Best States for Career Opportunities: Where to Find Work in 2024

As the U.S. job market evolves, several states are emerging as prime destinations for career opportunities. Recent analysis from WalletHub reveals that New England and the Upper Midwest are leading the pack in job market strength and economic vitality.

In the list of best states for jobs, New Hampshire claims the top spot with an impressive 2% unemployment rate, less than half the national average of 4.1%. The Granite State stands out for its robust job security and notably low percentage of workers living in poverty, indicating strong compensation across industries.

Vermont follows closely in second place, matching New Hampshire’s low unemployment rate while boasting the nation’s highest annual job growth. The state has distinguished itself with the second-highest number of job opportunities per capita, and only 0.5% of its workforce faces long-term unemployment.

Minnesota rounds out the top three, powered by its thriving healthcare sector and comprehensive worker benefits packages. Massachusetts and North Dakota complete the top five, contributing to a strong showing for the northern states.

The rankings reflect WalletHub’s analysis of 34 key metrics across two main categories: job market conditions and economic environment. Factors range from employment growth and job opportunities to median annual income and commute times, with additional consideration given to emerging concerns like AI automation risk.

These state-by-state economic indicators paint a picture of regional job market health and economic resilience across the country. The data highlights areas where strong employment figures coincide with favorable economic conditions, contributing to robust local economies.

Gold’s Bull Run: Can the Momentum Last?

Gold prices have surged to unprecedented levels, driven in part by geopolitical tensions in the Middle East and uncertainty surrounding the U.S. presidential election. Since the beginning of 2024, gold has risen by approximately 32%, outperforming the S&P 500’s 23% growth and the Nasdaq’s 28% increase. Analysts link this rally to expectations of further interest rate cuts by the U.S. Federal Reserve, as lower interest rates typically boost the appeal of gold. Central banks have also been purchasing significant amounts of gold to diversify portfolios and hedge against global instability.

China has played a key role in this trend, increasing its gold reserves for 18 consecutive months until May to reduce its reliance on the U.S. dollar. Although central bank acquisitions have slowed recently, gold prices continue to climb, fueled by investor expectations of more rate cuts. The Federal Reserve recently lowered interest rates for the first time in over four years, with market sentiment pointing to the likelihood of further reductions.

The combination of geopolitical uncertainty and the upcoming U.S. presidential election has intensified the demand for gold as a safe-haven asset. Concerns about the election’s outcome have added to market volatility, prompting investors to turn to gold as a stable refuge. Despite warnings about potential price swings, gold remains attractive in the current environment, given its historical role as a hedge against economic turbulence.

However, some analysts caution that the rally may lose momentum if the Federal Reserve reverses course to combat inflation by raising interest rates. A stronger U.S. dollar, resulting from higher rates, could make gold less appealing since it does not generate interest. Additionally, if geopolitical tensions ease or global economic conditions stabilize, the demand for gold as a safe-haven investment could diminish.

Another potential risk lies in the relationship between gold prices and real yields. If real yields increase, gold could face downward pressure. A slowdown in central bank gold purchases may also contribute to a price decline. While the outlook for gold remains positive in the near term, shifting economic and geopolitical conditions present risks that could lead to a correction after the current rally peaks.

Refinancing Your Mortgage Could Be a Smart Move in Today’s Market

Mortgage rates are dropping in the US. The average 30-year fixed-rate mortgage now hovering just above 6%, down from 7% in May. While this won’t be helpful for the nearly 60% of Americans with mortgage rates below 4%, if you purchased your home in the last few years at a higher rate, this could be a golden opportunity to refinance your home and significantly reduce your monthly payments.

Refinancing replaces your current mortgage with a new one at a lower interest rate, potentially leading to long term savings. For example, switching from a 7% to a 6% interest rate on a $500,000 mortgage could save you $329 per month. However, it’s essential to consider the costs associated with refinancing, which typically range from $2,000 to $3,000 or more, depending on your location.

To explore your refinancing options, start by using online calculators to estimate potential savings and determine your break-even point. The break-even point is the time it takes for your savings to offset the costs of refinancing. If you’re planning to sell your home soon, refinancing may not be worth it.

Next, shop around and get quotes from multiple lenders to secure the best rate. It is also worth asking your current lender about a mortgage reset option, which could be less complicated than a full refinance. Some banks and credit unions allow you to reset your mortgage to the current market rate for a flat fee, without the need for a full refinancing process.

Beyond lowering monthly payments, refinancing can serve other purposes, such as switching from an adjustable-rate to a fixed-rate mortgage or accessing home equity through a cash-out refinance. Some homeowners might even consider shorter loan terms to pay off their mortgage faster and pay less in interest.

Several factors could contribute to further drops in mortgage rates in 2024. However, while experts generally predict a gradual decline in rates throughout 2024 and reaching about 5.7 or 5.8% by the end of 2025, they caution that rates are unlikely to return to the historic lows seen in 2020-2021. The actual trajectory of mortgage rates will depend on the interplay of various economic factors and Federal Reserve policies.

While timing the market perfectly is challenging, some experts suggest acting when the numbers work in your favor rather than waiting for potentially lower rates. Keep in mind that the ability to refinance is already built into your current mortgage rate, so taking advantage of this option when it benefits you can be a smart financial move. Whether you’re looking to reduce your monthly payments, change your loan terms, or tap into your home’s equity, now is a great time to consider the process of refinancing your mortgage.

Hyundai’s $7.6B Georgia Plant Rolls Out First Electric SUVs

Hyundai has officially started producing electric SUVs at its $7.6 billion manufacturing plant in Georgia, less than two years after breaking ground. Located west of Savannah, the facility is a significant step for the South Korean automaker in expanding its electric vehicle (EV) production in the U.S. The plant’s first commercial vehicles, the 2025 Ioniq 5 electric SUVs, are set to hit U.S. dealerships by the end of this year, offering benefits such as zero tailpipe emissions, a reduced carbon footprint, and greater resource efficiency.

Hyundai’s Georgia plant aims to produce up to 300,000 EVs annually, along with the batteries that power them. Once fully operational, it will employ 8,500 workers. Currently, more than 1,000 employees are already staffing the completed vehicle production areas, while construction on the battery facilities continues.

The accelerated timeline for opening the plant was driven by federal incentives under the 2022 Inflation Reduction Act. The Act aims to combat climate change by offering buyers tax credits of up to $7,500 for EVs made in North America with domestic batteries. This spurred Hyundai to expedite its operations to qualify for these benefits, despite initial concerns about the policy’s fairness. The company is planning a grand opening in early 2025. With sustainability at the forefront, Hyundai is committed to using eco-friendly materials and targeting 100% renewable energy in its manufacturing processes, reflecting its dedication to reducing emissions and promoting a greener future through electric mobility.

Three Positive Takeaways from September’s Employment Report

Recent economic data highlights a surprisingly strong trend in job growth, bringing optimism to the business landscape. In September, the U.S. economy demonstrated remarkable resilience, with employers adding 254,000 jobs—well above economists’ expectations of 150,000. This robust growth coincided with a drop in the unemployment rate to 4.1%, indicating a tightening labor market.

This surge in job creation has reinforced confidence in the U.S. economy’s strength, countering concerns of a potential slowdown and underscoring the continued vitality of the labor market across various sectors.

A key highlight of this report is the broad-based nature of job growth. Restaurants, retailers, and construction companies all contributed to the employment gains, signaling a widespread recovery. Additionally, revisions to July and August figures added another 72,000 jobs to previous estimates, further emphasizing the job market’s strength. Although job growth has slowed since the first quarter, it remains solid, with an average of 186,000 jobs added monthly over the past three months.

Another encouraging development is the ongoing expansion of the U.S. labor force, which grew by 150,000 individuals in September. This increase is largely driven by immigration, with the foreign-born workforce rising by 1.4 million over the past year. The influx of new workers has been essential in sustaining job growth, particularly as the native-born workforce shrinks due to the retirement of baby boomers. Furthermore, workers are seeing real gains in purchasing power, with average wages increasing 4% year-over-year, outpacing inflation and extending a 15-month trend of wage growth exceeding price hikes.

These positive employment figures have broader economic implications. The 4% rise in average hourly earnings may bolster consumer spending, while the strong labor market could influence the Federal Reserve to take a more cautious approach to interest rate adjustments. Overall, the September jobs report strengthens confidence in the U.S. economy’s resilience, easing recession fears and supporting the possibility of continued growth and stability in the months ahead.

Apple’s AirPods Pro 2 Revolutionize Hearing Aid Market

Apple’s AirPods Pro 2 are set to make a significant breakthrough in accessibility technology and have promised to be an “end-to-end hearing health experience.” Not only do they include hearing protection features, but also Apple’s Hearing Aid Feature (HAF) software enables compatible AirPods Pro devices to serve as hearing aids when paired with iOS 18-compatible iPhones or iPads. This includes a hearing test to customize volume, tone, and balance settings.

This innovation targets the estimated 30 million Americans with mild to moderate hearing loss. Nearly 15% of American adults over the age of 18 report some trouble hearing. According to the National Institute on Deafness and Other Communication Disorders, nearly 28.8 million U.S. adults could benefit from using hearing aids. Within that population, fewer than 1 in 3 (30%) of those over 70 has ever used them. This statistic drops to only 16% for adults ages 20-69.

Now with FDA clearance, Apple’s over-the-counter hearing aid software is expected to improve availability and acceptability of hearing support. Due to the ubiquity of AirPods, experts hope Apple’s entry into the hearing aid market will encourage more people to seek assistance for hearing loss, reduce the stigma and raise awareness about hearing health.

This development aligns with the FDA’s 2022 regulations allowing over-the-counter (OTC) hearing aid sales, making these devices more accessible and affordable for consumers. At $249, the AirPods Pro 2 are significantly less expensive than many dedicated OTC hearing aid options, the majority of which fall in the $200-$3,000 range. It is important to note that the AirPods Pro 2 are not primarily designed as hearing aids – the hearing aid functionality is an added feature to their main purpose as wireless earbuds. Dedicated OTC hearing aids may offer more advanced hearing assistance features and customization options compared to the AirPods Pro 2. However, the AirPods Pro 2 provide a much more affordable entry point for those wanting to try out hearing assistance technology, especially if they already use them as regular earbuds.

Los Angeles Gears Up for 2028 Olympics: A Business Perspective

Following Paris’ successful 2024 Olympics, Los Angeles is preparing to host the 2028 Games, aiming to set new standards in Olympic organization and urban development. The 2028 Olympics present a significant opportunity for Los Angeles to boost its global profile, stimulate economic growth, and address long-standing urban challenges, potentially leaving a lasting positive impact on the city’s infrastructure and economy.

Infrastructure and Logistics

Mayor Karen Bass emphasizes the city’s focus on enhancing public transportation, reducing traffic congestion, and addressing homelessness. These are major issues for the City of Los Angeles, and if adequately addressed, will greatly improve life in the city even after the Games have finished.

The city plans to encourage public transit use to venues, potentially borrowing buses from other cities. Discussions with local businesses about remote work and night-time deliveries during high-traffic periods are underway, mirroring strategies from the 1984 LA Olympics. Three new bus lines are also planned to open before 2027.

The city is also planning rail extensions that will extend existing lines as well as utilize the new light rail line connecting the Crenshaw district to LAX that is now operational. This is part of a larger strategy to improve airport connectivity which includes plans for the LAX Automated People Mover connecting LAX terminals to the rail system and an Airport Metro Connector Station which will connect the airport to the light rail line.

Economic Impact and City Showcase

Casey Wasserman, Chairman of LA 2028, sees the Games as an opportunity to build upon Paris’ success and showcase Los Angeles’ unique character. The games provide the opportunity to highlight LA’s diverse culture, and position the city itself as a “main character” during the event according to Board Member Jessica Alba. While no new permanent venues will be built—a first in Olympic history—the city aims to creatively utilize existing landmarks. This strategy offers significant benefits, but it comes with unique challenges as well. The plan aligns with sustainability goals and could save up to $150 million by leveraging existing venues like SoFi Stadium and Crypto.com Arena. This strategy also reduces the risk of creating underutilized facilities post-Games and showcases LA’s iconic locations. However, some upgrades and temporary structures will still be necessary, and adapting existing venues may require creative solutions. There are also logistical challenges in coordinating across multiple locations and ensuring adequate transportation between venues. Despite these challenges, the use of existing landmarks is expected to create a unique setting for the Olympics and leave a lasting positive impact on the city’s infrastructure and economy.

It will be exciting to see some of these plans implemented over the next four years and see their impact on Los Angeles as a city as well as set the scene for the 2028 Olympics.

Steph Curry plans for future NBA ownership?

Steph Curry, four-time NBA champion and 10-time All-Star, is already planning his post-basketball career, with NBA team ownership as a key goal. In a recent interview with CNBC, the 36-year-old Golden State Warriors guard expressed his interest in joining the ranks of NBA team owners once his playing days are over.

Curry has built a diverse portfolio of business ventures, ranging from media, to bourbon, to his own line of shoes and apparel, and a youth golf tour. Looking to the future, Curry said, “For me, that’s definitely on the table. I think I could do a pretty good job of helping sustain how great the NBA is right now and what it takes to run a championship organization.”

Currently under contract with the Warriors until 2027, Curry will be 39 when his $62.6 million contract extension expires. Despite his business ambitions, Curry remains focused on his on-court career, stating, “I know I have a lot more to accomplish on the court before I move into other roles in the league.”

Curry’s interest in ownership follows the example of Michael Jordan and aligns with potential league expansion. NBA Commissioner Adam Silver hinted at expansion discussions after the NBA’s new $77 billion media deal, set to begin after this season. With ownership aspirations shared by LeBron James, Curry is positioning himself for a future as a business leader in the NBA.

Rising Inflation Means Dining In

In the face of rising prices, Americans are rethinking their dining habits and coffee outings. For the first time in years, grocery hauls are growing larger as many opt to splurge at the supermarket instead of eating out. This shift has led fast-food chains and restaurants to enhance deals and meal combos to attract customers.

Multiple restaurant chains have been reporting sales decline since the COVID-19 shutdowns in 2020, including Denny’s, Starbucks and Wendy’s.

“When restaurant inflation is still ahead of where grocery inflation is, we definitely feel like people are probably still saying, ‘I should just cook at home a little bit more often,'” Denny’s CEO Kelli Valade told investors.

Federal data shows that grocery prices increased by 1.1% over the past year, while restaurant meal costs rose by 4.1%. These increments, though lower than in recent years, compound previous price hikes driven by increased costs for wages, ingredients, packaging, and transportation. Since mid-2020, grocery prices have surged by 19%, and restaurant prices by nearly 24%.

This economic landscape has led shoppers to rethink where they allocate their extra dollars. KD Deshmukh, an engineer from Tulsa, Oklahoma, has adjusted his budget by buying in bulk, using coupons, and switching to store brands. For a recent birthday celebration, Deshmukh and his spouse opted for a high-end seafood market to prepare a special dinner at home instead of dining out.

“Instead of going to a restaurant, we were like, ‘We are pretty good cooks — let’s go splurge on a better piece of salmon that we know came in fresh.’ And it’s a bit of a premium but definitely worth it,” Deshmukh said.

Market research firm Circana has observed this trend, noting that while many shoppers are reaching for cheaper store brands, an increasing number are also upgrading to premium products as a small treat. “It’s a little reward of — all right, I’m cutting back in these places, but at least I can have something that I perceive to be better quality, better taste, better experience at home,” says Circana’s Sally Lyons Wyatt.

After years of spending more and getting less, shoppers are now leaving supermarkets with more items, according to Circana. Concurrently, food purchases at cafes and other eateries have declined since the start of the year.

The impact on restaurants varies. Sit-down restaurants saw more diners in May and June compared to last year but remained flat in July, according to OpenTable’s tracking of online reservations.

As restaurant chains release their financial reports, a focus on deals and value meals is evident. Starbucks has been offering more discounts and meal combos, aiming to ensure customers find the Starbucks experience worth the cost. “Demonstrating our value by making sure customers believe that Starbucks experience is worth it every time” is a priority, according to CEO Laxman Narasimhan.

At the grocery store, items like wine, pasta sauce, and pizza dough are popular upgrades. “The Italian night is still huge, especially the premium Italian night,” says Lyons Wyatt. “That night, I don’t think, will go away anytime soon.”

Companies Expand Smartphone Life

Smartphone lifespans are increasing! Google and Samsung, Android ‘s newer phones offer expanded software updates for seven years. Apple has offered this kind of software longevity for a while, and now Android phones seem to be catching up. In the past, consumers looked to replace their phones every two years, more recently, people want their phones to last longer and want the flexibility of deciding when to upgrade.

A review of Google’s $700 Pixel 8 in October showed that Google committed to seven years of software updates, up from three years for its previous models, citing it as the right thing to do. Samsung, the top Android phone maker, set a similar seven-year software timeline for its $800 Galaxy S24. Following suit, Google extended this commitment to its budget-friendly $500 Pixel 8A.

Why this shift? In the past, Android manufacturers claimed that providing software updates was technically challenging and not profitable after a few years. However, external pressures now compel tech companies to invest in device longevity. In 2021, the Federal Trade Commission intensified enforcement against companies making repairs and maintenance difficult. This accelerated the “right to repair” movement, pushing legislation requiring companies to offer parts, tools, and software to extend product life. States like California, New York, Minnesota, and Oregon have enacted such laws.

Following pressure to extend its laptop support, Google announced its new smartphone policy. In September, it agreed to support Chromebooks for 10 years, up from eight, responding to a grassroots campaign highlighting the short lifespan of Google laptops in schools. Nathan Proctor, director at U.S. PIRG, a nonprofit behind the campaign, hailed the seven-year smartphone support as environmentally significant.

To maximize your phone’s longevity, consider these steps:

Replace the Battery: Every two years, replace the lithium-ion battery as its capacity diminishes. Professional help is advisable, with replacement costs around $100.

Protect It: Invest in a quality case and consider a screen protector. Wirecutter recommends brands like Smartish, Spigen, and Mujjo.

Clean It: Maintain your phone by cleaning charging ports and speaker holes, which can clog with debris, using a toothpick for best results.

Should this affect your buying decisions? Continue to purchase based on current needs and performance rather than future promises. While some may upgrade for new features like better cameras or longer battery life, those seeking maximum longevity should opt for phones that are economical to repair, like Google’s Pixel series, which now boasts extended software support to match their durable hardware.