1. 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?
2. Identify an MSA (Metropolitan Statistical Area) in the state (https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-metro-area.htm Links 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?
3. Can you identify a state where wages have kept up with inflation the best, and fallen behind the worst?
4. Refer to Bureau of Labor Statistics (BLS) Occupational Employment and Wage Statistics (https://www.bls.gov/oes/tables.htm Links 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?