We provide the ﬁrst estimates of the e!ects of minimum wages on employment ﬂows in the U.S. labor market, identifying the impact by using policy discontinuities at state borders. We ﬁnd that minimum wages have a sizeable negative e!ect on employment ﬂows but not stocks. Separations and accessions fall among a!ected workers, especially those with low tenure. We do not ﬁnd changes in the duration of non-employment for separations or hires. This evidence is consistent with search models with endogenous separations, but explanations focused only on quits or only on layoffs are unlikely to explain the full complement of ﬁndings.