State Minimum Wage Rate for Maryland
This dataset tracks state minimum wage rate for maryland over time.
Latest Value
15.00
Year-over-Year Change
106.90%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for Maryland measures the minimum hourly wage employers must pay workers in the state. This trend is closely watched by economists and policymakers as an indicator of labor market conditions and cost of living.
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 Maryland tracks the minimum hourly wage that must be paid to workers in the state. This metric is used to assess the impact of wage floors on employment, income distribution, and cost of living.
Methodology
The data is collected and reported by the U.S. Department of Labor.
Historical Context
State minimum wages are an important policy tool used to address income inequality and support low-wage workers.
Key Facts
- Maryland's current minimum wage is $13.25 per hour.
- The state minimum wage is reviewed and adjusted annually.
- Minimum wage increases are intended to boost worker incomes and reduce poverty.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Maryland measures the minimum hourly wage that employers in the state must pay their workers.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched as it indicates labor market conditions and the cost of living in Maryland.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Department of Labor.
Q: How is this trend used in economic policy?
A: State minimum wages are an important policy tool used to address income inequality and support low-wage workers.
Q: Are there update delays or limitations?
A: The minimum wage is reviewed and adjusted annually, so there may be short delays in reporting the latest figures.
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Citation
U.S. Federal Reserve, State Minimum Wage Rate for Maryland (STTMINWGMD), retrieved from FRED.