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Wage floor rises 70 to $5.85
According to the National Restaurant Association, the last minimum-wage increase cost the restaurant industry more than 146,000 jobs, and restaurant owners put off plans to hire an additional 106,000 employees.
At $7.25 an hour, the most likely response from restaurants will be “increases in menu prices, elimination of some positions and reduction of staff hours to try and offset some of the increased labor costs,” said Brendan Flanagan, the association’s vice president of federal relations.
Others say the effect on the economy will be negligible.
A PNC Economic Outlook survey done in April showed that three out of four small- and middle-market business owners said raising the minimum wage would have little or no effect on their businesses.
“In a tighter labor market, they already raised wages to be competitive,” said Stuart Hoffman, chief economist for PNC Financial Services Group.
c Adam Terese contributed to this report.
By John R. Bolton
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