From December 2017 to December 2018, Average Hourly Earnings for All Employees (average nominal wage rate)...
From December 2017 to December 2018, Average Hourly Earnings for All Employees (average nominal wage rate) rose 3.2%, while consumer prices rose 2.2%. How much did real wages grow on average?
Homework Answers
Real wage rate = Nominal Wage rate / Consumer price level, therefore
% Change in Real wage rate = % Change in Nominal Wage rate - % Change in Consumer price level
= 3.2% - 2.2%
= 1%
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From December 2017 to December 2018, Average Hourly Earnings for
All Employees (average nominal wage rate)...
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