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7/7/2009

Federal Minimum Wage Raise Coming Soon

As the job market shows signs of more problems, the federal minimum wage rate is set to rise later this month.

On July 24, 2009, the minimum wage will rise to $7.25 from $6.55, affecting more than 29 states in the U.S.

Around this time last year the federal minimum wage was raised to $5.85 per hour on a bill mandated by Congress in 2007.

14 states already have minimum wage rates higher than the coming federal rate.

Stocks Fall Tuesday

Stocks fell Tuesday as investors pulled back, especially in the oil & commodities section. As investors seem to be realizing that a future economic comeback may not be as strong as anticipated, it seems their confidence has fallen a bit.

The Dow Jones lost 73 points, the S&P 500 lost 7 points & the Nasdaq lost 19 points.

Oil prices also fell showing decreased international demand, a trend that been consistent over the past few weeks.