The potential economic impact of increasing the minimum wage in New Hampshire
AbstractThis paper estimates the potential economic impact of New Hampshire’s new state minimum wage law on the state’s aggregate employment and wages. According to the analysis, the minimum wage increase would raise the wages of 26,000 workers in the state and would have a negative impact on employment ranging from 300 to 1,500 jobs, which is between 1 percent and 6 percent of workers directly affected by the law. On net, the combined impact of both stages of the increase would raise aggregate wages by approximately $17.4 million. The analysis here focuses on workers with hourly wages between $5.15 and $7.25 and does not examine the impact of the bill on tipped employees, whose new hourly wage rate will be set at 45 percent of the state minimum wage.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Boston in its series New England Public Policy Center Discussion Paper with number 07-2.
Date of creation: 2007
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