Higher wages for federal contractors, the Fed holds steady on rates, soaring copper prices, and slow growth in Connecticut’s population are among the top business news items this morning.
National
President Joe Biden has issued an executive order raising the minimum hourly wage paid to federal contractors from $10.95 to $15. The change, which goes into effect next year and will subsequently be indexed to inflation, comes after Biden unsuccessfully sought to include a $15-an-hour federal minimum wage as part of the American Rescue Plan.
The Federal Reserve is likely to continue its commitment to low rates after its policy meeting tomorrow, even as there are growing signs of economic recovery. The Fed has committed to supporting full employment as job numbers remain considerably below pre-pandemic levels, but is also seeking to keep inflation from growing too quickly.
Business trends
Copper prices have soared to their highest level in a decade and are heading toward an all-time high, amid strong demand for metals worldwide. The metals market has often been an indicator of the global economy, though copper production could also be impacted by factors such as plans to boost mining royalties in Chile that could dampen investment.
Connecticut
Connecticut’s population grew 0.9 percent in the past decade, according to the latest data from the U.S. Census Bureau. While this pace of growth is the fourth slowest in the nation, it also ensures that the state will retain its five members in the U.S. House of Representatives.
