inflation.
Here's how to prepare for a recession, if it actually happens
Financial experts say now is a good time to save, pay down debt and keep career contacts fresh.
U.S. Bank provides $1 billion of $30 billion rescue package for First Republic Bank
The Minneapolis-based bank is one of 11 that are part of the plan aimed at helping stabilize the banking sector
Crypto company settles for $425,000 with Minnesota for selling unregistered securities
Nexo Capital has agreed to stop selling the interest-bearing product.
Silicon Valley Bank's collapse: Here's what Minnesotans need to know
Minnesota-based banks' stocks slid this morning despite the federal government stepping in to quell fears. Meanwhile, experts say consumers should rest easy about their money.
Minnesota's labor market not as tight as initially thought; 14,100 jobs added in January
The state unemployment rate, revised higher during the second half of last year, held steady at 2.9%.
Minnesota exports surged 16% to record high of $27 billion last year
Canada and Mexico were the state's top foreign markets, according a state agency report, while China slipped to third place.
Judge approves new trustee for Otto Bremer Trust, ousted leader still appealing
The remaining two trustees selected Frank Miley to fill the open seat.
Kashkari and other Fed employees now barred from advocating for constitutional amendments
The new code of conduct policy comes after Kashkari had spearheaded an effort to change Minnesota's education clause in the state Constitution.
Otto Bremer Trust appoints third trustee to replace ousted leader
Frank Miley replaces Brian Lipschultz, who was removed last year by a Ramsey County judge.
Inflation cooling off faster in the Twin Cities than U.S. as a whole
The consumer price index for the Twin Cities rose 5.1% over the year ending in January, compared with 6.4% for the U.S.
Payday Friday is becoming Payday Wednesday in Minnesota
It's not because employers are doing anything different. It's because banks and credit unions are fronting the funds to its customers early.
New job training program at Summit Academy addresses labor shortage in food manufacturing
The program, aimed at exposing more students to the food industry, starts this month.
Amazon closing Shakopee sorting center, impacting 680 jobs
Every employee who works there will be offered a transfer to one of Amazon's other facilities in the Twin Cities region, the company said.
U.S. Bank expects to see financial benefits this year from Union Bank acquisition
The bank's fourth-quarter earnings were weighed down by costs related to the deal.
Many more tech layoffs could come in industry rightsizing, Minneapolis analyst says
Gene Munster of renamed Deepwater Asset Management expects laid-off employees to find new roles quickly.
Wage gap in Minnesota falling, but inflation dragging progress
While wages have risen across the spectrum, they've grown the fastest for workers in the bottom half, economists with the Minnesota Department of Employment and Economic Development found.
Minnesota's job growth streak came to an end in December
The state lost 5,200 jobs last month and the unemployment rate ticked up to 2.5%
McDonald's franchisee reaches agreement with the state in sexual harassment case
Hyder Investments has agreed to strengthen policies and to hold regular workplace trainings.
Minnesota Appeals Court upholds removal of trustee of Otto Bremer Trust
Brian Lipschultz was ousted from the trust last year following a suit brought by the Minnesota Attorney General's Office
Grocery shopping with Minneapolis Federal Reserve president: 'It's sticker shock'
Neel Kashkari will have a vote this year on how high interest rates go.
Foster Dunwiddie, Twin Cities architect who spearheaded historic preservation efforts, dies at 97
During his career, Dunwiddie helped preserve many landmarks of Minnesota history, including the Minnesota State Capitol, Historic Fort Snelling, the James J. Hill House and buildings in downtown Red Wing.
Minneapolis Fed's Kashkari calls for raising interest rates at least a few more times this year
Kashkari will have a vote on rate-setting committee this year
Low jobless rate, slow growth muddle Minnesota's outlook
It's a complicated picture that economists and analysts who watch Minnesota's economy closely are still trying to decipher.
Racial disparity in Minnesota household incomes is starting to narrow
However, a big gap remains in the median income between Black and white households in Minnesota.
CEO says U.S. Bank HQ will stay in Minnesota after merger
California was already U.S. Bank's biggest market and got even larger with its recent purchase of MUFG Union Bank.
Minnesota added 6,800 jobs last month; jobless rate ticks up to 2.3%
The solid jobs report comes on the heels of a blockbuster month of job growth in October.
Inflation is falling faster in Twin Cities than in U.S. as a whole
The downward turn is now clear. The latest consumer price index for the region rose 5.3% compared with 7.1% for the U.S.
Downtown remake: Marshalls to close, Ameriprise to cut space
Minneapolis Mayor Jacob Frey will convene a group next week to work on reviving storefronts downtown.
Ameriprise will cut its downtown Mpls. office space, moving to one building from two
The company is moving out of its skyscraper headquarters building to its client service center a couple blocks away.
Minnesota's big economic challenge is where to find people to fill jobs, state demographer says
The state will see "almost no growth" in its workforce in coming years, demographer Susan Brower told the Minnesota Chamber of Commerce.
Minnesota rolls out $25M small business loan participation program
It's the sixth and final program to launch as part of the $97 million State Small Business Credit Initiative.
Manufacturing indexes turn negative for the first time since spring 2020
One survey also showed Minnesota's firms signaling contraction in November.
U.S. Bancorp completes $8 billion acquisition of West Coast's MUFG Union Bank
The purchase gives Minneapolis-based U.S. Bank a much bigger presence in California, Oregon and Washington.
State unveils program for businesses to use robots to address workforce shortages
The $12.5 million automation loan program is the fifth announced so far as part of $97 million small business initiative.
Minnesota exports rose to an all-time high this fall
However, the state is slightly trailing the growth of U.S. exports over the first nine months of the year.
This Minnesota city has the lowest unemployment rate for any metro in U.S.
Six cities in the state or on its border are among the 20 best for jobs right now.
Minnesota added 17,400 jobs in October, most in 2022
The state's job growth rate outpaced the national rate, a rarity because Minnesota's labor market has been so tight.
Despite buzz about layoffs, many Minnesota firms still eager to hire
Job postings remain elevated and jobless claims low. The state's latest jobs data comes out Thursday.
Edward Prescott, Nobel-winning economist at U and Minneapolis Fed, dies at 81
He was one of the "four horsemen" of the U's economics department, three of whom won Nobel Prizes.
Minneapolis tech firm Code42 lays off 15% of workforce
While job cuts at tech companies seem to be picking up, overall layoffs remain quite low.
Minnesota firms see supply chains healing, but still not back to normal
Transoceanic shipping is no longer backed up. But labor shortages at airlines and trucking firms continue to influence U.S. supply chains.
U.S. Bank CEO wants workers back in the office three days a week
CEO Andy Cecere sent a memo to workers last week asking them to come to the office more often.
JPMorgan Chase speeds up Twin Cities expansion with plans for 40 branches
The nation's biggest bank had previously committed to opening 25 branches in the region.
