A low unemployment rate means that most people in the US who want jobs have them. Which gives people – and economists – a reason to celebrate. In February, unemployment was at a 50-year low. Here's what a low unemployment rate means for your wallet.
It's a good time to ask for a raise. Low unemployment means employees, not employers, have the upper hand. If companies want to keep their fav employees around, they may have to step up their game. More money is usually a good way to do that. Pro tip: Come prepared to tell your boss why you deserve more. And time it right.
It's a job-hunter's market. When unemployment is low, companies are working harder to attract new talent, too — making it a good time to find a new job if you want one. Yes, you should probably write a cover letter.
You can relax a little. If you’re in a layoff-prone industry, namaste. Low unemployment rates in the US generally mean most Americans have job security.
theSkimm: When unemployment is low, the ball’s in your court. If you’ve been waiting for the right time to move jobs or ask your boss for more money, this is your chance. If your company can’t afford a higher salary, ask for a bonus instead. Or negotiate other perks you care about. Four-day work week? Pls and thanks.
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