State Minimum Wage Rate for New York
STTMINWGNY • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16.50
Year-over-Year Change
127.59%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for New York tracks the minimum hourly wage required for most employers in the state. This metric is important for analyzing labor market dynamics and the effects 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 York represents the legal minimum hourly compensation that must be paid to workers in the state, with some exceptions. Policymakers and economists use this data to study the impacts of minimum wage changes on employment, prices, and overall economic conditions.
Methodology
The data is collected and published by the U.S. Department of Labor.
Historical Context
Minimum wage rates can influence hiring, inflation, and consumer spending patterns, making this a key indicator for labor market and macroeconomic analysis.
Key Facts
- New York's minimum wage was $15.00 per hour as of 2023.
- The state minimum wage has increased by 67% since 2013.
- Minimum wage changes can impact business costs and consumer prices.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for New York measures the legally-mandated minimum hourly compensation that most employers in the state must pay their workers.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding labor market dynamics, the impacts of minimum wage policies, and potential effects on inflation and consumer spending.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Department of Labor.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze minimum wage data to study the effects on employment, prices, and overall economic conditions.
Q: Are there update delays or limitations?
A: The data is typically published on a regular basis with minimal delay, though there may be some lags in reporting state-level minimum wage changes.
Related Trends
State Minimum Wage Rate for Alaska
STTMINWGAK
State Minimum Wage Rate for Utah
STTMINWGUT
State Minimum Wage Rate for Puerto Rico
STTMINWGPR
State Minimum Wage Rate for District of Columbia
STTMINWGDC
State Minimum Wage Rate for New Mexico
STTMINWGNM
Federal Minimum Wage Rate under the Federal Fair Labor Standards Act
STTMINWGFG
Citation
U.S. Federal Reserve, State Minimum Wage Rate for New York (STTMINWGNY), retrieved from FRED.