No. The Consumer Price Index (CPI) is an index, not a dollar price. For most CPI series, the 1982–84 average was set equal to 100; later index values show price levels relative to that base.
In the Current Population Survey, a person is classified as employed if they worked at least 1 hour for pay or profit during the survey reference week. People temporarily absent from a job can also count as employed, and unpaid family worke
GDP is the market value of goods and services produced in an economy. GDP per capita is GDP divided by population. It is a measure of production per person, not the amount of income received by the average person or household.
No. BLS says CPI index levels for different areas cannot be used to compare which area has a higher cost of living. The indexes measure price change from each series’ base, not absolute price levels across places.
Because the unemployment rate equals unemployed people divided by the labor force, the rate can fall if unemployed people stop actively looking for work and therefore leave the labor force, even if they do not become employed.
An average (mean) adds everyone’s earnings and divides by the number of workers. A small number of very high earners can therefore pull the average upward. The median is different: it is the midpoint, with half of workers above it and half
No. The Consumer Price Index (CPI) measures average price change for a representative market basket purchased by its reference population of urban consumers.
The labor-force participation rate is the labor force divided by the civilian noninstitutional population age 16 and older. The labor force includes people who are employed plus people who meet the definition of unemployed.
Median earnings are the midpoint of an earnings distribution: half of workers earn more and half earn less.
No. In BLS productivity statistics, hourly compensation includes wages plus benefits paid per hour of work, including employer contributions such as health insurance and retirement.
