I think part of this is linked to not being at market equilibrium in low skill jobs. For example there are over 6 million jobs not filled in America most of whi

I think part of this is linked to not being at market equilibrium in low skill jobs. For example there are over 6 million jobs not filled in America most of which are low skill, some of which are due to structural unemployment like server staff turnover after the busy season. The minimum wage right now is lower than it needs to be, which artificially create more businesses on the low end of the spectrum. If the minimum wage went up I think you’d see fewer small businesses with fewer openings, but the remaining workers would get a pay raise and the market could handle it. For example perhaps instead of 6.5mm open jobs and $10 min wage on average and 3% unemployment you’d see 2mm open jobs and $15 min wage with marginal change in unemployment. Just an illustration to explain my thought