Current employment statistics

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Reference no: EM131798330

Each month the Current Employment Statistics (CES) program surveys numerous businesses and government agencies in order to obtain detailed data on earnings of workers. Consider the following data on the national average of hourly earnings for 2008. Also included is the corresponding consumer price index for 2008. The data set can also be found on the text website, labeled Earnings 2008.

Month	Earnings	CPI	Month	Earnings	CPI
January	21.25	173.3	July	21.66	183.7
February	21.29	173.3	August	21.74	181.9
March	21.43	175.8	September	21.80	182.0
April	21.43	176.5	October	21.84	177.3
May	21.52	178.8	November	21.93	172.3
June	21.60	181.5	December	21.96	169.4

a. Use the CPI to deflate the national average of hourly earnings.

b. Compute the percentage change in the nominal as well as real hourly earnings in 2008.

c. Were consumers getting better off over 2008? Explain.

Use the following information on CPI and PPI for the next three exercises.

Year	CPI (1982-84 = 100)	PPI (1982 = 100)
2006	201.59	164.80
2007	207.34	172.70
2008	215.30	189.60
2009	214.54	172.90

Reference no: EM131798330

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