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On the one hand, the new $20 minimum wage raised prices by just 3.7% and didn’t reduce jobs, according to a U.C. Berkeley/Institute for Research and Labor Employment study. That 3.7% increase indicates that customers absorbed 62% of the cost increase.
Same article reports that Gavin Newsom says the state gained 7,400 fast food jobs.
On the other hand…the Employment Policies Institute states that the UCB/IRLE study’s claim that the modest price increase reflected increases over just four weeks, from two weeks prior and two weeks subsequent to the wage hike. EPI states that prices rose over 10% in just seven months.
The same EPI states that California lost 6,166 jobs, as opposed to Newsom’s claim.
California Shed More Than 6,000 Jobs Due To Fast Food Wage Law
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Six months later, McDonald’s posted a 3% drop in revenue against the same quarter, year over year. Restaurant visits have “delined in the first quarter more than industry executives were anticipating…”
Both low- and middle-income consumers pulled back on their spending.
Slowdowns have been felt at Chipotle, Domino’s, Starbuck’s, Pizza Hut and KFC. Taco Bell and Chilie’s report increase in guest traffice…which is odd to me, because I had my single worst customer experience ever at Chili’s. Used to love the place, hour-long waits when we were in college. Then, they sold to Brinker, and large companies did what they do best, wring every single cent out of the customers by reducing the experience.
McDonald’s Earnings: U.S. Sales Decline in Shaky Economy – WSJ
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I genuinely hope they’ve picked it up. It used to be my favorite place back in the 1980s. Best fries in the world, hour long waits and frankly, comely waitresses.
Post-Brinker, bad food, no waits, indifferent service by below average people. Last time I went to Chile’s, they got all four orders wrong, I mean materially wrong. They redid it, got two of the four orders wrong. We left, went to In-N-Out, had a great meal for 1/3rd the price.
Haven’t been back. I wrote to both the owner of In-N-Out (Esther was alive at the time) and the CEO of Brinker. They both sent me coupons, $50 for In-N-Out, $75 for Chili’s. In-N-Out coupons were gone within a month, I gave the Chile’s coupons to my work frenemy.
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