Explore the connection between the economic indicators and real-world issues. These lessons typically can be done in one class period.
The Bureau of Labor Statistics of the U.S. Department of Labor today reported revised productivity data--as measured by output per hour of all persons--for the second quarter of 2002. The seasonally-adjusted annual rate of productivity growth in the second quarter was 1.5 percent. The increase in productivity is larger than the 1.1% reported on August 9, due primarily to upward revisions in the level of output. The productivity number referred to is that of the nonfarm business sector, the most commonly used gauge of productivity.
This lesson focuses on the Consumer Price Index (CPI) reported on February 20, 2008, by the U.S. Bureau of Labor Statistics for the month of January 2008. Students read the BLS report, read about the meaning of the CPI, determine the change in consumer prices, and explore how the change in the CPI impacts consumers and the economy. Students check their understanding by completing interactive exercises.