Impact of California's New Minimum Wage on Fast Food Chains

💵McDonald's and Chipotle plan to raise prices in response to the increased labor costs from the new minimum wage.

🍔McDonald's generated approximately $25 billion in revenue last year, while Chipotle saw about $10 billion in revenue in 2023.

🤝Fast food workers in California successfully formed a statewide union to advocate for a wage increase.

💰McDonald's revenue alone can cover the increased labor costs caused by the new minimum wage.

📈The wage increase in California is part of a larger trend of raising minimum wages across the country.

How will fast food chains like McDonald's and Chipotle respond to the new minimum wage in California?

—McDonald's and Chipotle have announced that they will raise prices to offset the increased labor costs.

How much revenue did McDonald's generate last year?

—McDonald's generated approximately $25 billion in revenue last year.

How much revenue did Chipotle see in 2023?

—Chipotle saw about $10 billion in revenue in 2023.

Have fast food workers in California been successful in advocating for a wage increase?

—Yes, fast food workers in California successfully formed a statewide union to lobby for a wage increase.

Is the new minimum wage in California part of a larger trend?

—Yes, the wage increase in California is part of a larger trend of raising minimum wages across the country.

00:00California's new minimum wage for fast food workers goes into effect on April 1st.

00:08McDonald's and Chipotle have announced plans to raise prices to cover the increased labor costs.

00:11McDonald's generated approximately $25 billion in revenue last year, while Chipotle saw about $10 billion in revenue in 2023.

00:18Fast food workers in California successfully formed a statewide union to advocate for a wage increase.

00:21McDonald's revenue alone can cover the increased labor costs caused by the new minimum wage.