Ball Rolling Downhill: TJ Maxx Follows Wal-Mart 's Lead by Hiking Pay

It seems that Wal-mart is the trend-setter. Hopefully other retailers will follow suit.

The owner of T.J. Maxx, Marshalls and Home Goods stores said Wednesday that it will boost pay for its U.S. workers to at least $9 per hour.

The announcement by TJX Cos. comes a week after Wal-Mart Stores Inc. said it would increase wages for its employees and is a sign that more competitors may follow suit. Low-paying retailers are having a harder time retaining workers as the job market improves.

I think this may have a knock-on effect to the rest of the economy. You give workers another $2 an hour and they will spend another $2 on goods and services. I would love to see an economist calculate the economic impact of a majority of companies hiking their minimum pay all at once. Also it would be interesting the see the cost savings of reducing employee churn. Lets see what other companies do with this trend.