Real and nominal value of the minimum wage U.S. 2023 | Statista

When adjusted for inflation, the 2023 federal minimum wage in the United States is around 40 percent lower than the minimum wage in 1970. Although the real dollar minimum wage in 1970 was only 1.60 U.S. dollars, when expressed in nominal 2023 dollars this increases to 12.04 U.S. dollars. This is a significant difference from the federal minimum wage in 2023 of 7.25 U.S. dollars.

Real and nominal value of the federal minimum wage in the United States from 1938 to 2023 (in 2023 U.S. dollars)

Characteristic	Unadusted wage (real U.S. dollars)	Inflation adusted wage (nominal U.S. dollars)
2023	7.25	7.25
2022	7.25	7.61
2021	7.25	8.24
2020	7.25	8.58
2019	7.25	8.61
2018	7.25	8.78
2015	7.25	9.3
2010	7.25	10.09
2005	5.15	8.03
2000	5.15	9.12
1995	4.25	8.49
1990	3.8	8.94
1985	3.35	9.51
1980	3.1	11.61
1975	2.1	12.04
1970	1.6	12.61
1965	1.25	12.08
1960	1	10.28
1955	0.75	8.52
1950	0.75	9.64
1945	0.4	6.82
1940	0.3	6.5
1938	0.25	5.34

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Release date

April 2023

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Region

United States

Survey time period

1938 tol 2023

Age group

Supplementary notes

Nominal figures adjusted to 2023 dollars using the Consumer Price Index for All Urban Consumers.

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