Category: Useful Business Tools

US Minimum Wage Growth - Nominal and Real

How The Minimum Salary in US Changed In History

Did you know, that the minimum hourly wage was 25 cents, when the federal minimum wage law was enacted back in 1938. This was equal to 4 dollars today’s money. Having this in mind, the average minimum hourly earning has increased only twice in real terms and 16 times (to $8) in nominal terms. In 1980, more than 16% of the working population received minimal wage. Today this percentage is under 3%.   You can read some interesting information about wages and labor on the site of the United States Department Of Labor located here