Labor surplus

Job Fairs: Long Lines and a Ray of Hope
More Than 3,700 People Descended Upon 92 Employers at a New York Job
Fair. Some Were Happy Just to Talk to a Recruiter Face-to-Face.
NEW YORK (CNNMoney.com)â?"Howard La waited 90 minutes on line for the chance to spend three minutes with a recruiter from Charles Schwab. La, who lost his human resources job at Wall Street firm Goldman Sachs in November, had prepared his spiel. The Hoboken, N.J., resident told the recruiter how he could help re-evaluate the brokerageâ??s call centers to be more efficient. He walked away upbeat, with the promise that his resume would be reviewed.
â??It was worth the hour-and-a-half wait to speak with him,â? said La, 26. â??He said heâ??ll pass my resume to his manager and he sounded genuine.â? La was among the 3,700 people who packed a midtown Manhattan hotel ballroom Thursday for a chance to meet with representatives from more than 90 companies at a job fair put on by Monster.com.

3. According to the News on page 633, what was the situation in the 2009 NYC labor market?
A: labor surplus B: labor shortage C: equilibrium

I N T H E N E W S

Obama Wants $9.50 Minimum Wage
(Crains)â?"When Barack Obama and his fellow Democrats take power in Washington, D.C.,
restaurant operators are expecting them to push a minimum-wage hike. . . . Mr. Obama wants to boost the federal minimum wage to $9.50 an hour by 2011, up from $7.25 an hour in 2009. . . .

Minimum Wage
The National Restaurant Assn. opposes raising the minimum wage, which has gone to $6.55 this year from $5.15 in 2006, and is scheduled to rise to $7.25 in July. The association in June conducted a survey of 1,300 members in 18 states that found that 58% raised menu prices and 41% reduced employee hours because of the higher minimum wages. Joe Sabia, an assistant professor of public policy at American University in Washington, D.C., says that a 10% increase in minimum wage reduces retail employment by 1%, and reduces employment among young workers by 3.4%. â??Obamaâ??s proposal would raise the federal minimum wage by over 30%, causing even greater job loss at a time when our economy can least afford it,â? Mr. Sabia contends.

4. According to the News on page 647, what percent of jobs would be lost if the minimum wage were increased to $9.50?