Use the FRED website (https://fred.stlouisfed.org/) to find the values for October 2020 and October 2022 of average hourly earnings (all employees, total private) and the CPI (all urban consumers, city average). Report your results here, rounding the CPI numbers to the nearest hundredth (two digits after the decimal point). Be sure to identify clearly which number is which.

If we use the numbers you found in the first part as our measures of nominal wages and the price level, by what percent did real wages change between October 2020 and October 2022? Explain how you did your calculation.

Is what you calculated in part 2 a good measure of how every family's material standard of living changed between October 2020 and October 2022? Explain in about 100 words (no more than 150).