The unemployment rate is now above 6% for the first time since 2003 and more than 600,000 jobs have been lost so far this year.Clearly, declining house prices, the credit crunch, sky-high energy costs and the overall weakening economy is a big reason behind the deteriorating labor market.
But some also worry about the impact of increases in the minimum wage and whether they will limit job gains in the future.
Congress passed legislation last year that would raise the minimum wage in stages from $5.15 an hour to $7.25 in July 2009. (Several states already have minimum wages higher than that.)
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