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
U.S. Department of Labor
Dollars per Hour, Not Seasonally Adjusted
The data shows auto correlation and seasonality. The data should be differenced and seasonally adjusted.
Data is unable to be distributed by time or geography. The roll up method used is Weighted Average.
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
The Kwiatkowski-Phillips-Schmidt-Shin (KPSS) test, KPSS Trend = 0.16 p-value = 0.04 indicates that the data is not stationary.
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
Auto Correlation Function
Auto Correlation Function After Differencing
Partial Auto Correlation Function
The following states do not report for this feature: Alabama, District of Columbia, Louisiana, Mississippi, South Carolina, Tennessee, Puerto Rico.
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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