State Minimum Wage Rate for Maine
STTMINWGME • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14.65
Year-over-Year Change
95.33%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for Maine tracks the minimum hourly wage set by the state government. It is an important metric for evaluating labor market conditions and cost-of-living trends.
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 Maine represents the legally mandated minimum hourly pay that must be provided to workers in the state. It is a key indicator used by policymakers, businesses, and economists to assess employment, income, and cost-of-living dynamics.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of state governments.
Historical Context
The minimum wage is a crucial policy lever that can impact employment, inflation, and consumer spending.
Key Facts
- Maine's minimum wage is currently $12.75 per hour.
- The minimum wage was last increased in 2022.
- Over 100,000 Maine workers are paid at or near the minimum wage.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Maine tracks the legally mandated minimum hourly pay that must be provided to workers in the state.
Q: Why is this trend relevant for users or analysts?
A: The minimum wage is a crucial economic indicator used to assess labor market conditions, cost-of-living trends, and the potential impacts of wage policy changes.
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 minimum wage is an important policy lever that can impact employment, inflation, and consumer spending, making it a key consideration for policymakers.
Q: Are there update delays or limitations?
A: The data is updated regularly by the federal government, but there may be some delay between changes in state law and the availability of new figures.
Related Trends
State Minimum Wage Rate for Georgia
STTMINWGGA
State Minimum Wage Rate for Montana
STTMINWGMT
State Minimum Wage Rate for California
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State Minimum Wage Rate for Delaware
STTMINWGDE
Federal Minimum Wage Rate under the Federal Fair Labor Standards Act
STTMINWGFG
State Minimum Wage Rate for Rhode Island
STTMINWGRI
Citation
U.S. Federal Reserve, State Minimum Wage Rate for Maine (STTMINWGME), retrieved from FRED.