State Minimum Wage Rate for New Jersey
STTMINWGNJ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.49
Year-over-Year Change
113.66%
Date Range
1/1/1968 - 1/1/2025
Summary
The State Minimum Wage Rate for New Jersey tracks the minimum hourly wage set by the state government. This data point is closely monitored by economists and policymakers to assess the impact of minimum wage policies on employment, consumer spending, and income inequality.
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 Jersey represents the legally mandated minimum hourly compensation that employers must pay workers in the state. This metric is used to analyze the economic effects of minimum wage changes on the labor market, consumer prices, and overall state economic conditions.
Methodology
The data is collected through surveys of employers and analysis of state labor laws.
Historical Context
Minimum wage rates are a key policy tool used by state governments to influence income distribution and economic activity.
Key Facts
- New Jersey's minimum wage is currently $13.00 per hour.
- The minimum wage in New Jersey has increased by 54% since 2013.
- About 6% of workers in New Jersey are paid at or below the minimum wage.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for New Jersey measures the legally mandated minimum hourly wage that employers in the state must pay their workers.
Q: Why is this trend relevant for users or analysts?
A: This metric is closely watched by economists, policymakers, and businesses to assess the impact of minimum wage policies on employment, consumer spending, and income inequality.
Q: How is this data collected or calculated?
A: The data is collected through surveys of employers and analysis of state labor laws.
Q: How is this trend used in economic policy?
A: Minimum wage rates are a key policy tool used by state governments to influence income distribution and economic activity.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, but may have a lag of several months before the most recent changes are reflected.
Related Trends
Citation
U.S. Federal Reserve, State Minimum Wage Rate for New Jersey (STTMINWGNJ), retrieved from FRED.