1950 minimum wage increase

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On Jan. 25th, 1950, the minimum wage was increased from 40 cents to 75 cents an hour. Jan. 24th, 1950 was the last time that the inflation adjusted minimum wage was less than its current $5.15 an hour. After the raise, it was $6.30 in 2006 dollars.

http://www.dol.gov/esa/minwage/chart.htm
http://minneapolisfed.org/Research/data/us/calc/

In the next 12 months (Feb. 1950 to Jan. 1951), the total number of jobs in America increased by 8.6%. Since Jan. 1951, no 12 month period has had more than a 5.6% increase.

http://data.bls.gov/PDQ/servlet/SurveyOutputServlet

[opebo]

Interesting, jfern.  Of course no reasonable economist would suggest that the sort of absurdly low minimum wage requirements in the US (or even those that have been proposed) would seriously effect employment.

I for one would not mind higher unemployment at all, as long as there was a generout dole to take care of them.

[David S]

Interesting, jfern.  Of course no reasonable economist would suggest that the sort of absurdly low minimum wage requirements in the US (or even those that have been proposed) would seriously effect employment.

I for one would not mind higher unemployment at all, as long as there was a generout (generous) dole to take care of them.

Don't you mean a generous dole to take care of you?

[opebo]

Interesting, jfern.  Of course no reasonable economist would suggest that the sort of absurdly low minimum wage requirements in the US (or even those that have been proposed) would seriously effect employment.

I for one would not mind higher unemployment at all, as long as there was a generout (generous) dole to take care of them.

Don't you mean a generous dole to take care of you?

I wouldn't say no...

[Nym90]

This data makes sense. Increased wages lead to increased demand for products, thus leading to a need to hire more employees.