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Article: U.S. Labor Department Reports that Inflation Outpaced Wage Increases in 2003.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 16, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Rob Varnon, Connecticut Post, Bridgeport Knight Ridder/Tribune Business News
Jan. 16--Inflation outpaced the wage increases for working class families in 2003, according to numbers released Thursday by the U.S. Labor Department.
The Labor Department released two reports that said nonsupervisory workers' real earnings increased by 1.7 percent in 2003 while the consumer price index ended the year 1.9 percent higher than it did in December 2002.
But Donald Klepper-Smith, chief economist with New Haven-based Scillia Dowling and Natarelli Advisors, said a better gauge is the annual inflation rate, which increased 2.3 percent in 2003.
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