How has California's new fast food minimum wage affected menu prices? [CBS News]
Shake Shack, Inc. Class A (SHAK)
Last shake shack, inc. class a earnings: 2/24 04:05 pm
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Source: CBS News
According to a Wall Street Journal report, Chick-fil-A led all fast food restaurants with a 10 percent rise in prices across the state. Starbucks, Shake Shack, Chipotle and Taco Bell also reported significant price hikes. Saru Jayaraman with the nonprofit organization One Fair Wage is calling for a $20 minimum wage for all California employment sectors. She rallied at the California State Capitol for new legislation to follow the lead of fast food workers. "Non-fast food restaurant workers are saying, 'What about us? We, too, we deserve to be paid $20 an hour, too. We shouldn't all have to go to fast food to get a better wage,' " Jayaraman said. The California Restaurant Association is warning that more increases to the state minimum wages will be bad for businesses. A spokesperson issued a statement reading, in part: "Daily headlines have chronicled job losses, reduced working hours, restaurant closures, and higher prices for California's inflation-weary consumers as a direc
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