European OECD countries that don’t have a minimum wage have an average unemployment rate about half the average jobless rate of European OECD countries that do

See Some minimum wage updates by Mark Perry.

"Updates: a) Germany has been added to the chart above in response to some comments that questioned its exclusion. As of January 1, 2015 Germany now has a federal minimum wage, which is why I didn’t include it before. However, since the jobless rate data are for 2014 when Germany did not have a minimum wage, I have now included it in the table.

b) Note that many European countries without a federal minimum do have union contracts for some workers that establish minimum wages for certain workers in certain industries. But not ALL workers are covered by those contracts. For example, in Italy about 80% of workers’ wages are established by union agreements, while 20% of workers are not covered by union contract, and would therefore not be protected by a federal minimum wage. The workers least likely to be covered by a union contract would be younger workers, which might explain why the average youth jobless rate in European OECD countries without a federal minimum wage (15.8%) is so much lower than countries with a federal minimum wage (29.5%).

c) Larry Reed’s original article cited an analysis by economist Steve Hanke who concluded that:

In the 21 EU countries where there are minimum wage laws, 27.7% of the youth demographic was unemployed in 2012. This is considerably higher than the youth unemployment rate in the seven EU countries without minimum wage laws – 19.5% in 2012.

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