Federal Minimum Wage Rate under the Federal Fair Labor Standards Act
This dataset tracks federal minimum wage rate under the federal fair labor standards act over time.
Latest Value
7.25
Year-over-Year Change
0.00%
Date Range
1/1/1968 - 1/1/2025
Summary
The Federal Minimum Wage Rate under the Federal Fair Labor Standards Act measures the lowest hourly pay employers can legally provide to certain categories of workers in the United States. This metric is a key indicator of labor market policy and workers' economic well-being.
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 Federal Minimum Wage Rate represents the statutory minimum hourly wage that covered employers must pay their employees. It is a foundational labor law that sets a nationwide floor for worker compensation and is frequently cited in economic analysis of employment, income inequality, and cost of living.
Methodology
The U.S. Department of Labor collects and publishes the Federal Minimum Wage Rate data.
Historical Context
Policymakers, businesses, and workers closely monitor changes in the federal minimum wage, as it impacts employment, consumer spending, and broader economic conditions.
Key Facts
- The federal minimum wage has been $7.25 per hour since 2009.
- Some states and localities have higher minimum wages than the federal level.
- The minimum wage aims to ensure a basic standard of living for low-wage workers.
FAQs
Q: What does this economic trend measure?
A: The Federal Minimum Wage Rate measures the lowest hourly pay that employers can legally provide to certain categories of workers in the United States.
Q: Why is this trend relevant for users or analysts?
A: The federal minimum wage is a key labor market indicator that impacts employment, income inequality, and the overall cost of living.
Q: How is this data collected or calculated?
A: The U.S. Department of Labor collects and publishes the Federal Minimum Wage Rate data.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and workers closely monitor changes in the federal minimum wage, as it significantly influences employment, consumer spending, and broader economic conditions.
Q: Are there update delays or limitations?
A: The Federal Minimum Wage Rate is updated periodically by the U.S. Department of Labor to reflect any changes in the statutory minimum wage.
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Citation
U.S. Federal Reserve, Federal Minimum Wage Rate under the Federal Fair Labor Standards Act (STTMINWGFG), retrieved from FRED.