Ask an expert: Is it time to ask for a raise?

MSN Money's Anthony Mirhaydari explains the overall job market and which skills are in highest demand.

By MSN Money Partner May 1, 2013 9:42AM
With the S&P 500 ($INX) hitting record highs, you might not guess many Americans are still out of work and feeling the pain of the Great Recession. The job market has no doubt been improving -- but at a painfully slow pace.

In the video below, MSN Money's Anthony Mirhaydari discusses the current state of the labor market, where he sees it going, and what its impact will be on the overall economy.

The U.S. unemployment rate peaked at 10% in October 2009. While it has been dropping steadily since, reaching 7.6% in March, it is still a long way from its pre-recession low of 4.4%.

Resume © Dynamic Graphics age fotostock age fotostockSimilarly, the economy is no longer shedding more than three-quarters of a million jobs each month, as it did during the height of the recession, but is adding steadily to nonfarm payrolls in the past two and half years.

The improvement, however, has been slow, especially as the economy's growth has somewhat weakened recently again. March payrolls were disappointing, with just 88,000 jobs added.

And Wednesday morning, ADP announced private employers added just 119,000 jobs in April, well below economists' expectations for a gain of 150,000 jobs. Also, March's private payrolls were revised down.

Mirhaydari explains that the labor market is uneven. While some sectors are still quite soft, there is significant tightening in specific sectors, and some employers are even expecting to pay more for labor. In these sectors, Mirhaydari says, it is perhaps time to ask for a raise.

The discussion about the jobs market continues over at MSN Money's Facebook community.

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May 1, 2013 11:41AM
May 1, 2013 3:23PM

Exactly what qualifies Anthony as an expert?


I haven't seen him get anything right yet !

May 1, 2013 3:04PM
A pay raise is not the answer. The answer is a decrease in prices.  If you get a payraise, you're going to have to give another big chunk of your earnings to the govenment.  They will take it.  If you had reduced prices, you would be better able to buy more of what you need.  I would rather have gasoline back at .299 per gallon on my current salary than to have a $10 weekly pay raise with gas going up another 50 cents.  I would rather have last year's salary if insurance and hospital costs, doctor visits, etc were put back in line.  but, the government wants you to make more.  They get more
May 1, 2013 3:00PM
I am eligible for a 5 percent raise yearly, and after 7 years, I've earned the full 5 percent every time. It adds up.
May 1, 2013 2:16PM
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