State Minimum Wage Rate for New Mexico
This dataset tracks state minimum wage rate for new mexico over time.
Latest Value
12.00
Year-over-Year Change
60.00%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for New Mexico tracks the minimum hourly wage required by law for employees in the state of New Mexico. This metric is important for economists and policymakers to understand labor market conditions and the impacts of minimum wage policies.
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 New Mexico represents the lowest legal hourly pay that employers in New Mexico must provide to their workers. This statistic is a key indicator of wage floors and labor cost pressures in the state's economy.
Methodology
The data is collected and reported by the U.S. Department of Labor.
Historical Context
The New Mexico minimum wage rate is used by economists, businesses, and policymakers to analyze trends in worker compensation and the potential effects of minimum wage legislation.
Key Facts
- New Mexico's current minimum wage is $12.00 per hour.
- The minimum wage was last increased in 2023.
- New Mexico has had a state-level minimum wage since 2009.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for New Mexico tracks the lowest legal hourly pay that employers in the state must provide to their workers.
Q: Why is this trend relevant for users or analysts?
A: The New Mexico minimum wage rate is a key indicator of labor market conditions and the potential impacts of minimum wage policies in the state.
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: The New Mexico minimum wage rate is used by economists, businesses, and policymakers to analyze trends in worker compensation and the potential effects of minimum wage legislation.
Q: Are there update delays or limitations?
A: The data is updated regularly by the Department of Labor, but may be subject to revisions or lags in reporting.
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Citation
U.S. Federal Reserve, State Minimum Wage Rate for New Mexico (STTMINWGNM), retrieved from FRED.