The Daily Money: The minimum wage will rise in many states near the start of the new year
Its Thursday and the weekend is in sight. It's Charisse Jones with your Daily Money headlines.
The minimum wage is on the rise in nearly half the country. On or near the start of the new year, 21 states and 41 cities and counties are preparing to increase their minimum wages according to a report given exclusively to Paste BN by the National Employment Law Project (NELP), a worker advocacy organization.
Fifteen dollars an hour will become the base pay in Massachusetts and Washington for the first time, putting them in sync with California and most of New York. And the minimum wage will keep rising throughout 2023, ultimately leading to a record 86 jurisdictions – 27 states and 59 cities and counties – boosting their base pay, according to NELP.
Despite inflation, confidence grows
Inflation remains high, and it costs more to borrow if you want to buy a home, but Americans are feeling better about the overall economy. The Conference Board's consumer confidence index increased to 108.3 in December, up from 101.4 in November – its highest level in eight months.
Consumers are also more upbeat about business and labor market conditions with the Conference Board index that measures those sentiments, increasing to 147.2 this month as compared to 138.3 in November.
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About The Daily Money
Each weekday, The Daily Money delivers the best consumer news from Paste BN. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you.
Follow Charisse Jones on Twitter: @charissejones.