Jim Cramer Says Hike in Overtime Bad for Stocks, Great for Americans
Jim Cramer says the Obama administration's decision to extend overtime pay to millions of workers will spike labor costs, and is very negative for the stock market.
TheStreet's Jim Cramer said the Obama administration's decision to extend overtime pay to millions of workers will spike labor costs, and it's very negative for the stock market. Cramer noted that retail and restaurant stocks traded lower when minimum wages went up. But Cramer also said the move is 'very positive for the American people.'
At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.
