I'm looking over unemployment numbers this morning. Part of why is I'm wanting to see if the Affordable Care Act is having any effect on hiring. That's of course the new health care law that's also known as Obamacare. It's starting to be reasonable numbers and the rate is dropping considerably. Even better, it's continuing to drop which is telling me the new law is having little effect on hiring.
For Colorado it was 7.0% for this August. At the high point in Aug 2010 it was 9.1%.
For the US 7.4% for this August. At the high point in October 2009 it was 10.0%
Now what's probably going to happen as the rate continues to drop is there will be a pressure effect on wages. Basically, employers will have to compete for employees so the wages they're offering will have to go up. That I did get from reading through Adam Smith's economic tome which could be a good sleeping pill with the way it's written.
I believe the wage pressures should start happening when the unemployment rate hits around 6.0% though I could be mistaken though I did see a few more recent indications it's started. It's also getting easier to find a job. BTW, if unemployment hits in the 3.5% range like it did I hope you have savings built up, the bubble is getting ready to pop. I do mean the national unemployment number, not the state one. States that have an agriculture basis have lower unemployment rates naturally. So, what I will recommend when you get that raise, or that new job, start saving even if it isn't much.