- The Q1 2024 CNBC|SurveyMonkey Small Business Survey shows that the majority (61%) of small business owners support raising the minimum wage in their state.
- The broad support comes despite the survey finding that half (50%) believe it could make it difficult to afford the workers critical to their businesses.
People hold signs as they attend a press conference at City Hall Park on April 10, 2023 in New York City.
As we enter an election year, Americans’ perceptions of economic health matter more than ever. Small business owners are often seen as a bellwether given how acutely they feel changes in policy, and understanding their concerns around inflation and the cost of doing business can shine a light on how voters will respond in November.
Many states and cities have recently raised or are in the process of raising their minimum wage, with some setting higher requirements than the federal minimum wage to match the local cost of living. New data from the Q1 2024 CNBC|SurveyMonkey Small Business Survey shows that the majority (61%) of small business owners support raising the minimum wage in their state, even while half (50%) believe it could make it difficult to afford the workers critical to their businesses.
The survey, fielded among more than 3,000 self-identified small business owners in the U.S. from January 22 to February 1, 2024, highlights an interesting paradox, with small business owners expressing both support and concern over an increase in minimum wage.
Differences among generations, industries, and politics
In recent months, some business owners have expressed support for minimum wage increases in the hopes that higher salaries in their communities will give potential customers more spending money, raise tax revenue that can be used to improve the local community, and increase employee satisfaction by meeting cost-of-living demands. Yet another faction of business owners worry that a wage hike will hurt profitability — especially for businesses where profits are already razor-thin — and reduce their ability to hire entry-level workers.
In the CNBC|SurveyMonkey study, the groups most likely to support minimum wage increases are business owners who are women, Black, under 45 years of age, Democrats, or work in the arts/entertainment or non-profit industry. Younger small business owners are also more likely to believe that a minimum wage increase will help their business.
The groups that are least likely to support minimum wage increases are men, over the age of 45, white, Republicans, and/or who work in manufacturing or agriculture.
Small business owners with unfilled job openings within the last three months at their company are split on their support for minimum wage increases: slightly more than half (54%) support increases, while under half (45%) oppose. Two-thirds (68%) also express concerns over their ability to hire new employees as a result of wage increases.
Widespread worry over the potential impact on their business
Overall, small business owners are split on whether a minimum wage hike will affect their ability to hire new employees. Half (50%) believe an increase will make it harder to hire, while just under half (49%) do not expect any impact. Notably, twice as many small business owners with unfilled job openings within the last three months believe that a higher minimum wage will mostly harm instead of help their business (51% vs. 25%). Even proponents of a minimum wage increase worry about its impact on their bottom line, with business owners who are women (45%), younger (58%), and Black (46%) expressing concerns about worker affordability despite being the groups most likely to support such policies.
Despite the overall support for increasing the minimum wage, small business owners seem uncertain about how that may impact their own businesses. Just one in five (19%) small business owners believe that a higher minimum wage will help their business, a striking stat considering nearly two-thirds (61%) support it. In fact, 38% believe that an increase would harm their business.
These conflicting feelings among small business owners showcase the nuanced nature of this discussion. For more than a decade, the Fight for $15 movement has advocated for higher minimum wage laws around the country, and many local communities are grappling with high costs of living. As more states and cities move toward a higher minimum wage, it will be interesting to watch how Main Street sentiment continues to evolve.
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »