Report: A hike in minimum wage could cost 500,000 jobs - CBS46 News

Report: A hike in minimum wage could cost 500,000 jobs

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The CBO says gradually raising the minimum wage to $10.10 an hour could reduce total employment by some 500,000 workers.  (Source: CNN) The CBO says gradually raising the minimum wage to $10.10 an hour could reduce total employment by some 500,000 workers. (Source: CNN)

(CNN) - The Congressional Budget Office has released a new analysis of a possible federal minimum wage hike.

The CBO reports finds a minimum wage hike would boost the incomes of most low-wage workers, but it would also mean a job loss for some.

The CBO says gradually raising the minimum wage to $10.10 an hour could reduce total employment by some 500,000 workers.

The agency says the job loss number could be far less or as high as a million.

But overall, the CBO says a minimum wage hike would mean a boost for most low-wage workers.

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