State Minimum Wage Rate for Connecticut
This dataset tracks state minimum wage rate for connecticut over time.
Latest Value
16.35
Year-over-Year Change
98.18%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for Connecticut tracks the hourly minimum wage set by the state government. This metric is important for assessing the impact of minimum wage policies on employment, wages, and the broader economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The State Minimum Wage Rate for Connecticut represents the legally mandated minimum hourly pay that employers in Connecticut must provide to their workers. This statistic is a key labor market indicator used by policymakers, economists, and businesses to understand the wage floor and its effects.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of state governments.
Historical Context
The Connecticut minimum wage rate is a crucial data point for analyzing regional labor market dynamics and informing state-level economic policies.
Key Facts
- Connecticut's minimum wage is currently $14.00 per hour.
- The state has gradually increased its minimum wage over the past decade.
- Minimum wage is a major policy tool for addressing income inequality.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Connecticut tracks the legally mandated hourly minimum pay that employers in the state must provide to their workers.
Q: Why is this trend relevant for users or analysts?
A: The Connecticut minimum wage rate is a key indicator for understanding regional labor market dynamics and informing state-level economic policies.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics through surveys of state governments.
Q: How is this trend used in economic policy?
A: The Connecticut minimum wage rate is used by policymakers, economists, and businesses to analyze the wage floor and its effects on employment, wages, and the broader economy.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Labor Statistics, but may be subject to revisions or delays in reporting.
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Citation
U.S. Federal Reserve, State Minimum Wage Rate for Connecticut (STTMINWGCT), retrieved from FRED.