State Minimum Wage Rate for Illinois
STTMINWGIL • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.00
Year-over-Year Change
81.82%
Date Range
1/1/1972 - 1/1/2025
Summary
The State Minimum Wage Rate for Illinois tracks the minimum hourly wage set by the state government. This metric is important for monitoring labor market trends and informing policymakers about the economic conditions facing low-wage workers.
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 Illinois represents the legally mandated minimum hourly pay that employers in the state must provide to their workers. This data point is used by economists, policymakers, and businesses to understand the prevailing wage floor and how it may impact employment, consumer spending, and other key economic factors.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of state labor departments.
Historical Context
The state minimum wage rate is a key input for evaluating the effectiveness of labor policies and their impact on the broader economy.
Key Facts
- Illinois' minimum wage is currently $12.00 per hour.
- The state minimum wage was last increased in January 2022.
- Minimum wage hikes are often debated for their effects on employment and cost of living.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Illinois tracks the legally mandated minimum hourly pay that employers in the state must provide to their workers.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for monitoring labor market trends and informing policymakers about the economic conditions facing low-wage workers.
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 labor departments.
Q: How is this trend used in economic policy?
A: The state minimum wage rate is a key input for evaluating the effectiveness of labor policies and their impact on the broader economy.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Labor Statistics, but there may be some lag in reflecting the latest changes to state minimum wage laws.
Related Trends
Citation
U.S. Federal Reserve, State Minimum Wage Rate for Illinois (STTMINWGIL), retrieved from FRED.