Blog Post: How Will the Jobs Bill Affect Your Job Search?

The $15 billion Hiring Incentives to Restore Employment Act would provide Social Security payroll tax exemptions to employers that hire workers who have been unemployed for at least 60 days. Companies that keep a new hire employed for one year would be eligible for an additional $1,000 tax credit. Businesses that spend money on capital investments also would get tax breaks.

The bill would further increase spending on public works projects – including up to $20 billion to be transferred from the U.S. General Trust Fund to the Highway Trust Fund for highway projects – and expand the Build America Bonds program meant to help fund capital construction projects.

The bill will now make its way to the House of Representatives, and if passed there, to President Barack Obama's desk for final approval.

So how does all of this impact your job search?

First of all, employers who may have been resistant to hire up until this point will now be able to save money and make money by bringing on new workers. This could be just the push some employers need, especially those who simply could not afford to hire throughout the recession.

Second of all, the industries that were hit the hardest by the economic recession are being supported through this bill, mainly construction and manufacturing. The money slated for highway and construction projects should give many companies a reason to hire and put many unemployed skilled people back to work. In addition, the businesses that make capital investments will increase the demand for production of various items.

This should be welcome news to the people  who remain unemployed. Although the nation's unemployment rate decreased to 9.7 percent during January from 10 percent the month before and a high of 10.1 percent during October 2009, an additional 20,000, which is a much smaller number than in previous months, were lost at the beginning of this year.

With any luck, the jobs bill will give employers a little incentive to get back on their feet, and ultimately help you find the job you've been looking for.