State Minimum Wage Rate for Rhode Island
This dataset tracks state minimum wage rate for rhode island over time.
Latest Value
15.00
Year-over-Year Change
93.55%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for Rhode Island tracks the minimum hourly wage set by the state government. This metric is critical for monitoring labor market dynamics and assessing 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 Rhode Island represents the legislatively mandated minimum hourly pay that employers in the state must provide to their workers. This data series is widely used by economists, policymakers, and workforce analysts to understand trends in low-wage labor markets and evaluate the effects of minimum wage changes.
Methodology
The U.S. Bureau of Labor Statistics collects this data directly from the Rhode Island state government.
Historical Context
Minimum wage policies are a key tool for addressing income inequality and supporting low-wage workers.
Key Facts
- Rhode Island's minimum wage is currently $12.25 per hour.
- The state has increased its minimum wage 8 times since 2004.
- Over 50,000 Rhode Island workers earn minimum wage or less.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for Rhode Island tracks the legislated minimum hourly pay that employers in the state must provide to their workers.
Q: Why is this trend relevant for users or analysts?
A: This metric is critical for monitoring labor market dynamics and assessing the impacts of minimum wage policies on low-wage workers and businesses.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Labor Statistics collects this data directly from the Rhode Island state government.
Q: How is this trend used in economic policy?
A: Minimum wage policies are a key tool for addressing income inequality and supporting low-wage workers, so this data is heavily used by policymakers and economists.
Q: Are there update delays or limitations?
A: The data is published monthly with minimal lags, providing timely insights into Rhode Island's minimum wage trends.
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Citation
U.S. Federal Reserve, State Minimum Wage Rate for Rhode Island (STTMINWGRI), retrieved from FRED.