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Illustration: Sarah Grillo/Axios
Axios' Stef Kight and Dion Rabouin report: 18 states rang in 2019 with minimum wage increases — some that will ultimately rise to as high as $15 an hour — and so far, opponents' dire predictions of job losses have not come true.
Why it matters: The data paints a clear picture — higher minimum wage requirements haven't reduced hiring in low-wage industries or overall.
Opponents argue that raising the national minimum wage would cause workers to lose their jobs, fail to combat poverty, and prompt fast food chains and others to raise prices or implement self-service checkout.
But job losses and price hikes haven't been pronounced in the aftermath of a recent wave of city and state wage-boost laws.
By the numbers: Axios used Bureau of Labor Statistics data to compare job growth rates in four states with low minimum-wage laws vs. eight states with high minimum-wage laws, looking specifically at the food service and hospitality sectors.
Yes, but: There could still be negative long-term effects, such as businesses choosing to locate in states with lower minimum wage requirements, according to a N.Y. Fed study.
The bottom line: Opposition to higher minimum wage laws is increasingly based in ideology and orthodoxy rather than real-world evidence, economists say.
Companies are talking more about the higher wages that have come via mandated minimum wage increases or the higher salaries they are forced to pay to attract workers with such low unemployment.
What they're saying:
People walk by a Louis Vuitton display in Shanghai, China. Photo: VCG/VCG via Getty Images
It's official: LVMH is buying Tiffany for $135 per share in cash, or an equity value of $16.2 billion — giving the French luxury conglomerate a bigger foothold in the U.S. and the fast-growing jewelry market.
Why it matters: It's the biggest luxury-goods deal ever, and it comes as Tiffany is in the midst of a turnaround to reignite sales growth. The jeweler's revenue dropped on a year-over-year basis for the past three quarters.
But those events have hit Tiffany, which has pushed into the Chinese market by building flagships in the country's major cities.
P.S. Tiffany is no stranger to LVMH.
A closely watched survey of private sector activity showed the bleakest outlook for U.K. businesses since July 2016 — which was right after the country voted to leave the European Union.
Why it matters: The Brexit back-and-forth has left businesses in a tailspin amid a softening global economy.
The backdrop: The British economy shrank for the first time since Q2 in 2012. The most recent data shows that the country marginally avoided a recession, with 0.3% GDP growth in Q3.
The big picture: The results push "the PMI further into territory that would normally be associated with the Bank of England adding more stimulus to the economy," Chris Williamson, an economist at IHS Markit, said in the survey's press release.
Elon Musk unveils the all-electric Tesla Cybertruck last week. Photo: Frederic J. Brown/AFP via Getty Images
Tesla CEO Elon Musk tweeted Sunday that the company had received 187,000 orders for its Cybertruck, two days after introducing the electric pickup truck. (Musk then sent a conspicuous follow-up "200K" tweet.)
Yes, but: The orders require only a $100 refundable deposit, so these numbers are an interesting-but-imperfect gauge of how many Cybertrucks Tesla will ultimately sell.
Photo courtesy of Pace's Fed Team
Pace University won this year’s “National College Fed Challenge” — an annual collegiate competition hosted by the Federal Reserve on Friday.
How it works: Students evaluate the economy and present a monetary policy decision — just like the Fed's rate-setting committee — to a panel of judges (working Fed officials).
The team met Fed chair Jerome Powell. Marissa Kleinbauer, a junior on Pace's Fed team, tells me they predict Powell will keep rates on hold “until [the Fed] sees inflation consistently high for a severe amount of time.”
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