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Increases began on January 1, 2020, to $9.25 and rose to $10 on July 1, 2020. The rate will increase $1 each year until 2025 reaching $15. Chicago: $16.20 since July 1, 2024. The base wage for tipped employees is 60% of the non-tipped minimum rate. [232] Chicago's minimum wage increased to $14 an hour on July 1, 2020, and reached $15 on July 1 ...
The list of U.S. states and territories by unemployment rate compares the seasonally adjusted unemployment rates by state and territory, sortable by name, rate, and change. Data are provided by the Bureau of Labor Statistics in its Geographic Profile of Employment and Unemployment publication.
Unemployment insurance is funded by both federal and state payroll taxes. In most states, employers pay state and federal unemployment taxes if: (1) they paid wages to employees totaling $1,500 or more in any quarter of a calendar year, or (2) they had at least one employee during any day of a week for 20 or more weeks in a calendar year, regardless of whether those weeks were consecutive.
The unemployment rate fell to 4.1% from 4.2% in November. December marked the most monthly job gains seen since March 2023. Revisions to the unemployment rate in 2024 also showed the labor market ...
Other data series are available back to 1912. The unemployment rate has varied from as low as 1% during World War I to as high as 25% during the Great Depression. More recently, it reached notable peaks of 10.8% in November 1982 and 14.7% in April 2020. Unemployment tends to rise during recessions and fall during expansions.
The Fed looks poised to leave rates alone in July but signal cuts are coming soon. ... 2024 at 9:10 PM ... The current unemployment rate of 4.1 percent is still below the Fed’s estimates of the ...
In 2019, only 1.6 million Americans earned no more than the federal minimum wage—about ~1% of workers, and less than ~2% of those paid by the hour. Less than half worked full time; almost half were aged 16–25; and more than 60% worked in the leisure and hospitality industries, where many workers received tips in addition to their hourly wages.
Employees pay 1.5% of their gross salary below the social security threshold and employers pay 1.5% contribution on top of the salary paid to the employee. The contribution level was reduced from 3.25% for employees and employers as part of labour market reforms known as Hartz.