Minimum Wage Hikes Already Backfiring

Restaurant chain Red Robin is eliminating the “busboy” position at its 570 locations as a cost-saving measure to offset minimum wage hikes.

“We need to do that to address the labor increases we’ve seen,” Red Robin’s Chief Financial Officer, Guy Constant, told attendees at the ICR retail conference in Orlando, Florida, the New York Post reports.

1.4 Million Affected By Massive Power Outage In California, Arizona And Mexico

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California’s $15 Minimum Wage Could Backfire and Cost the State 400,000 Jobs

A newly released longitudinal study on the effects of the rising minimum wage in California reveals it negatively affects low-income workers.

“[A]pproximately 400,000 jobs would be lost” by 2022 “as a consequence” of California gradually imposing the first statewide $15 minimum wage, according to a study from the Employment Policies Institute, a conservative nonprofit research organization. “This estimate is conservative, as it measures the impact of California’s state minimum wage but does not account for job loss in counties that had insufficient data.”

NYC Fast Food Workers Join Nationwide Protests Against Puzder Nomination

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Year-End Rate Hike

By Mark O’Byrne – Re-Blogged From http://www.Gold-Eagle.com

FOMC follows through on much anticipated rate-hike of 0.25%
– Spot gold responds by heading for biggest gain in three weeks, rising by over 1%
– Final meeting for Federal Reserve Chair Janet Yellen
– Yellen does not expect Trump’s tax-cut package to result in significant, strong growth for US economy
– No concern for bitcoin which ‘plays a very small role in the payment system’

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What Could Pop The Everything Bubble?

By Charles Hugh Smith Re-Blogged From http://www.Silver-Phoenix500.com

A Crisis That Can’t Be Solved By Just Printing More Dollars

I’ve long held that if a problem can be solved by creating $1 trillion out of thin air and buying a raft of assets with that $1 trillion, then central banks will solve the problem by creating the $1 trillion out of thin air—nothing could be easier.

This is the lesson of the past eight years: if a problem can be solved by creating new money and buying assets, then central banks will solve that problem.

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Stores Struggle to Find Workers Amid Retail ‘Armageddon’

By Thomson/Reuters – Re-Blogged From Newsmax

U.S. retailers are finding it increasingly difficult to hire employees for stores and for middle and higher management as low pay and a feeling of uncertainty clouds the industry following a spate of bankruptcies and store closures.

Retailers including Macy’s Inc. and J.C. Penney have said they will hire the same or fewer seasonal workers for the holidays this year than last, while some, like Wal-Mart Stores Inc., have chosen not to hire temporary workers at all.

Image: Help Wanted: Stores Struggle to Find Workers Amid Retail 'Armageddon'
(Ronfromyork/Dreamstime)

Jobless Claims Hit More Than 44-Year Low

By Thomson/Reuters – Re-Blogged From Newsmax

[Fewer people losing jobs is good news, but it doesn’t address how many Americans have been unemployed for so long that they’ve given up hope of finding a job. I prefer this ‘Participation Rate’ chart. -Bob]

The number of Americans filing for unemployment benefits fell to its lowest level in more than 44 years last week, pointing to a rebound in job growth after a hurricane-related decline in employment in September.

Initial claims for state unemployment benefits dropped 22,000 to a seasonally adjusted 222,000 for the week ended Oct. 14, the lowest level since March 1973, the Labor Department said on Thursday.