The Downside of a Low Jobless Rate
Lost of questions about the 3.9% unemployment rate and your growth strategy
You probably saw last week's reports that the U.S. jobless rate hit 3.9% in July 2018 after adding another 157,000 jobs to payrolls (the lowest in decades). But, if you are planning to grow your business, this is yet another challenge you'll have to face. You likely will need more people in order to grow. So, how will you attract the help you will need to expand?
And, it may be harder to keep your employees or contractors as competitors wrestle with the same issue. It may be time to increase wages though that for sure will impact your bottom line. Isn't this fun? Time to prioritize -- will you curb your growth plans to maintain profitability? Will you pass on the additional costs to your customers? Will you be able to grow and raise prices?