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A minimum wage worker at a McDonalds in St. Louis (Jim Salter/AP)

Correction: An earlier version of this post mistakenly stated that the minimum wage is set to decline by 17%, rather than 22%.

Minimum wages are generally marching higher in states and cities across the U.S., but the wage floor in St. Louis is set to fall from $10 to $7.80 later this summer. That's after a Republican-controlled state legislature voted to make illegal a city-wide minimum wage law that went into effect 10 weeks ago.

The St. Louis Post-Dispatch chats with employers in the city, most of whom say they will cut the pay of workers they had raised just 10 weeks before. But some, even those who opposed the higher minimum initially, can't bring themselves to do it.

Why it's unusual: Few ideas poll better than raising the minimum wage, and the issue has had particular success in state and city legislatures and the voting booth in recent years. Watch to see if Missouri is the movement's high-water market.

Why it's so hard to cut pay: One reason that some employers may be reluctant to lower wages after such laws are repealed is that humans are what behavioral economists call loss averse — they hate losing something more than they love gaining it. We are so miffed by pay cuts that employers fear such a hit to morale would be more costly than it's worth.

We can see this effect when looking at wage growth during recessions, which never stops outright even as prices for other stuff like real estate or stocks fall. Some economists believe that this inability for employers to adjust to a downturn by lowering wages causes high rates of business failure and the unemployment rate to leap several percentage points.

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12 mins ago - Technology

Facebook Oversight Board overturns 4 of its 5 first cases

Illustration: Aïda Amer/Axios

Facebook's independent Oversight Board published its first set of decisions Thursday, overturning 4 of the 5 cases it chose to review out of 20,000 cases submitted.

Why it matters: The decision to go against Facebook's conclusions in 4 out of 5 instances gives legitimacy to the Board, which is funded via a $130 million grant from Facebook.

New York AG: State severely undercounted COVID nursing home deaths

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Data from New York's public health department undercounted COVID-19-related deaths in nursing homes by as much as 50%, according to a report released Thursday by state Attorney General Letitia James.

The big picture: Gov. Andrew Cuomo's administration did not include nursing home patients who died after being transferred to the hospital in its tally of over 8,500 nursing home deaths, according to the report. Data provided to the attorney general's office from 62 nursing homes "shows a significantly higher number of resident COVID-19 deaths can be identified than is reflected" in the official count.

Trading platforms curb trading on high-flying Reddit stocks

Major trading platforms including Robinhood, TDAmeritrade and Interactive Brokers are restricting — or cutting off entirely — trading on high-flying stocks like GameStop and AMC Entertainment.

Why it matters: It limits access to the traders that have contributed to the wild Reddit-driven activity of the past few days — a phenomenon that has gripped Wall Street and the country.