2. Wages Could Hit Steepest Plunge in 18 Years A bad economy is starting to drag down wages for millions of workers. The average weekly wage has fallen 1.4% this year through September. Colorado will become the first state to lower its minimum wage since the federal minimum wage law was passed in 1938, when the state cuts its rate by 4 cents an hour. Source: USA Today, October 16, 2009 Explain how the fall in the average weekly wage and the minimum wage will influence aggregate supply.