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The U.S. unemployment rate in March slipped to 4.7%, its lowest mark since July 2001, indicating hiring activity among employers is robust.

WHAT TO DO: In a tight job market, job hunters are likely to have more bargaining power when negotiating salary offers with prospective employers. Consider consulting with financial experts or lawyers for help in securing your next pay deal. You can also bargain effectively for yourself by knowing your negotiating priorities: the value of your current pay package compared with the new employer's offer and the going rate of pay for the job you're seeking. Be sure to factor in the cost of living in a new location for jobs that require moving because the average boost in salary that accompanies a job change may not cover the difference. For example, housing in the new city you're relocating to may be more expensive than in the place you're leaving. Make sure to include benefits, such as relocation expenses, when calculating a pay offer. You can get help doing this by using online salary calculators.