The consumer price index for all urban consumers rose by a moderate 0.2%, seasonally adjusted, in September and a mere 1.5% over the September 2001 level, the Bureau of Labor Statistics reported today.
The consumer price index for all urban consumers (CPI-U) rose by a moderate 0.2%, seasonally adjusted, in September and a mere 1.5% over the September 2001 level, the Bureau of Labor Statistics (BLS) reported today. The "core rate," omitting food and energy costs, inched up by 0.1% for the month and 2.2% for the past 12 months, one of the slowest rates since 1965.
The combination of a minimal price increase and a strong 0.6% rise in average weekly hours in September meant that real (inflation-adjusted) average weekly earnings increased by 0.7% for the month and 3.7% for the 12-month period, BLS reported. That helps maintain consumer buying power. Average hourly earnings for construction workers were $19.06 in September, up by 3.0% (without adjusting for inflation) from September 2001, matching the private-industry average. Because average weekly hours for construction workers fell over the year, average weekly earnings rose by less, 2.2%.