Wal-Mart ‘looking’ at support of federal minimum wage hike
Wal-Mart Stores said it is considering supporting an increase in the federal minimum wage, breaking with business and industry groups that oppose such a move, Bloomberg reported Wednesday.
According to the report, the company is weighing the affects of a hike against the possibility of capturing more of consumers' dollars.
Raising the minimum wage would mean that some of the 140 million people who shop at the chain's stores weekly would "have additional income," a Wal-Mart spokesman said.
(Watch: Minimum wage, maximum impact)
President Barack Obama wants to raise the federal minimum wage to $10.10 an hour from $7.25 an hour, saying that doing so would boost the economy.