DETROIT, June 21, 2021 /PRNewswire/ -- Benzinga, a
fintech media company providing actionable news and data insights
to retail traders, publishes its latest data survey "Comparing
Unemployment Rates and Minimum Wage During the COVID-19 Pandemic,
State-by-State."
As lockdown restrictions are lifting nationwide, some industries
are having trouble filling gaps in their workforce, with many
arguing that raising the federal minimum wage from $7.25 to a $15.00
per hour would incentivize people to take traditionally
lower-paying jobs.
While only the District of
Columbia has adopted a $15.00
minimum wage, many states (about half) have upped their minimum
wage beyond the federally mandated minimum of $7.25. The average minimum wage nationwide is
currently $9.48 per hour, with the
lowest being $5.15 (Georgia) and the highest after the
District of Columbia being
California at $14.00 per hour.
Using data from several government databases tracking pandemic
unemployment and minimum wage trends, Benzinga found unemployment
rates dropped roughly 8% on average nationwide year-over-year from
2020 to 2021, while minimum wage rose 3.41% in that same period
nationwide. Further, almost a third of states with a lower than
average projected family income have a higher than average
unemployment rate at the time of publication.
Over half of states currently have a minimum wage above the
national average with close to a quarter of these states reporting
a higher than average year-over-year drop in unemployment rates
from 2020 to 2021.
To view the raw data as well as more key takeaways and detailed
findings, read the full report here.
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SOURCE Benzinga