Raise the minimum wage, we slow hiring: Businesses
Published: Wednesday, 19 Mar 2014 | 10:26 AM ET
By: CNBC.com staff
The great division among businesses and economists over the impact of raising the minimum wage rages on. More than half of all businesses who pay minimum wage say they would significantly slow their hiring if the federal wage is raised to $10.10 per hour, according to a new survey from a staffing firm that was cited by The Wall Street Journal.
The good news is that those firms said they would not cut staff, however.
"The response shows that some businesses will certainly lose employees and many will not be hiring as much, if the minimum wage goes up," Express Employment Professionals CEO Bob Funk told The Journal. "In a time of weak job growth like we've had recently, this is not the right time for a wage hike." Express released its survey, which polled 1,200 companies, on Wednesday.
—By CNBC staff.