High inflation leads federal minimum wage to reach lowest value since 1956, report finds

By: Lorie Konish – July 15, 2022 – CNBC

Record high inflation has pushed the value of the federal minimum wage down to the lowest level in 66 years, according to a new analysis from the Economic Policy Institute.

That minimum federal hourly rate of $7.25 per hour is worth less than any time since February 1956, according to the Washington, D.C., think tank. (Read more)