The purchasing power of the federal minimum wage peaked in 1968 at $1.60 ($12.00 in 2019 dollars).[7][1][9] If the minimum wage in 1968 had kept up with labor's productivity growth, it would have reached $19.33 in 2017.[10] In 2019, the Congressional Budget Office released a report which estimated that raising the federal minimum wage to $15 an hour would benefit 17 million workers, but also cause 1.3 million people to lose their jobs.[11][12]