Minimum Wage Purchasing Power Continues to Decline

Despite the minimum wage increase to $7.25 in 2009, purchasing power decreased close to 30% by 2023, when adjusted to 2023 dollars.

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Source: U.S. Department of Labor, State Minimum Wage Rate for Texas (1972-2023), retrieved from FRED. Download image

Notes: Minimum wage adjusted to 2023 dollars. Recession periods are highlighted in light gray.