theguardian_business

California announces minimum wage increase as governor taunts Trump

📰 source: theguardian_business · 💼 business

california's minimum wage will rise to $17.40 an hour on january 1, up from $16.90, making it the highest state floor in the us. governor gavin newsom announced the increase friday, using the moment to slam donald trump and republicans for keeping the federal minimum at $7.25, which has not changed since 2009.

newsom's release framed the bump as helping working families with high living costs. the federal rate was last raised under george w. bush from $6.55 to $7.25. thirty states plus washington dc already have wage floors above the federal one. washington state will hit $17.13 in 2027, and new york city and three nearby counties are at $17 today. since newsom took office in 2019, california's minimum has grown from $12.

but the state's cost of living remains steep. mit researchers estimate a family of two working adults and two children needs each adult to earn $36.38 an hour to cover basics like food, childcare, housing and transport. gas prices recently topped $6 a gallon in california, tied to the iran conflict's impact on fuel costs.

why it matters: california's $17.40 minimum wage sets a national high bar, yet living-cost estimates show it still trails what families need to get by.

source: theguardian_business
sentiment: +0.00 · impact: 0.30

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Surprise fall in US jobs last month as slow summer continues

Homes are selling below asking in 38 of the 50 biggest U.S. cities—if you can afford one

China is gaining ground in AI. But the U.S. still has a major advantage

US strikes $1.2bn deal to pay German firm to halt offshore wind projects