The federal minimum wage is set to rise to $7.25/hr as of July 24. This will only effect states which haven’t raised minimum wage on their own (for example, Washington DC’s minimum wage is $8.55/hr). This is a sizable increase, as the current minimum wage rests at $6.55/hr. There is some concern, however, that today’s tough economic market simply cannot handle the wage hike; that it will, in fact, lead to higher unemployment. This is a legitmate concern, though certainly nothing to be alarmed about, as it probably won’t have much of an effect, except perhaps in the fast food and retail industries, which have large portions of their staff working at minimum wage.
Only time, however, will tell.