consumer price index
It is an old adage that there are lies, damn lies and then there are statistics. Nowhere is this truer that in the government’s monthly Consumer Price Index (CPI) that tracks the prices for a selected “basket” of goods to determine changes in people’s cost-of-living and, therefore, the degree of price inflation in the American economy.
The apparent divergence between Labor Productivity and earnings has been noticed by various progressive think tanks and is now making its way into public discourse. The divergence is easy to explain.