New Jersey Governor Chris Christie is refusing to sign a measure to increase the state's minimum wage over concerns for requirements in annual adjustments for inflation.
Democrats were pushing a raise in the hourly minimum wage floor from $7.25 to $8.50, which passed the New Jersey state assembly in May and was awaiting vote in the state Senate.
Opponents of raising the minimum wage say small businesses cannot pass along the expense of higher payroll expenditures to consumers. The end result of a mandatory wage hike would be fewer jobs, according the small business advocates.
"We're telling small business owners that not only are we going to raise their costs by a buck and a quarter, but we're also going to raise it with these cost-of-living adjustments," Governor Christie said during a town-hall style meeting in Lyndhurst. "Here's what's going to happen -- they're going to have to lay people off."
Under a proposal by Speaker Sheila Oliver, the wage floor would increase automatically annually based on the Consumer Price Index (CPI).
"I do not believe it's going to shut down businesses overnight," Oliver said, according to media reports. "I do not believe that businesses are going to flee our state. ... There are now more than 2.2 million people living in poverty in New Jersey, and we have an obligation to do something about it."
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.