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The U.S. unemployment rate has fallen over the last year, but employment gains have been uneven from state to state. Though the nation’s job market has yet to recover fully from the latest recession, some economists believe an uptick in worker mobility could be a hopeful sign that faster economic growth and lower unemployment are around the corner.

Mobility refers to the willingness of workers to move longer distances for employment opportunities. The housing crisis made it harder for many workers to move for a job, because homeowners often owed more on their homes than they were worth and couldn’t afford to sell at a loss.

More workers are motivated to move for jobs

 

As the housing market strengthens and home prices appreciate, more homeowners could find themselves free to sell and move for attractive job opportunities. In fact, more than twice as many managers and executives relocated in the first half of 2013 than did so during the same period in the previous year.

If you relocate for work, keep in mind that any moving costs not covered by your employer may be tax deductible. To write off unreimbursed expenses, your new job must be at least 50 miles farther from your home than your old job was. If this is your first job, it must be at least 50 miles from your current home for moving expenses to be deductible.

Source: Investor’s Business Daily, October 17, 2013

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