Businesses already reeling from a faltering economy and soaring prices are set to face another possible blow: next week's federal minimum wage hike, which will require employers in 26 states and the District of Columbia to raise their lowest wage to at least $6.55. Small business owners are especially frustrated with the latest cost setback. Of course, employees are not particularly upset by the news, but consumers might be left unhappy if the business owners decide to pass the costs down to those who buy their products.
See "Businesses brace for minimum wage hike", Brandi Stewart, CNN Money, July 20, 2008