Search results
Oct 18, 2024 · Wages have risen twice as fast as inflation on average over the past year in Minnesota, which has pushed workers’ buying power back to where it was before inflation took off in 2021, according to data released by the state Department of Employment and Economic Development.
- 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...
Most low-wage sectors in Minneapolis saw average hourly wages increase, but almost none saw significant changes in total jobs, hours worked, and earnings. • The analysis focused on sectors in which large shares of workers earned less than $15 per hour:
Wages and salaries were down 3.6% while total benefits were down 4.2% over the year. Additionally, it appears that private sector employers were more able to respond to the rapidly rising prices and tight labor market conditions that took hold in early 2021.
Sep 11, 2023 · Housing is gobbling up more of people’s wages, as are rising prices for necessities like food, health care and child care. The state also has persistent racial and gender disparities in income. Here are five charts on the state of labor in Minnesota.
Feb 27, 2023 · A year of high prices and rising interest rates has strained profits for many businesses across the Ninth District, according to a recent survey by the Federal Reserve Bank of Minneapolis.
People also ask
Does Minnesota have a cooling labor market?
How does inflation affect Minnesota's economy?
How does inflation affect Minnesota's purchasing power?
Are nonfarm private sector wages growing in Minnesota?
How does the labor market react to a labor shortage?
How does inflation affect wages?
Aug 3, 2024 · Professional and business services firms have struggled to find qualified workers even as the labor market has softened, according to the results of a survey the Minneapolis Federal Reserve and...
