Minimum Wage Study Debunks Business Claim

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New research from the University of Michigan and Carnegie Mellon University suggests that most small business owners may not need to worry about rising wages. The study drew on data from six states exploring revenue, employment, and profits of independent businesses following increases in the minimum wage over a 10-year period. On average, independent businesses were able to accommodate these minimum wage increases through higher revenues, and there were even small average increases in owner profits. However, when analyzing the data by sector, restaurants were most likely to be impacted by these changes, with some smaller restaurants being forced to close in line with rising wages. The authors conclude that while wage increases do negatively impact a small number of independent businesses, small increases in the minimum wage are unlikely to lead to widespread distress among independent businesses.

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https://www.newsweek.com/minimum-wage-debunks-small-business-1886582