The table below (with data from the Bureau of Labor Statistics) shows (1) the number of people employed full time in transportation and material moving occupations, in thousands, (2) the median weekly wages of those workers, in dollars, (3) the Consumer Price Index for Urban Consumers (CPI-U), and (4) the percentage change in CPI-U from the preceding year.
In the sortable table below, click on the column title to organize the table by that column's values.
|Year||Thousands of Wokers||Median Weekly Wage||CPI-U||Percentage change in CPI-U|
Decide whether the following statements are true or false about this scenario.
The greatest percentage increase in median weekly wages occurred between 2007 and 2008.
Assume the average weekly wages and median weekly wages are approximately equal. In this case, an estimate of the total wages spent per week on all workers in this field of employment was greater in 2008 than in 2009.
Using the CPI-U as a measurement of inflation in “the cost of living,” a worker making the median wage in this field, employed continually between 2004 and 2014, would find that his wages offered less purchasing power, relative to the cost of living.