Guide Note

On July 24, 2008, the federal minimum wage increased by 70 cents, from $5.85 to $6.55 an hour. The increase is phase two of a three-part increase under the 2007 Fair Minimum Wage Act. About two million Americans' hourly wages increased to $6.55 an hour. On July 24, 2009, the national minimum wage will increase to $7.25 an hour.^{1 2}

Fast Facts

1. July 24, 2008: Federal minimum wage increased to $6.55 an hour²
2. Minimum wage went up from $5.85, an increase of 70 cents an hour²
3. About two million Americans affected by the increase²
4. One of three increases mandated by the Fair Minimum Wage Act of 2007¹
5. Third, and final, increase under the act set for July 24, 2009; minimum wage will rise to $7.25 an hour¹
6. Nearly half of all U.S. states have minimum wages above the federal standard²
7. Some small businesses planned to raise prices to offset the higher wages²