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For the week of December 15, 2014
COMMENTARY – by Michael J. Hicks, Ph.D.
If the minimum wage is set above the market wage, some workers will lose jobs while some will be better paid.
Chicago has just enacted a series of minimum wage changes that are worth watching, simply because they reveal all that is true of the minimum wage debate. The new rules lift the minimum wage for non-food service hourly workers from $8.25 to $10.00 per hour this summer and then progressively to $13 per hour by 2019. Given today's muted inflation rate that $13 will be roughly $11.83 in today's dollars. Dissecting this policy begins by reviewing what economists know about the minimum wage.
Read the full text: Chicago Raises the Minimum Wage, Protecting the Mayor's Job
Last week's commentary: The Lessons of an Oil Price Drop
The Indiana Economic Outlook was held December 4 at the Horizon Convention Center. Thank you to all who attended, and thank you to our keynote speaker, Indiana Governor Mike Pence.
Our forecast and a copy of the presentation are available for download.
DID YOU KNOW? – by Dagney Faulk, PhD
November 2014 motor vehicle retail sales were recently released. Anyone who drives regularly has likely noticed the increasing number of new vehicles on the roadways and in parking lots: the cumulative effect of a year of strong growth in this sector. More than 17.5 million vehicles were sold in November (seasonally adjusted), an increase of 4.17 percent over the previous month and 5.43 percent over the year. Year-over-year growth rates were highest for domestic autos (+6.48 percent), domestic light weight trucks (+11.47%) and heavy weight trucks (+26.3%).
ECONOMIC INDICATORS – View all economic indicators (CBER Data Center).
TUESDAY: U.S. Housing Starts, Monthly
WEDNESDAY: U.S. Consumer Price Index, Monthly
|Center for Business and Economic Research
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