Have Wages Kept Up with Inflation?

Описание: How to use FRED data to compare wage growth to consumer price inflation:

This video tutorial walks through the process of measuring economic performance of wages vs. inflation in FRED. The process identified in this tutorial are provided step-by-step below:

1. Go to https://fred.stlouisfed.org/.
2. Search for “Average Hourly Earnings of All Employees: Total Private” (dollars per hour, seasonally adjusted). This graphs nominal wages.
3. Copy series ID#: CES0500000003.
4. Hit the “Edit Graph” button.
5. Choose “Add Line.”
6. Paste series ID into field.
7. Hit the “Add Data Series” button.
8. Under “Edit Lines,” in the Customize data section, add series “Consumer Price Index for All Urban Consumers: All Items.”
9. In the Formula field, apply the formula a/b*100. This graphs real wages.
10. In the Units field, choose “Index (Scale value to 100 for chosen date).”
11. In the Select a Date fields, choose “2020-04-01 End.” The graph will show that since the recession, wages have not kept up with inflation.

For more information and to use FRED, visit: https://fred.stlouisfed.org/

For help specific to FRED, visit: https://fredhelp.stlouisfed.org

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