The variety amongst state minimum wages provides a natural experiment from which to learn. Nineteen states enforced minimum wages above the federal minimum of $7.25 per hour and thirty-one had minimum wages equal to $7.25 in 2013. This paper uses recent data to analyze the impact of raising the minimum wage on employment among the 50 states. The analysis finds that in 2013, a $1 increase in the minimum wage was associated with a 1.48 percentage point increase in the unemployment rate, a 0.18 percentage point decrease in the net job growth rate, a 4.67 percentage point increase in the teenage unemployment rate, and a 4.01 percentage point decrease in the teenage net job growth rate. Consequently, high state minimum wages increased unemployment by 747,700 workers and reduced job growth by 83,300 jobs.
Source: How Minimum Wage Increased Unemployment and Reduced Job Creation in 2013 – AAF
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