The International Monetary Fund released its annual review of the U.S. economy on Monday and called on the U.S. to raise its federal minimum wage rate.
The IMF described the U.S. minimum wage as low by both historical and international standards, saying that an increase would raise incomes for millions of working poor Americans.
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This marks the first time that the IMF has endorsed raising the U.S. minimum wage.
Currently, the U.S. federal minimum wage stands at $7.25 per hour, but 22 states and the District of Columbia have higher minimum rates.
The IMF also lowered its U.S. gross domestic product growth forecast to 2 percent for this year. For 2015, it maintained a forecast of 3 percent.
First published June 16 2014, 6:36 AM