State Minimum Wage Rate for West Virginia
STTMINWGWV • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8.75
Year-over-Year Change
20.69%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for West Virginia tracks the minimum hourly wage required by law for most employers in the state. It is an important indicator of labor market conditions and affordability of living in West Virginia.
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 West Virginia represents the minimum hourly pay that must be provided to workers in the state, with certain exceptions. It is a key metric used by policymakers, employers, and workers to assess trends in labor costs and the relative standard of living.
Methodology
The data is collected by the U.S. Bureau of Labor Statistics based on statutory minimum wage laws in each state.
Historical Context
The West Virginia minimum wage rate informs labor market and policy decisions at the state and national level.
Key Facts
- The current West Virginia minimum wage is $8.75 per hour.
- The minimum wage was last increased in 2022.
- Minimum wage laws vary across U.S. states and are subject to periodic changes.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for West Virginia measures the minimum hourly pay that employers in the state are legally required to provide to most workers.
Q: Why is this trend relevant for users or analysts?
A: The West Virginia minimum wage rate is an important indicator of labor market conditions and the relative cost of living in the state, informing policy decisions and business strategy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Labor Statistics based on statutory minimum wage laws in each state.
Q: How is this trend used in economic policy?
A: The West Virginia minimum wage rate informs labor market and cost-of-living policies at the state and national level, affecting decisions by policymakers, employers, and workers.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates based on changes to state minimum wage laws, which may result in short delays before the latest information is available.
Related Trends
Citation
U.S. Federal Reserve, State Minimum Wage Rate for West Virginia (STTMINWGWV), retrieved from FRED.