State Minimum Wage Rate for South Dakota
STTMINWGSD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11.50
Year-over-Year Change
58.62%
Date Range
1/1/1970 - 1/1/2025
Summary
The State Minimum Wage Rate for South Dakota tracks the minimum hourly wage set by the state government. It is an important economic indicator for monitoring labor market conditions and policy changes.
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 South Dakota represents the legally mandated minimum hourly wage that employers in the state must pay their workers. This metric is closely watched by policymakers, businesses, and workers as it can significantly impact employment, earnings, and the cost of labor.
Methodology
The data is collected by state labor departments and reported to the U.S. Bureau of Labor Statistics.
Historical Context
Changes in the state minimum wage can influence business decisions, consumer prices, and social welfare programs.
Key Facts
- South Dakota's minimum wage is currently $9.95 per hour.
- The state minimum wage was last increased in 2023.
- South Dakota is one of 20 states with a minimum wage higher than the federal level.
FAQs
Q: What does this economic trend measure?
A: The State Minimum Wage Rate for South Dakota measures the legally required minimum hourly wage that employers in the state must pay their workers.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant as it can significantly impact employment, earnings, and the cost of labor in South Dakota, making it an important indicator for policymakers, businesses, and workers.
Q: How is this data collected or calculated?
A: The data is collected by the South Dakota Department of Labor and reported to the U.S. Bureau of Labor Statistics.
Q: How is this trend used in economic policy?
A: Changes in the state minimum wage can influence business decisions, consumer prices, and social welfare programs, making it a key consideration for policymakers and economists.
Q: Are there update delays or limitations?
A: The data is updated regularly by the state labor department and reported to the federal government, but there may be a short delay in the availability of the most recent figures.
Related Trends
Citation
U.S. Federal Reserve, State Minimum Wage Rate for South Dakota (STTMINWGSD), retrieved from FRED.