What were the average real hourly wage and employment rates in 1979 and 1995 in the retail trade and mining and logging industries? What were the percentage changes in the wage rate and employment for both industries? On the basis of the changes in wages and employment, what can you infer about the relative size of the changes in labor demand and labor supply? Go to the Bureau of Labor Statistics Data Web site ( http://www.bls.gov/data/

home.htm ) and select “Series Report.” Enter the following ID series numbers:

CES1000000001, CES1000000032, CES4200000001, and CES4200000032. Then click on “All Years.” This will retrieve average hourly earnings (in 1982 dollars) and employment for mining and logging and retail trade.