Benzinga Reports: Comparing Minimum Wage and Unemployment Rates
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Information Research and Analysis by Shrey Devulapalli
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Wish raising the federal minimum wage help reduce unemployment rates to pre-epidemic levels? With over 45% of Land's vaccinated against COVID-19 and contagion rates falling rapidly, pandemic restrictions across the nation are lifting — or already fully expired. And while some workplaces are reopening to full capacity too As in-person work, galore industries are struggling to replace the workers information technology lost in 2020.
Aboard this, the Contend for 15 campaign continues. This is the push to wage increase the federal minimum remuneration to $15.00 per hour for all bailable workers.
- Presently, the federal minimum wage is rig at $7.25, with the last increase in Federal minimum wage occurring in 2009.
- According to officialdata.org, inflation raised by 25.48% from 2009 to 2021, meaning that wages are worth only 79.70% of what they were at the time of the last increase.
Umpteen argue that a $15.00 minimum wage is a necessity that will increase the quality of life for all Americans, assistant spur disbursal and promote small businesses that mostly bore the brunt of the negative consequences established by general shutdowns.
But on the flip slope, others are uncertain to visit such a large increase in minimum wage on individual states, which have widely varying industries, economies and universe demographics. This could mean that imposing such a mandate mightiness personify more of a burden than some states can currently bear.
Further, there has been such discussion as to whether raising the federal minimal wage would encourage a more robust labor force participation. We found the following in examining any possible correlation that has so faraway occurred in 2021 between higher stripped reward, projected family income and lower unemployment rates.
Key Points
Main Takeaways
Average Unemployment Rates and Class-over-Year Exchange Nationwide 2020 to 2021
| Nationally | Unemployment Range April 2020 | Unemployment Rate April 2021 | Year-over Twelvemonth-Change |
| Average | 13.66% | 5.40% | -8.26% |
Average Minimum Wage and Twelvemonth-over-Yr Deepen Nationally 2020 to 2021
| Nationwide | Minimum Wage Average 2020 | Minimum Wage Average 2021 | Yr-over Yr-Change |
| Medium | $9.14 | $9.48 | +3.41% |
Average Projecting Family Income and Year-finished-Year Change Comprehensive 2020 to 2021
| Nationwide | Planned Kinsperson Income 2020 | Projected Crime syndicate Income 2021 | Yr-over Year-Change |
| Average | $79,565 | $80,992 | +1.70% |
- 23.5% of states and the District of Capital of South Carolina with an above-average minimum pay in 2021 saw a higher than average year-over-year drop by unemployment.
- 27.4% of states and the Territorial dominion of Columbia with lower than average protrusive syndicate income had a higher than middling unemployment plac in 2021.
- 23.5% of states and the District of Columbia with a projected family income above the national common saw lower than modal unemployment rates in 2021.
- 19.6% of states and the Territory of Capital of South Carolina that raised the minimum wage from 2020 to 2021 saw an above-average decrease in unemployment rates.
- 25.4% of states and the DC that did not raise their lower limit remuneration saw a lower than average decrease from 2020 to 2021.
- 23.5% of states and the District of Columbia with infra-common minimum wage saw a higher than moderate unemployment range for some 2020 and 2021.
- 25.4% of states and the District of Columbia with an above-average minimum wage in 2020 and 29% of states with an above-average stripped-down remuneration in 2021 saw a lower than average unemployment rate in all year.
Detailed Takeaways
Minimum Wage by State in 2020 and 2021
- Nationwide, minimum wage increased 3.41% on the average from 2020 to 2021, with the largest hike in statewide minimum pay coming from Virginia with a 31.03% increase from 2020 to 2021.
- 45.1% of states and the Territory of Columbia did non raise their minimum wage at each. Out of states that did not raise minimum wage, only the District of Columbia and Michigan having minimum wage to a higher place the 2021 national average of $9.48 ($15.00 and $9.65, respectively.)
- The District of Columbia rumored the highest minimum wage at $15.00 per hr, with California coming in 2nd at $14.00 per hour.
- 50.9% of states and the District of Columbia consume a minimum wage at the time of publication higher up the national mean of $9.48., with 52.9% of states having a lower than average minimum wage.
- Peach State has the lowest minimum wage at $5.15 per hour.
| State | Minimum Wage 2020 | Marginal Wage 2021 | % Change Year-over-Twelvemonth |
| Average | $9.14 | $9.48 | 3.41 % |
| Heart of Dixie | $7.25 | $7.25 | 0% |
| Last Frontier | $10.19 | $10.34 | 1.47% |
| Arizona | $12.00 | $12.15 | 1.25% |
| Arkansas | $10.00 | $11.00 | 10% |
| California | $13.00 | $14.00 | 7.69% |
| Colorado | $12.00 | $12.32 | 2.67% |
| Connecticut | $12.00 | $13.00 | 8.33% |
| Delaware | $9.25 | $10.25 | 10.81% |
| DC | $15.00 | $15.00 | 0% |
| Sunshine State | $8.56 | $10.00 | 16.82% |
| Georgia | $5.15 | $5.15 | 0% |
| Hawaii | $10.10 | $10.10 | 0% |
| Idaho | $7.25 | $7.25 | 0% |
| Illinois | $10.00 | $11.00 | 10% |
| Indiana | $7.25 | $7.25 | 0% |
| Iowa | $7.25 | $7.25 | 0% |
| Kansas | $7.25 | $7.25 | 0% |
| Kentucky | $7.25 | $7.25 | 0% |
| Louisiana | $7.25 | $7.25 | 0% |
| Pine Tree State | $12.00 | $12.15 | 1.25% |
| M | $11.00 | $11.75 | 6.82% |
| Massachusetts | $12.75 | $13.50 | 5.88% |
| Michigan | $9.65 | $9.65 | 0% |
| Gopher State | $10.00 | $10.08 | 0.80% |
| Mississippi | $7.25 | $7.25 | 0% |
| Missouri | $9.45 | $10.30 | 8.99% |
| Treasure State | $8.65 | $8.75 | 1.16% |
| Nebraska | $9.00 | $9.00 | 0% |
| Nevada | $8.00 | $8.75 | 9.38% |
| New Hampshire down | $7.25 | $7.25 | 0% |
| New Jersey | $11.00 | $12.00 | 9.09% |
| New Mexico | $9.00 | $10.50 | 16.67% |
| New York | $11.80 | $12.50 | 5.93% |
| N | $7.25 | $7.25 | 0% |
| Northwestern Dakota | $7.25 | $7.25 | 0.00% |
| Ohio | $8.70 | $8.80 | 1% |
| Oklahoma | $7.25 | $7.25 | 0.00% |
| Oregon | $12.00 | $12.75 | 6.25% |
| Pennsylvania | $7.25 | $7.25 | 0% |
| Little Rhody | $10.50 | $11.50 | 9.52% |
| South Carolina | $7.25 | $7.25 | 0% |
| Southeast Dakota | $9.30 | $9.45 | 1.61% |
| Tennessee | $7.25 | $7.25 | 0% |
| Lone-Star State | $7.25 | $7.25 | 0% |
| Mormon State | $7.25 | $7.25 | 0% |
| Vermont | $10.96 | $11.75 | 7.21% |
| Old Dominion | $7.25 | $9.50 | 31.03% |
| Washington | $13.50 | $13.69 | 1.41% |
| West Old Dominion State | $8.75 | $8.75 | 0 |
| Wisconsin | $7.25 | $7.25 | 0 |
| Wyoming | $5.15 | $5.15 | 0 |
Unemployment Rates by United States Department of State in 2020 and 2021
- Nationwide, unemployment rates savage away an ordinary of 8.26%, with the largest drop occurring in Michigan, which saw an 18.7% decrease from 2020 to 2021.
- 52.9% of states and the District of Columbia had a lower berth than average unemployment rate in 2021, with 47.1% of states having a higher than average unemployment rate.
- Hawaii had the highest unemployment rate in April of 2021, with Utah, Mount Rushmore State, New Hampshire and Nebraska tying for the worst unemployment rate in April of 2021 at 2.80%.
| State | Unemployment Rate Apr 2020 | Unemployment Plac Apr 2021 | Year-o'er Year-Change |
| Average | 13.66% | 5.40% | -8.26% |
| Alabama | 13.20% | 3.60% | -9.60% |
| Alaska | 11.80% | 6.70% | -5.10% |
| Arizona | 14.20% | 6.70% | -7.50% |
| Arkansas | 10% | 4.40% | -5.60% |
| California | 16% | 8.30% | -7.70% |
| Colorado | 12.10% | 6.40% | -5.70% |
| Connecticut | 8.60% | 8.10% | -0.50% |
| Delaware | 13.40% | 6.40% | -7.00% |
| D.C. | 11.10% | 7.50% | -3.60% |
| Florida | 14% | 4.80% | -9.20% |
| Georgia | 12.50% | 4.30% | -8.20% |
| Hawaii | 21.90% | 8.50% | -13.40% |
| Idaho | 11.60% | 3.10% | -8.50% |
| Illinois | 16.50% | 7.10% | -9.40% |
| Indiana | 16.90% | 3.90% | -13.00% |
| Iowa | 11.10% | 3.80% | -7.30% |
| Kansa | 12.60% | 3.50% | -9.10% |
| Kentucky | 16.90% | 4.70% | -12.20% |
| Louisiana | 13.10% | 7.30% | -5.80% |
| Maine | 9.10% | 4.80% | -4.30% |
| Maryland | 9% | 6.20% | -2.80% |
| Massachusetts | 16.40% | 6.50% | -9.90% |
| Michigan | 23.60% | 4.90% | -18.70% |
| Minnesota | 9% | 4.10% | -4.90% |
| Mississippi | 15.70% | 6.20% | -9.50% |
| Missouri | 12.50% | 4.10% | -8.40% |
| Montana | 11.90% | 3.70% | -8.20% |
| Nebraska | 7.40% | 2.80% | -4.60% |
| Nevada | 29.50% | 8.00% | -22% |
| New Hampshire | 16.00% | 2.80% | -13.20% |
| New NJ | 16.60% | 7.50% | -9.10% |
| NM | 10% | 8.20% | -1.80% |
| New York | 16.20% | 8.20% | -8.00% |
| Old North State | 13.50% | 5.00% | -9% |
| Northwards Dakota | 8.70% | 4.20% | -4.50% |
| Ohio | 16.40% | 4.70% | -11.70% |
| Oklahoma | 13% | 4.30% | -8.70% |
| Oregon | 13.20% | 6.00% | -7% |
| Pennsylvania | 16.20% | 7.40% | -8.80% |
| Rhode Island | 17.40% | 6.30% | -11.10% |
| Southeasterly Carolina | 11.50% | 5.00% | -7% |
| South Dakota | 9.20% | 2.80% | -6.40% |
| Tennessee | 15.80% | 5.00% | -11% |
| Texas | 12.90% | 6.70% | -6.20% |
| Utah | 10.10% | 2.80% | -7.30% |
| Vermont | 14.80% | 2.90% | -11.90% |
| Virginia | 11.30% | 4.70% | -6.60% |
| Washington | 16.30% | 5.50% | -10.80% |
| West Virginia | 15.60% | 5.80% | -9.80% |
| Badger State | 14.80% | 3.90% | -10.90% |
| WY | 5.50% | 5.40% | -0.10% |
Protrusive Family Income away State in 2020 and 2021
- Nationwide, projected family income rosiness on the average 1.7% from 2020 to 2021.
- Mississippi has the lowest projected kinsperson income in 2021 at $60,000.
- The District of Columbia out and away has the highest projected sept income in 2021 at $123,100. The next highest is Massachusetts at $106,200.
- The District of Columbia had the highest addition in projected menag income from 2020 to 2021 at 8.84%, with the adjacent highest being Vermont at 6.46%.
- Some states saw a decrease in projected family income from 2020 to 2021.
- South Dakota saw the largest decrease in projected family income from 2020 to 2021 with a 2.96% drop.
| State | Projected Family Income 2020 | Projected Family Income 2021 | % Change Year-concluded-Year |
| Average | $79,565 | $80,992 | 1.7% |
| Alabama | $65,300 | $66,700 | 2.14% |
| Alaska | $92,200 | $93,900 | 1.84% |
| Arizona | $72,100 | $73,200 | 1.53% |
| Arkansas | $61,000 | $60,700 | -0.49% |
| California | $87,100 | $90,100 | 3.44% |
| Colorado | $90,200 | $93,000 | 3.10% |
| Connecticut | $99,700 | $102,600 | 2.90% |
| Delaware | $81,900 | $83,000 | 1.34% |
| Territorial dominion of Columbia | $113,100 | $123,100 | 8.84% |
| Florida | $68,000 | $70,000 | 2.94% |
| Georgia | $72,200 | $74,700 | 3.46% |
| Hawaii | $97,100 | $99,800 | 2.78% |
| Gem State | $68,200 | $69,000 | 1.17% |
| Illinois | $84,100 | $85,000 | 1.07% |
| Hoosier State | $72,300 | $73,300 | 1.38% |
| Iowa | $79,700 | $79,500 | -0.25% |
| Kansas | $76,500 | $77,400 | 1.18% |
| Kentucky | $65,400 | $65,100 | -0.46% |
| Louisiana | $64,300 | $64,700 | 0.62% |
| Maine | $76,600 | $75,700 | -1.17% |
| Maryland | $104,500 | $106,000 | 1.44% |
| Massachusetts | $104,900 | $106,200 | 1.24% |
| Michigan | $74,000 | $75,300 | 1.76% |
| Minnesota | $91,800 | $93,100 | 1.42% |
| Mississippi | $59,400 | $60,000 | 1.01% |
| Missouri | $71,500 | $72,300 | 1.12% |
| Montana | $73,300 | $72,100 | -1.64% |
| NE | $79,800 | $79,400 | -0.50% |
| Nevada | $72,500 | $75,100 | 3.59% |
| N | $96,700 | $98,200 | 1.55% |
| New Jersey | $103,300 | $106,000 | 2.61% |
| Newly United Mexican States | $61,900 | $61,400 | 0.81% |
| Newfangled York | $85,100 | $87,100 | 2.35% |
| North Carolina | $70,000 | $70,900 | 1.29% |
| North Dakota | $86,900 | $90,100 | 3.68% |
| Ohio | $73,900 | $75,300 | 1.89% |
| Oklahoma | $65,300 | $67,000 | 2.60% |
| OR | $77,700 | $81,200 | 4.50% |
| Pennsylvania | $80,700 | $81,000 | 0.37% |
| Rhode Island | $89,800 | $88,000 | -2.00% |
| South Carolina | $66,300 | $68,700 | 3.62% |
| South Dakota | $77,800 | $75,500 | -2.96% |
| Tennessee | $66,800 | $68,600 | 2.69% |
| Texas | $74,500 | $75,100 | 0.81% |
| Utah | $82,800 | $85,300 | 3.02% |
| Vermont | $79,000 | $84,100 | 6.46% |
| Virginia | $91,600 | $93,000 | 1.53% |
| American capital | $89,800 | $91,600 | 2.00% |
| West VA | $59,600 | $60,300 | 1.17% |
| Wisconsin | $80,100 | $80,300 | 0.25% |
| Wyoming | $79,500 | $81,900 | 3.02% |
Methodology
To examine possible correlations between tokenish remuneration and unemployment rates, Benzinga looked at data from all 50 states also as the Territorial dominion of Columbia from the followers sources:
- Lower limit Wage by DoS 2021 vs 2020 Increases, Paycor
- Over-the-Year Alter in Unemployment Rates for States, Bureau of Labor Statistics
- Subject: Estimated Medial Family Incomes for Fiscal Year (FY) 2020, U.S. Department of Lodging and City-born Development
- Estimated Median Sept Incomes for Fiscal Year (FY) 2021, U.S. Department of Department of Housing and Urban Development
We victimised the following data points to examine potency correlations betwixt state minimum wage mandates, projected household income and unemployment rates.
Unemployment Rates
- State-by-state unemployment rate in 2020
- State Department-by-submit unemployment rate in 2021
- The year-over-class change in unemployment rate from 2020 to 2021
- The average unemployment rate nationwide in 2020 and 2021
- The intermediate year-over-year change across the country from 2020 to 2021
- Generator: https://www.bls.gov/net/laus/laumstch.htm
Minimum Pay
- State-by-United States Department of State minimum wage in 2020
- State-by-state minimum wage in 2021
- The percent transfer, if whatever, in comprehensive minimum wage from 2020 to 2021
- The modal marginal wage nationwide in 2020 and 2021
- The intermediate percent change in marginal pay nationwide from 2020 to 2021
- Source: https://www.paycor.com/resource-center/articles/minimum-wage-by-state/
Protrusive Family Income
- State-by-state projected family income in 2020
- State-by-state protrusive family income in 2021
- The percent change, if some, in statewide projected family income from 2020 to 2021
- The average projected family income nationwide in 2020 and 2021
- The average pct change in proposed family income comprehensive from 2020 to 2021
- Source (2020): https://web.huduser.gov/portal/datasets/Illinois/il20/Medians2020r.pdf
- Source (2021): https://WWW.huduser.gov/portal/datasets/il/il21/Medians2021.pdf
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Benzinga Reports: Comparing Minimum Wage and Unemployment Rates
Source: https://www.benzinga.com/money/comparing-unemployment-rates-and-minimum-wage-during-the-covid-19-pandemic-state-by-state/
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