Should be interesting given that 6 months ago, minimum wage in NJ was $8.85. On January 1st, it will move to $11 an hour – roughly a 25% increase from a year ago, which would put NJ at the top of this list.
From CBS News:
Workers in half of U.S. states will get a pay raise in 2020
A record number of states, cities and counties are boosting their minimum wage in 2020.
On or around January 1, the minimum wage will increase in 21 states, while another 26 cities and counties also boosting their baseline pay at year-start. Later in the year, an additional 4 states and 23 cities and counties will hike their minimum wages, according to the National Employment Law Project, a worker rights group.
“This is the greatest number of states and localities ever to raise their wage floors, both in January and for the year as a whole,” said Yannet Lathrop, policy analyst at NELP, in a blog post about the increases.
…
Each of the 21 states that are boosting their minimum wages at year-start, with their new minimum wage and percentage increase.
- Alaska – $10.19 (3%)
- Arizona – $12 (9.1%)
- Arkansas – $10 (8.1%)
- California – $13 (8.3%)
- Colorado – $12 (8.1%)
- Florida – $8.56 (1.2%)
- Illinois – $9.25 (12%)
- Maine – $12 (9.1%)
- Maryland – $11 (8.9%)
- Massachusetts – $12.75 (6.3%)
- Michigan – $9.65 (2.1%)
- Minnesota – $10 (1.4%)
- Missouri – $9.45 (9.9%)
- Montana – $8.65 (1.8%)
- New Jersey – $11 (10%)
- New Mexico – $9 (20%)
- New York – $11.80 (6.3%)
- Ohio – $8.70 (1.8%)
- South Dakota – $9.30 (2.2%)
- Vermont – $10.96 (1.7%)
- Washington – $13.50 (12.5%)
first
Very difficult to find data on the potential impact – direct and indirect – for the step increases. I don’t see where NJ DOL publishes any data on total minimum wage employees, we won’t even get into the demographic breakdowns.
Just looking at some of the data – looks like approximately 200,000 people will see wage increases on January 1. It’s estimated to be roughly 1m at $15.
It’s not a big number. Even if we assume indirect, upward pressure impacting 300,000 employees, we’re talking about 7% of NJ’s labor force. Direct – we’re only talking about roughly 5%.
Even though the initial increase of 25% YOY is a big step, I think it impacts a significantly smaller portion of the workforce than the later steps will – $13, $14, $15 – as state minimum begins to encroach on the real-world “minimum” wage for retail, food service, etc. It’s likely that the minimum wage chases inflationary increases to these salaries over the next 4 years, muting the impact a little bit.
My calls are happening right before our eyes. Brings a tear to my eye..it’s really happening. From the wsj…
“Rank-and-file workers are getting bigger raises this year—at least in percentage terms—than bosses.
Wages for the typical worker—nonsupervisory employees who account for 82% of the workforce—are rising at the fastest rate in more than a decade, a sign that the labor market has tightened sufficiently to convey bigger pay increases to lower-paid employees. Gains for those workers have accelerated much of this year, a time when the unemployment rate fell to a half-century low. A short supply of workers, increased poaching and minimum-wage increases have helped those nearer to the bottom of the pay scale.
Pay for the bottom 25% of wage earners rose 4.5% in November from a year earlier, according to the Federal Reserve Bank of Atlanta. Wages for the top 25% of earners rose 2.9%. Similarly, the Atlanta Fed found wages for low-skilled workers have accelerated since early 2018, and last month matched the pace of high-skill workers for the first time since 2010.
“A strong labor market makes the bargaining power of lower-paid workers more like the labor market higher-wage workers experience during good times and bad,” Nick Bunker, economist with job search site Indeed.com, said.
Labor Department data paint a similar picture. Average hourly earnings for production and nonsupervisory workers in the private sector were up 3.7% in November from a year earlier—stronger than the 3.1% advance for all employees—Implying managers and other nonproduction workers saw a 1.6% wage increase in the past year. The department doesn’t produce separate management pay figures.”
https://apple.news/AZbdNFp8wQUyQ6Zf1juOoOA
The missing link to a strong economy over the last 30-40 years is finally happening. Low skilled workers are destroying the inflation rate with wage gains. We made it, people! No longer experiencing stagnate wages unable to compete up with housing costs or costs in general.
If Trump doesn’t get elected under these economic conditions…it’s a fixed game.
A new report from the New York Building Congress envisions an entirely new city – about the size of Hoboken – sprouting up in the 480 acres surrounding Newark Liberty International Airport. David Cruz has the report.
https://bit.ly/2Q2j1Dr
They are trying to fix the game bonehead. What do you think the impeachment hoax is about.
I would think the minimum wage increases are another nail in the coffin for brick and mortar retail. They pay pathetically low.
Sorry, but just so excited.
Best part. Nj is back from the dead. Might be one of the leaders in the next 20-30 years. Just need to get nj transit back and the state economy will fly. What a time to be alive and what a location to be in to experience it.
Florida factoid: Jeff Bezos, son of 17-year old mom, graduated from Miami Palmetto High School, a Miami-Dade public school.
NJ factoid: “Situation” graduated from Manalapan High School. Just closed house at price $305,000 below 2010 price. House looks to be in perfect shape, based on Zillow photos. Huge bookcases filled with books. Are they Mike’s?
re: brick and mortar retail
I was in a Walmart last week to pick up one item and there were mostly self service checkout lines open, massive confusion with one employee working all of those self service checkout kiosks and one employee checking receipts at the door. I took my one item scanned it and skipped the poor guy trying to check receipts for people leaving with carts filled with merchandise. It was chaos and they must be seeing quite a bit of shrink. Walmart said they are moving away from those lines to a self service app to check out and are going to trust their customers to scan the merchandise without using cameras and AI to keep an eye on them at the checkout line.
Our local boy wonder from Red Bank Marc Lore has been in-charge of Walmart’s money losing eCommerce unit for a few years now. They lost about $1 Billion trying to compete with Amazon with a paltry 22 Billion in online sales, they don’t want to open a 100 warehouses around the country which is what is needed to compete.
Investors are still tossing billions of dollars at tech-driven money losing startups with a casino-like mentality, investors are hoping the one out of ten will be another billion dollar IPO. Home Delivery tech for retail is key and Walmart is partnering with Nuro for grocery delivery and Amazon just ordered 100,000 electric delivery vans from startup Rivian to add to their 20,000 strong delivery van fleet.
Expect lots of companies to lose money on home delivery. Remember Amazon really did not make money for many years and now they dominate with 50% of all online sales in the U.S.
Grim comment in Mod
How are progressives going to play the wage inequality game a few years from now when the blue states are at $15/hour? What will be the crying call, then? They screamed for a minimum wage increase. The producers delivered. What next?
Yo – I have a friend who owns a 10,000 sq ft home there and is now a neighbor of that knucklehead, many times the people selling those 10,000 sq fr homes in that neighborhood sell them with the many of the furnishing included.
Based on this write up, I would say that would be the case.
” In 2011, renowned interior designer, Satomi Yoshida-Katz, was commissioned by the owners to transform, create & execute a design that would accentuate a glamorous & cosmopolitan connection through distinctive mediums & use of understated elements.”
https://www.zillow.com/homedetails/17-Summer-House-Hill-Rd-Holmdel-NJ-07733/64820436_zpid/
Some of the rural areas are a bit scary, there are a lot of trailer parks and worse than that is West Palm Beach which has some super sketchy areas some of those city dwellers are downright scary.
The same could be said for every ghetto town in South Jersey. No one cares because no one goes there. The closest we ever get to it is through the parkway on the way to AC
What does Mike “The Situation” do for a living?
I think the Situation has multiple income sources. He subscribe to the pumpkinhead point of view. But his biggest income is from parent hiring him to scare their kids straight. Here are some of his best work.
https://youtu.be/-7EVT6IyFxk
https://youtu.be/aQ2iMN25Rys
Eddie – “GTL” (for Gym, Tan, Laundry)
Remember failing to file a tax return is only a misdemeanor, filing a false one is a felony. Part of his criminal judgement was no future bank accounts or lines of credit can be opened in his name.
So how did he get the house when he legally cannot open new lines of credit or a bank account?
Juice,
We have a “situation.”
Working retail “sucks”..,, working fast food also “sucks”.
$15 an hour isn’t sheeeeeet. Gary go pull ur pud.
Pumpkin. Go read a f’cking history book retard.
I found my answer, house is only in wife’s name, so how did she get a million dollar mortgage? Oh wait she has nearly a million Instagram followers so nervermind.
Taxes are 33k a year and the utils must run high as well. 3 zones for AC in a place like that etc better keep posting on social media!
https://tax1.co.monmouth.nj.us/cgi-bin/m4.cgi?district=1320&l02=132000050__1500004__23_____M
Working retail “sucks”..,, working fast food also “sucks”.
I did both of those jobs for half that pay. It’s called work, you should try it some time. In fact, those jobs were a piece of cake compared to some of the other jobs I did. I pumped gas in ice storms with no over hang in the middle of the night on the NJ Turnpike… put 2000 lb. sections of concrete pipe in the ground, knee deep in mud on 90 plus degree days for $10 hour, 10 hours per day, straight time. I cleaned bathrooms, loaded trucks and did every sh1t job imaginable. If you’re making $15/hour in a job, that’s money and it’s almost twice what the previous minimum wage gave you. Go to work before you start preaching.
This will have huge upward pressure on wages.
You know how many doctors offices pay $10/hr? Or other part time jobs? Now you can make more to stand around as a greeter at walmart.
And a $15 / hr (probably with a college degree) job is now barely more than the burger flipper in high school.
For most white collar professional jobs – this won’t mean much, but at the lower spectrum ($10-$20/hr) – this will be huge.
He still pulls In a ton of money from mtv.
Eddie,
Am I correct in that you did those sh!tty minimum wage jobs prior to and/or while in college?
juice…. you can walk there ….. yeech!
Juice Box says:
December 27, 2019 at 11:09 am
I found my answer, house is only in wife’s name, so how did she get a million dollar mortgage? Oh wait she has nearly a million Instagram followers so nervermind.
Taxes are 33k a year and the utils must run high as well. 3 zones for AC in a place like that etc better keep posting on social media!
joyce,
Before, during, in between and after. In some manner and form, I’m still doing some really shitty jobs.
Ex: check out what You Tube’s algorithm gave me! THE CHECKY!
https://www.youtube.com/watch?v=Mbao_laqF8E
Eddie,
The reason I’m asking is because, as an example, the ratio of minimum wage to tuition used to be much closer. Comparing past experiences and wages to today, without timeframes as context, can be misleading.
Someone here mentioned that Florida grocery prices are more expensive than NJ. Where have you been shopping. In my neck of the woods down there, the local markets sell produce at half the price typically of NJ supermarkets and its fresh all year round. Wahington state apples- .69lb. Like fish? How about halibut for $12 a lb, fresh tuna for $8, etc. All you have to do is travel to the commercial port half hour south and buy your shrimp straight off the boat. Single digits per lb.
Meth selection is better down there too.
joyce,
Understood. I agree. My work history, though, was never really associated with my tuition costs. Thankfully, family assisted and I did have some smaller loans I paid back but working was just what we did, regardless of the job. Aside from that, a higher minimum wage is a good thing and was due. When I retire, I’d have no problem doing 20 hours or more per week at $15/hour doing whatever I’m capable of doing.
Correction to my 9:40 am post (nod to Juice)
The house and mortgage are in Mrs. Sorrentino’s name alone.
Mike’s plea deal requires probation offices approval before he borrows. “NEW DEBT RESTRICTIONS You are prohibited from incurring any new credit charges, opening additional lines of credit, or incurring any new monetary loan, obligation, or debt, by whatever name known, without the approval of the U.S. Probation Office. You must not encumber or liquidate interest in any assets unless it is in direct service of the fine and/or restitution obligation or otherwise has the expressed approval of the Court.”
Records show a $1,277,500 mortgage in Lauren’s name. Lender is Deephaven. They focus on subprime borrowers who can’t qualify for conventional loans.
11:34 no ones preaching. I’m fiddy tree and worked my whooooooole life.
Why my tool hits rusty now and again. Jus like anyone.
1:21 yessssssh
My point is “if” you don’t have to why do shit work?
Stop with the whiney DM bs, I’m more KMFDM, but here is a nice one for all Xrs,
Nice memories, a rougher NYC, look at that Times Square, and at 3:48 you got ‘tard pumpkin getting a balloon for not p00ping his shorts.
https://youtu.be/7RyeYNlh4NM
6:38 that photography is gorgeous.
Told you…
“Passaic is seeing a renaissance. City officials say the former industrial hub is springing to life after years of blight.
In recent years, more than a quarter-billion dollars of construction has been undertaken in all four of the city’s wards. Vacant factories east of Route 21 have been snapped up for redevelopment. The once-proud Botany Worsted Mills, all 1.6 million square feet, found an angel to bring it back from the brink.”
https://www.google.com/amp/s/amp.northjersey.com/amp/4353560002
“Ten years ago, over-leveraged houses and overbuilt houses caused the global financial crisis. Today we have a shortage of inventory. Very cautious lenders caused that [low] inventory, to a large extent, and higher cost of development,” Nadji said.
“All of that is frustrating from a consumer perspective, but it’s actually very healthy from an investment and economic perspective for the U.S. as a whole,” he said.
https://apple.news/AiUpoVphvRLqwpujTngeGUA
I think I saw Aphex Twin at Limelight in 1993.
Grim some of those original Club kids are still at it. I remember arguing with Kenny Kenny on many a late night to get into the Limelight.
https://www.dailymail.co.uk/news/article-4851054/Where-New-York-s-Club-Kids-80s-90s-now.html
2019: https://youtu.be/ODebloQsnu4
The outgoing year was filled with many interesting economic twists and turns. There were too many winners and losers in 2019 to list them all, but here are my highlights.
The biggest losers first: the politically bent elite economists, who spent much of the year calling for a recession.
With solid GDP growth of 2 percent to 3 percent, the economy was, and is, fundamentally strong. Those recession-confident geniuses were caught with their knickers down.
Another big loser was the WeWork IPO. The office-sharing outfit has too many square feet dedicated to unrentable community space to flourish, and was done in by a pie-in-the-sky IPO price that left the deal with nowhere to go but down.
Pessimistic investors were big losers, too. They missed a great year in the market — as did short sellers.
The winners include the American worker. There are 159 million employed Americans — more than ever before. The 3.6 percent unemployment rate underscores that. And average hourly earnings increased more than 3 percent this year.
“Fundamentally strong” was said how many times by Pumps? N.Y. post finally gets it?!
“With solid GDP growth of 2 percent to 3 percent, the economy was, and is, fundamentally strong. Those recession-confident geniuses were caught with their knickers down.”
^^^ok boomer^^^
Jimmy Silva everyone:
https://youtu.be/4qg0uzhhIcs
“When double-digit inflation became an important contributor to a sense that America was not in control of itself, Presidents Jimmy Carter and Ronald Reagan turned to Volcker, then chair of the Federal Reserve, to bring down inflation. Today, we think of long-term inflation expectations as stable and take stable prices for granted, not just in the United States but throughout the industrial world. That is because of what Paul Volcker did.
Those under age 50 might not fully appreciate what the world was like before Volcker’s accomplishment. I remember well when Harvard recruited me to its faculty in 1982. In addition to the quality of its faculty and students, the key inducement it offered was a 9 percent mortgage rate—well above today’s average, but no small thing when the best I could get on my own was between 13 and 14 percent.
People often talk about the importance of accepting short-term pain for long-term gain. No one else I have ever seen in public life stood so strong for so long against so many as Volcker did as he restored, in the United States and around the world, predictable and stable prices. Volcker adjusted monetary policies to be less inflationary and, more important, was credible in his assurance that inflation would be contained whatever was necessary to do it.”
https://apple.news/ALB_587UVRw-9R-t_XmI-eA
Saw an article on NJ.com facebook about clifton and gen z moving there… i see someone on there talking about how “people dont understand what is happening in north jersey right now, in 20 years, you wont even recognize it” – I said to myself that has to be pumpkin, clicked the profile – lives in wayne, polish wife… gotta be him!
Cali’fun-ia:
https://www.nytimes.com/2019/12/29/business/economy/california-economy-housing-homeless.html?smid=nytcore-ios-share
Lmao…Reuter’s article. Roaring 20’s 2.0 talk…and pumpkin didn’t write it.
“Could we see a repeat of the roaring twenties, as the 1920s were known — years of prosperity, technological innovation and such social developments as women winning the right to vote?
Possibly. But there’s unease, along with all the euphoria. The current economic cycle is already the longest in U.S. history and a recession looks inevitable in the new decade — which also will mark 100 years since the Wall Street crash of 1929.”