State Minimum Wage Rate for Puerto Rico
This dataset tracks state minimum wage rate for puerto rico over time.
Latest Value
10.50
Year-over-Year Change
44.83%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for Puerto Rico tracks the minimum hourly wage level set by the government of Puerto Rico. It is an important economic indicator for understanding labor market dynamics and policy impacts.
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 Puerto Rico measures the legally mandated minimum hourly pay that employers in Puerto Rico must provide to their workers. This metric is closely watched by policymakers, businesses, and labor organizations to assess the cost of labor and potential effects on employment, consumer prices, and overall economic activity.
Methodology
The data is collected and published by the U.S. Bureau of Labor Statistics through surveys of Puerto Rican employers.
Historical Context
Changes in the minimum wage rate can influence hiring, inflation, and consumer spending patterns, making it a key input for economic analysis and policy decisions.
Key Facts
- Puerto Rico's minimum wage is set by the local government, not the U.S. federal minimum wage.
- The minimum wage in Puerto Rico is typically lower than the U.S. federal minimum wage.
- Changes in Puerto Rico's minimum wage can have significant impacts on the island's economy.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Puerto Rico tracks the legally mandated minimum hourly wage that employers in Puerto Rico must pay their workers.
Q: Why is this trend relevant for users or analysts?
A: The minimum wage is a key determinant of labor costs and can impact employment, inflation, and overall economic activity, making it an important metric for policymakers, businesses, and labor organizations.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Bureau of Labor Statistics through surveys of Puerto Rican employers.
Q: How is this trend used in economic policy?
A: Changes in the minimum wage rate can influence hiring, inflation, and consumer spending patterns, making it a key input for economic analysis and policy decisions in Puerto Rico.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Labor Statistics, but there may be some delays in reporting due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, State Minimum Wage Rate for Puerto Rico (STTMINWGPR), retrieved from FRED.