READY SIGNAL CONTROL DATA

Minimum Wage Rate By State

Why Use This Data Source In Your Models?

State minimum wage rate measures the lowest value that employers can legally pay their worksers in each US state. This indicates the average cost of living in the state.

Minimum Wage Rate By State

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Automated Data Profiling

Ready Signal automatically profiles each data set and offers up suggested industry standard data science treatments to utilize with these data in your models.

Suggested Treatment:

The data shows auto correlation and seasonality. The data should be differenced and seasonally adjusted.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

Source:
U.S. Department of Labor

Release:
Minimum Wage

Units:
Dollars per Hour, Not Seasonally Adjusted

Frequency:
Anuual

Available Through:
12/31/2023

Suggested Treatment:

The data shows auto correlation and seasonality. The data should be differenced and seasonally adjusted.

Grain Transformation:

Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.

Auto Correlation Analysis:

Data shows auto correlation indicating a need for differencing

The ACF indicates 1 order differencing is appropriate.

Following first order differencing, no further differencing is required based on the differenced ACF at lag one of -0.18

Trend Analysis:

The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.16 p-value = 0.04 indicates that the data is not stationary.

Distribution Analysis:

The Shapiro-Wilk test returned W = 0.95 with a p-value =0.61 indicating the data follows a normal distribution.

A skewness score of 0.18 indicates the data are fairly symmetrical.

Hartigan's dip test score of 0.07 with a p-value of 0.93 inidcates the data is unimodal

Statistics (Pearson P/ df, lower => more normal)

No transform
0.52
Box-cox
0.15
Log_b(x-a)
0.15
sqrt(x+a)
0.15
exp(x)
4.52
arcsinh(x)
0.15
Yeo-Johnson
0.15
OrderNorm
0.15

Auto Correlation Function

Auto Correlation Function After Differencing

Partial Auto Correlation Function

Data Notes:

The following states do not report for this feature: Alabama, District of Columbia, Louisiana, Mississippi, South Carolina, Tennessee, Puerto Rico.

Citation:

U.S. Department of Labor, State Minimum Wage Rate, retrieved from FRED, Federal Reserve Bank of St. Louis; January 23, 2020.

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