Inflation Refer to BLS data on 12 month percentage change, Consumer Price Index, by region and division, all item s (https www bls gov charts consumer price index consumer price index by region htmLinks to an external site ) and Percent change in average weekly wages by state, total covered employment (https www bls gov charts county employment and wages percent change aww by state htmLinks to an external site ) Pick a state in the wages data and its associated region in the CPI data How have wage changes compared to CPI changes (i e , inflation) How much are wages keeping up or falling behind inflation Identify an MSA (Metropolitan Statistical Area) in the state (https www bls gov charts consumer price index consumer price index by metro area htmLinks to an external site ) How is inflation in the metro area compared to inflation in the state Are wages keeping up with inflation better than in the state as a whole, or not Can you identify a state where wages have kept up with inflation the best, and fallen behind the worst Refer to Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (https www bls gov oes tables htmLinks to an external site ) Find the wage salary data for your occupation and calculate the rate of growth from May 2020 to May 2021 (last year of available data) How well or not have wages salaries in your occupation kept up with inflation How does this compare to all wages in the state you work in Has your own compensation kept up with that of your occupation

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 03, 2024

Inflation Refer to BLS data on 12-month percentage change, Consumer Price Index, by region and division, all item s (https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-region.htmLinks to an external site.) and

Inflation

Refer to BLS data on12-month percentage change, Consumer Price Index, by region and division, all items (https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-region.htmLinks to an external site.) and Percent change in average weekly wages by state, total covered employment (https://www.bls.gov/charts/county-employment-and-wages/percent-change-aww-by-state.htmLinks to an external site.).

Pick a state in the wages data and its associated region in the CPI data. How have wage changes compared to CPI changes (i.e., inflation)? How much are wages keeping up or falling behind inflation?
Identify an MSA (Metropolitan Statistical Area) in the state (https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-metro-area.htmLinks to an external site.). How is inflation in the metro area compared to inflation in the state? Are wages keeping up with inflation better than in the state as a whole, or not?
Can you identify a state where wages have kept up with inflation the best, and fallen behind the worst?
Refer to Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (https://www.bls.gov/oes/tables.htmLinks to an external site.). Find the wage/salary data for your occupation and calculate the rate of growth from May 2020 to May 2021 (last year of available data). How well or not have wages/salaries in your occupation kept up with inflation? How does this compare to all wages in the state you work in? Has your own compensation kept up with that of your occupation?