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Immigration in Maine Addressing Labor Shortage Could Set Trend for U.S.

A significant labor gap in Maine’s lobster industry is being filled by immigrants, shedding light on the critical role that foreign-born workers are likely to play in the U.S. economy as the native-born population ages. Maine, known for its abundant lobster population, is grappling with an aging workforce that is increasingly unable to sustain the demands of the thriving lobster industry, valued at $1 billion.

Ben Conniff, a founder of Luke’s Lobster, underscores the importance of immigrants in sustaining the natural resources economy of the state, as many native-born workers are not inclined towards manufacturing work in food processing. Since its establishment in 2013, Luke’s Lobster has heavily relied on immigrants to staff its lobster processing plant, highlighting the vital role played by foreign-born workers in filling labor gaps.

With Maine boasting the oldest population in the U.S., with a median age of 45.1, the state offers a glimpse into the economic future of America, where immigrants are poised to be a crucial source of new workers and economic vitality in the coming years.

As immigration continues to be a hotly debated topic in the country, the influx of immigrants has been instrumental in boosting the American economy’s potential. The Congressional Budget Office has revised upwards its population and economic growth projections for the next decade, attributing the growth to the wave of newcomers entering the workforce.

Maine’s initiatives to attract and integrate immigrants into the workforce, such as the creation of an Office of New Americans, reflect the state’s proactive approach towards addressing labor shortages. Private companies like Luke’s Lobster have also taken steps to diversify and supplement the aging lobster fishing industry by training immigrants and minorities in lobster fishing and licensing processes.

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Chadai Gatembo, an 18-year-old immigrant from the Democratic Republic of Congo, exemplifies the success story of immigrants finding opportunities in Maine. Despite facing challenges on his journey to the U.S., Gatembo is now on the path to becoming a full-fledged lobsterman, showcasing the potential for immigrants to thrive in new industries.

The influx of immigrants is not without its challenges, with issues of work authorization and economic stability confronting many newcomers. Adriana Hernandez, a mother of four from Venezuela, highlights the economic hardship faced by immigrants awaiting work permits, underscoring the barriers faced by unauthorized workers in integrating into the labor market.

Despite these challenges, the overall impact of immigration on the U.S. economy is significant. Immigrants have helped to bolster job growth, insulate the economy against downturns, and contribute to a more diverse and innovative workforce. Economists predict that immigration will play a crucial role in addressing labor shortages and demographic shifts as the native-born population ages.

The entrepreneurial spirit of immigrants like Chenda Chamreoun, who has risen from lobster cleaning to a quality assurance supervisor and now aims to start her own catering business, showcases the economic potential of foreign-born workers. Immigrants tend to be more entrepreneurial, adding to the innovation and productivity of the American economy.

J. Edward Moreno contributed reporting from New York, and Zolan Kanno-Youngs from Washington.

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Is now the right time to invest in gold as prices have cooled?

Now may be the time to buy gold following a recent lull in its price.

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The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.

This lull in gold’s price may represent an investment opportunity.

In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?

Compare your gold investment options among leading brokers now.

Gold prices have cooled. Should you buy in now?

With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:

Prices may rise again

If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.

But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.

Add gold to your portfolio now before prices have a chance to rise.

You may be able to make a quick profit

Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.

Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.

There are other benefits of investing in gold

There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:

Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.

The bottom line

Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.