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Aug 7, 2024 · The unemployment rate peaked at 11.2% in the spring of 2020, 3.6 percentage points below the national peak, and it has remained low - not rising above 3% since December 2021.
Labor Market Efects of Minimum Wage Increase in Minneapolis and St. Paul. imum wage policies implemented by the cities of Minneapolis and St. Pau. .The investigators focused their analysis on results from 2018 and 2019. The report also provides data from 2020, but given the unprecedented events of the year, additional analysis is needed to ...
Since January 2021, nonfarm private sector wages in Minnesota posted an average OTY growth of 3.9%, while the CPI's average growth has increased to 5.4% in the Minneapolis-St. Paul area (5.5% nationally). While the current trend is growth in prices to outpace growth in wages, the larger picture is more complex.
- Some Wage Gains But Limited Impact on Earnings in Minneapolis
- Restaurant Job Losses in Minneapolis
- Anticipation Effects in St. Paul
- Constructing A Counterfactual
- Detailed Data Enhance Analysis
- Next Steps
Principal investigators Loukas Karabarbounis, Jeremy Lise, and Anusha Nathfocus their analysis on five sectors in which a significant share of Minneapolis and St. Paul workers—at least 30 percent—earn below the $15/hour target, as those are the sectors most likely to be impacted by the minimum wage law. See Figure 2 for more information about these...
At the request of the city, the investigators also looked specifically at the economic impacts on full-service and limited-service restaurants, which are part of the accommodation and food services sector. At limited-service restaurants (establishments where food is ordered at the counter, such as McDonald’s), a full 80 percent of employees were ea...
St. Paul’s minimum wage law took effect only a couple of months before the pandemic began, making it difficult to isolate the minimum wage’s impact in this highly unusual time. Instead, the investigators analyze economic outcomes between the first quarter of 2018 and the last quarter of 2019, prior to the implementation of the new law. Minneapolis ...
The main challenge in all empirical evaluations of a new policy—a minimum wage, rent control, a new sales tax—is that it depends on a counterfactual that is impossible to observe: What would have happened in this place, at this time in the absence of this policy? In order to identify the effects of a policy, then, researchers attempt to identify a ...
This minimum wage evaluation was facilitated by access to detailed administrative data from Minnesota’s Department of Employment and Economic Development (DEED). These data provide quarterly earnings and hours worked for each employee of businesses that file unemployment insurance wage detail reports with the state. Previous analyses of minimum wag...
Importantly, the analysis in this initial report looks at averages and aggregatesto paint a picture of the economic impact of the minimum wage ordinance on sectors and on the economy as a whole. The analysis does not yet tell us about the welfare of specific employees or employers, and it’s likely that in both groups there are some who benefited an...
Sep 11, 2023 · The median household income stood at over $80,000 a year in 2021, the most recent year for which Census data is available. That’s considerably higher than the national median of a little more than $70,000, although in inflation-adjusted terms household incomes in both Minnesota and nationally have fallen since 2019.
Feb 27, 2023 · However, many firms pointed to rising labor costs as a bigger challenge for finding and retaining staff, rather than a lack of applicants. One South Dakota business owner explained that “it’s not necessarily difficult to find good people looking to work for our organization, it’s just considerably more expensive to get prospective employees to make a [job] change.”
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Minneapolis-St. Paul-Bloomington, MN-WI ... 2024 May 2024 June 2024 July 2024 Aug 2024 Sept 2024; Labor Force Data. Civilian Labor Force ... Employment Cost Index; ...
