Recent content from Kavita Kumar
Minnesota's jobless rate hits record low 2.2%, and people doing the hiring feel the pinch
The picture isn't entirely sunny: The state has still recovered just 79% of the jobs lost at the start of the pandemic.
Target, other retailers say consumer spending is fine, but investors see a turning point at hand
Retail stocks plunged as investors looked beyond recent data that shows consumers are defying inflation.
U.S. Bank targets racial wealth gap with $100 billion community plan
Investment is part of an $8 billion merger with California-based MUFG Union Bank.
Kashkari defends Fed's rate-setters, but says more aggressive steps may be needed
The Minneapolis Fed president said if supply chains aren't sorted out soon, the Fed may have to push rates higher.
Why have mortgage rates gone up so fast, and will the Fed make them go even higher?
Mortgage rates have gone up much faster than the Fed has raised rates so far. The Fed is expected to raise short-term rates another half percentage point this week.
How Twin Cities banking executives helped the state's first Black-owned bank come to town
Detroit-based First Independence Bank, a Black-owned bank, held a grand opening at its first Minneapolis branch last week.
Otto Bremer Trust trustee who pushed hardest for Bremer Bank sale removed
But the judge said the trust has right to sell its ownership of Bremer Bank.
U.S. Bank reopens branch on Lake Street that was destroyed in 2020 riots
U.S. Bank views the rebuilt branch as a "flagship" location because of its larger size and high customer volume.
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What are Minnesota's most exported products?
From snowmobiles to Scotch tape, companies ship an eclectic mix of locally made products to other countries.
Minnesota's jobless rate falls to lowest in more than 20 years
The state also added 5,200 jobs last month, roughly on par with January.
Minnesota exports jumped 17% last year to above pre-pandemic levels
The state, like the nation, imported more goods than it exported last year.
Minneapolis Fed's Kashkari says he was wrong on inflation, supports more rate hikes
Kashkari published an essay Friday on his evolving views on inflation. It began quoting Lincoln's apology to Grant.
AllianceBernstein pays $750M for CarVal Investors, a former money unit of Cargill
CarVal, which manages about $14 billion in assets, is keeping its Twin Cities offices and top leaders.
EntreBank, the first new bank in Minnesota in 14 years, will focus on small businesses
The bank opens in Bloomington next week and aims to grow to $300 million in assets,
Minnesota's jobs comeback gains momentum, with 10,200 added in January
The state unemployment rate dropped to 2.9% that month, despite the surge in the omicron variant.
Minnesota firms don't export much to Russia, but some are halting shipments
Russia and Ukraine are far down the list of Minnesota's trading partners.
Twin Cities hit with a mix of rain, freezing rain and even thundersnow
Roads and sidewalks will be icy on Sunday. While there may be a brief warm-up on Tuesday, there is a chance for more snow on the way later in the week.
Gas, food prices expected to rise in Minnesota due to Russian attack on Ukraine
War in Europe complicates the Federal Reserve's effort to cool inflation without throwing the U.S. into recession.
U.S. Bank links up with Microsoft's cloud services to power its applications
The Minneapolis-based bank will reduce its data centers in the U.S.
How inflation in the Twin Cities compares with the record U.S. rate
Food and energy are among the biggest hits to metro residents' budgets.
Bruce Erickson, paleontologist at Science Museum of Minnesota, dies at 91
The Science Museum's longtime curator of paleontology helped it amass an impressive trove of fossils. He died on Jan. 16 at age 91.
Minneapolis Fed's Kashkari: Inflation is a focus, but not a worry
The Fed walks a fine line as it tries to reduce inflation without starting a recession, Kashkari says.
As Bremer case wraps up, judge calls situation 'dysfunctional'
The Minnesota attorney general urged a court to kick out trustees that want to sell Bremer Financial, the state's fourth-largest bank. The trustees' attorney said they had the right to sell it.
Inflation hits smaller cities, rural areas harder than Twin Cities
Less-populated areas of the Midwest are seeing prices rise faster than urban areas and the coasts.
Bremer Bank will open a branch on Lake Street in space damaged in 2020 riots
The branch is one of a couple new banking options in the works for the Phillips neighborhood.
Minnesota's child-care providers face staff shortages, rising costs
With profits evaporating, child-care providers are asking parents to pay more — or they're going out of business.
Minnesota lost 2,000 jobs in December, but unemployment rate fell to 3.1%
This was the first monthly loss in jobs the state has seen in a year.
U.S. Bank eliminates some overdraft fees
Other banks have begun making similar moves in recent weeks.
Best Buy CEO Barry says labor and supply shortages will be around for a while
Barry spoke Friday at a regional economics conditions conference held by the Minneapolis Fed.
Minnesota eases quarantine rules for kids in child care
The state will no longer require child care providers in Minnesota to quarantine students and staff who were in contact with someone testing positive for COVID-19. The change to state licensing requirements is "effective immediately."
A fighter for low interest rates, Minneapolis Fed chair says U.S. needs two rate increases in 2022
This is the first time Neel Kashkari has signaled support for a rate hike since joining the Federal Reserve in 2016.
Minnesota's manufacturers see more growth ahead in 2022 despite challenges
The state's manufacturing sector outpaced nearby states in the recovery from the 2020 recession.
Wells Fargo, No. 3 in downtown Minneapolis workers, delays office return — again
The bank company planned to start bringing workers back to offices around the country on Jan. 10.
Best Buy founder Schulze finds new passion project with Caribbean resort makeover
Schulze had never heard of the island — Anguilla — when he spotted the resort for sale during the pandemic.
Inspired Conversations: Katie Retterath Martin started database of diverse books to reflect multi-layered identities
Retterath Martin is working to develop OneShelf while a fellow at the Finnovation Lab in Minneapolis.
Inflation outpaced wage growth in Minnesota last month; jobless rate hit pre-pandemic level
The state's unemployment rate dropped to 3.3% last month, the same as February 2020.
U.S. Bank apologizes, settles with Black customer who claimed mistreatment in 2020
The settlement came as a local TV station looked into details of police involvement when the customer tried to cash a paycheck.
Eden Prairie man arrested in connection with $2.1M in fraudulent COVID-19 relief loans
He fled to Colombia and was arrested in Miami after being sent back to the U.S., according to papers filed by the U.S. Attorney's Office in Minnesota.
Minnesota's unemployment rate drops to 3.5%, matching where it was in March 2020
The job gains are tempered by a reduced workforce participation rate. The state reported 84,000 fewer workers in the labor force compared to before the pandemic.
U.S. Bancorp is acquiring TravelBank, a travel and expenses platform
Will Smith is a key investor in the San Francisco-based fintech just purchased by the Minneapolis-based banking firm.
Businesses show signs of pullback and caution in most recent Minneapolis Fed survey
Some large businesses cut back on employees this fall. Inflation is less of a worry as they raise prices to absorb higher costs, the survey found.
Study: Mpls., St. Paul minimum wage increases led to loss of restaurant jobs
But the study by the Federal Reserve Bank of Minneapolis did not find other correlations to job losses in other low-wage sectors
More people get paid by the day, as apps and employers offer a new routine
Consumer advocates warn that peoples can run into fees for some of the new paycheck services.
Job vacancies in Minnesota soared to record high this spring
The number of job openings in the second quarter nearly doubled to about 205,000. That's nearly twice the number of Minnesotans who are unemployed.
State launches campaign to promote Minnesota as a good place to do business
The state's economic development agency is putting more money and new muscle into promoting Minnesota.
Ameriprise's profit surpasses $1 billion in most recent quarter
The Minneapolis-based investment services company is finding organic growth as investors continue to rush into stocks, which are near record highs.
Caught in Bremer crossfire: Local nonprofit exec describes pressure from trustee
Junior Achievement North recently decided to return a $1.2 million grant from Otto Bremer Trust after being asked to support trustees in their legal battle with the state and Bremer Financial.
Identities of potential buyers of Bremer Bank emerge in hearing
BMO Harris made a non-binding offer for Bremer in August 2019. Trustees also discussed a possible sale with Old National Bank and Huntington Bancshares.
Charitable grants to Ordway, Blake School and Como Zoo questioned in Otto Bremer Trust trial
The trial, which began on Monday, will determine whether trustees who tried to sell the charity's stake in Minnesota's No. 4 bank are allowed to keep their jobs.
'Hostile takeover' of Bremer alleged in court case
In opening salvos, state attorneys say Bremer trustees put themselves over the charity they lead. Their attorney says their attempt to sell Bremer Financial to benefit the charity is "reasonable."
Future of Bremer Bank at stake in trial that starts this week
The presiding judge says that making a decision may mean weighing in on a bigger question: whether Bremer Financial can be sold by the trust.
Wages are going up in Minnesota, and employers are hiring more teens amid a tight labor market
Wages of restaurants and bars workers have been above $16 an hour for the last four months
As Minnesota's economic recovery zig-zags, Walz taps a council to drive growth
Minnesota's governor asked some state officials, business executives and non-profit leaders to form a Council on Economic Expansion.
What Biden's vaccine mandate means for Minnesota businesses
Sweeping new federal regulations will require employers with more than 100 workers to require immunizations or weekly testing.
Minnesota exports rebounded above pre-pandemic levels this spring
Exports were well above the depressed levels of spring 2020, but they even surpassed the 2019 second quarter by a solid amount.
Unemployment benefits expire this weekend for about 100,000 Minnesotans
The question now is how many of these workers who are losing benefits will be willing and able to find jobs as the delta variant fuels a surge in COVID-19 cases.
For Minnesota businesses, higher costs are 'coming everywhere'
Inflation is causing disruptions to workflow, threats to profits and tough decisions about passing rising costs on to customers.
A Black-owned bank from Detroit is coming to Twin Cities, after invite from region's bank giants
Some of the Twin Cities' largest banks encouraged First Independence to come here to help address the region's big racial wealth gap.
Minnesota added 14,500 jobs in July, biggest gain since March
The state has regained about 64% of jobs it lost at the start of the pandemic last year.
Minnesota State Fair and its vendors scramble to find workers
Less than two weeks before the fair opens, the businesses inside it and the fair itself need hundreds more workers.
Huntington name will soon replace TCF around Twin Cities
The rebranding will happen over the next few weeks, most visibly at the U's football stadium. TCF's customers will start using new digital apps soon.
Next month's big return to the office in Mpls. and St. Paul is disappearing fast
The growing case levels of the coronavirus, and ongoing hesitancy about vaccines among millions, is forcing many business to rethink plans for office reopenings.
Target tells HQ employees they can work from home rest of year
The Minneapolis-based company said it is still planning a gradual return to the office on Sept. 20, but only common areas will initially be open.
More Twin Cities employers push back plans to bring workers back to offices
Wells Fargo, Travelers and others had previously planned to bring workers back in September.
Best Buy invests $10 million in Twin Cities-based venture capital fund for people of color
It is the largest investment Brown Venture Group has attracted yet for its inaugural fund.
U.S. Bancorp delays its return-to-the-office plan
The Minneapolis-based bank had planned to have employees return to corporate offices after Labor Day but has changed its plans amid a rise in COVID-19 cases.
JPMorgan Chase CEO says rise in COVID-19 cases won't derail economic recovery
Jamie Dimon was in Minneapolis Monday. The nation's largest bank has been rapidly expanding in the Twin Cities after opening its first branch here in 2019.
How Minnesota students helped win the battle for unemployment benefits
A diverse coalition of students spent more than a year making their case to legislators, elected officials and the media.
Ameriprise CEO: 'It's been great to be together again in person'
A strong stock market boosted Ameriprise's second quarter results, which beat Wall Street expectations.
U.S. Bank's branch on West Broadway reopens after last year's riots
Most branches damaged in the uprising last year have now reopened, but a few are still in the works.
U.S. Bancorp's profit swelled as it freed up more reserves amid improving economy
Low interest rates continue to put pressure on its main banking income, but executives gave an upbeat outlook for the rest of 2021.
Minnesota lost 600 jobs in June, another sign of a bumpy recovery
It's the first loss in the state's overall job count since December.
New child tax benefit a relief for Minnesota, U.S. families
The break that U.S. parents get is expanding but is also being paid out differently, with half of it arriving in monthly checks that start Thursday.
Minneapolis Fed mandates COVID-19 vaccines for its employees
It is one of the first large employers in the Twin Cities to do so, and it plans to bring workers back to the office in September.
Digital banking at U.S. Bank sped up during pandemic
The bank's customers are now where executives expected them to be in five years with digital technology. One result: the company closed more branches than it planned before the pandemic.
