Federal Minimum Hourly Wage for Nonfarm Workers for the U.S. : 7.25 (As of 2024-03-01)
Historical Data
Basic Info
Federal Minimum Hourly Wage for Nonfarm Workers for the U.S. was 7.25 as of 2024-03-01, according to U.S. Department of Labor. Historically, Federal Minimum Hourly Wage for Nonfarm Workers for the U.S. reached a record high of 7.25 and a record low of 0.25, the median value is 3.35. Typical value range is from 7.25 to 7.25. The Year-Over-Year growth is 0%. GuruFocus provides the current actual value, an historical data chart and related indicators for Federal Minimum Hourly Wage for Nonfarm Workers for the U.S. - last updated on 2024-03-01.
Monthly , not seasonally adjusted . The federal minimum wage is the minimum hourly wage employers are required to pay employees who are eligible under the Fair Labor Standards Act (FLSA) of 1938. The FLSA was generally only applicable to employees involved in interstate commerce, either directly or through the creation of goods. Many amendments have since been added to the FLSA, expanding its coverage and raising the minimum wage. Significant amendments occurred in 1961 and in 1966, when a separate minimum wage for farm workers was established. Starting in January of 1978 the minimum wages of all eligible workers, including farm workers, were made uniform. The values in the series for non-farm workers are those for the groups initially covered under the 1938 FLSA. Many states also have minimum wage laws. Some state laws provide greater employee protections; employers must comply with both. For additional information go to: http://www.dol.gov/whd/minwage/coverage.htm or http://www.dol.gov/whd/minwage/chart.htm#fn3
| Category | Population, Employment, & Labor Markets |
| Region | USA |
| Source | U.S. Department of Labor |
Stats
| Name | Value | ||
|---|---|---|---|
| Last Value | 7.25 | ||
| Latest Period | 2024-03-01 | ||
| Long Term Average | 7.25 | ||
| Average Annualized Growth Rate | +4.02% | ||
| Value from 1 year ago | 7.25 | ||
| Change from 1 year ago | 0% | ||
| Frequency | Daily | ||
| Unit | USD / hr | ||
| Download Source | FEDMINNFRWG.txt |
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