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How ‘Free’ Is Your State?
How “free” is your state?
A recent study conducted by WalletHub identifies the most and least “independent” states based on health- and wealth-related dependencies in five categories: “consumer finances,” such as credit scores and emergency savings; “government,” or federal funding; “international trade,” such as jobs supported by exported goods; “job market,” such as employer-offered retirement savings and the unemployment rate; and “personal vices,” such as drug use and gambling.
The most independent state, according to the study, is Colorado, with the lowest unemployment rate; the second-highest share of households that have emergency savings; the second-lowest share of jobs supported by exported goods; the second-lowest share of GDP generated by exports; and the fourth-lowest share of households relying on food stamps and/or other assistance.
The least independent state is Louisiana, with the highest share of GDP generated by exports; the third-highest share of adults with gambling disorders; the third-lowest median credit score; the fourth-highest unemployment rate; and the fourth-highest share of jobs supported by exported goods.
The remaining four of the top five most independent states are:
- Utah
- Highest Median Household Income
- Highest Share of Households With Emergency Savings
- Second-Lowest Share of Adult Binge Drinkers
- Third-Lowest Share of Households Relying on Food Stamps and/or Other Assistance
- Minnesota
- Highest Median Credit Score
- Second-Highest Employer-Based Retirement Access/Participation
- Second-Least Federally Dependent
- Fourth-Highest Median Household Income
- New Hampshire
- Lowest Unemployment Rate
- Fourth-Highest Employer-Based Retirement Access/Participation
- Wisconsin
- Highest Employer-Based Retirement Access/Participation
- Third-Lowest Share of Adults With Gambling Disorders
The remaining four of the top five least independent states are:
- Kentucky
- Most Federally Dependent
- Fourth-Highest Share of GDP Generated by Exports
- Alaska
- Highest Share of Jobs Supported by Exported Goods
- Second-Highest Unemployment Rate
- Third-Highest Share of Households Relying on Food Stamps and/or Other Assistance
- Mississippi
- Highest Share of Adults With Gambling Disorders
- Lowest Median Credit Score
- Second-Most Federally Dependent
- Fifth-Highest Share of Households Relying on Food Stamps and/or Other Assistance
- West Virginia
- Second-Lowest Median Household Income
- Second-Lowest Share of Households With Emergency Savings
- Fifth-Most Federally Dependent
- South Carolina
- Third-Highest Share of GDP Generated by Exports
- Third-Lowest Median Credit Score
Source: WalletHub
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Top 20 States for Home Renovations
One of the many advantages of owning a home is the ability to add—and recoup—value. A recent study by Hearth, a FinTech startup, ranked the states with the most homeowners planning to renovate in 2017, with the top 20 states mostly concentrated in the East, Midwest and West:
- Hawaii
- Kansas
- Montana
- Rhode Island
- New Hampshire
- Utah
- Michigan
- Connecticut
- Missouri
- Maine
- Arkansas
- Minnesota
- Idaho
- Kentucky
- Iowa
- Nebraska
- Massachusetts
- Alabama
- Tennessee
- South Dakota
A sizable share of those in the study reported they would redo their kitchen if their budget were unlimited, as well as their bathrooms, basement and/or living room.
The study also shed light on the ways homeowners plan to finance their projects, with 62 percent of those in the study using cash or savings, 26 percent using a loan, and 12 percent using a credit card. Twenty-eight percent, specifically, use bank loans, while 17 percent use credit union loans and 15 percent use personal loans.
Source: Hearth
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Consumer Confidence Ticks Back Up
Consumer confidence ticked back up in June, posting a 118.9 reading in the latest Consumer Confidence Index® from The Conference Board. The Expectations reading of the Index fell to 100.6, while the Present Situation reading rose to 146.3. May’s reading was 117.6.
“Consumer confidence increased moderately in June following a small decline in May,” said Lynn Franco, director of Economic Indicators at The Conference Board, in a statement. “Consumers’ assessment of current conditions improved to a nearly 16-year high. Expectations for the short-term have eased somewhat, but are still upbeat. Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating.”
The percentage of consumers who believe business conditions are “good,” as defined by the Index, increased from 29.8 percent in May to 30.8 percent in June; the percentage of those who believe business conditions are “bad,” decreased from 13.9 percent in May to 12.7 percent in June. The percentage of those who expect business conditions to improve decreased from 21.5 percent in May to 20.4 percent in June; the percentage of those who expect business conditions to worsen also decreased, from 10.3 percent in May to 9.9 percent in June.
The percentage of consumers who believe jobs are “plentiful” increased from 30 percent in May to 32.8 percent in June, according to the Index; the percentage of those who believe jobs are “hard to get” decreased, from 18.3 percent in May to 18 percent in June. The percentage of those who expect more jobs in the coming months increased from 18.6 percent in May to 19.3 percent in June; the percentage of those who expect less jobs in the coming months, however, also increased, from 12.1 percent in May to 14.6 percent in June.
The percentage of consumers who expect higher incomes, as well, increased from 19.1 percent in May to 22.2 percent in June; the percentage of those who expect a decrease also increased, from 8.7 percent in May to 9.2 percent in June.
Source: The Conference Board
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