iirc, the Federal minimum wage is $7.25. Some states have higher minimums. Using the BLS CPI calculator, the $1.60 minimum wage of fall 1973, is now worth $11.36. While there is an official minimum wage, it has nothing to do with the minimum income it takes to live.
Look at historical unemployment rates. Sub 4% rates are an aberration.
When you are scraping the bottom of the manpower pool, you are going to get a lot of people that, where you not so desperate for bodies, you would throw back.
Steve