State Minimum Wage Rate for Michigan
STTMINWGMI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10.56
Year-over-Year Change
42.74%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for Michigan tracks the minimum hourly wage set by the state government. This metric is critical for monitoring labor market trends and the cost of living for 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 Michigan represents the legal minimum hourly pay that must be provided to workers in the state. It is an important benchmark used by policymakers, employers, and employees to understand changes in the labor market and cost of living.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics through surveys of state labor departments.
Historical Context
The minimum wage rate informs economic decisions around employment, inflation, and social welfare programs.
Key Facts
- Michigan's minimum wage is currently $9.65 per hour.
- The state minimum wage has increased by $1.90 since 2014.
- Over 1 million Michigan workers are affected by the minimum wage rate.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Michigan 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 rate is a critical benchmark for understanding labor market dynamics, the cost of living, and the economic well-being of low-wage workers in Michigan.
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 minimum wage rate informs decisions around employment, inflation, and social welfare programs for policymakers, employers, and workers.
Q: Are there update delays or limitations?
A: The data is updated regularly by the Bureau of Labor Statistics, but there may be lags in reporting changes to the minimum wage rate.
Related Trends
Citation
U.S. Federal Reserve, State Minimum Wage Rate for Michigan (STTMINWGMI), retrieved from FRED.