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S-I MODEL: A model used to identify equilibrium in Keynesian economics based on injections (investment, I) and leakages (saving, S) for the two basic sectors (household and business). Equilibrium is achieved at the intersection of the saving line, S, and the investment line, I.
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                           CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS: An index of prices of goods and services typically purchased by urban consumers. The Consumer Price Index for All Urban Consumers (CPI-U) is the official name for the Consumer Price Index (CPI) commonly reported in the media. It is compiled and published monthly by the Bureau of Labor Statistics (BLS), using price data obtained from an elaborate survey of 25,000 retail outlets and quantity data generated by the Consumer Expenditures Survey. The CPI-U is so designated to differentiate it from the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The Consumer Price Index for All Urban Consumers (CPI-U) measures the prices of goods and services typically purchased by all urban consumers. The less common Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) tracks the prices of goods typically purchased by urban wage earners and clerical workers. The CPI-W is an extension of the original CPI developed early in the 1900s that provided cost-of-living adjustment information to wage-earning workers (which is why the Bureau of LABOR Statistics oversees the CPI).For formula for calculating the CPI-U is given as: | CPI-U | = | total expenditures on
market basket in current period
total expenditures on
market basket in base period | x 100 |
The CPI-U was introduced in 1978 by the Bureau of Labor Statistics to address some of the deficiencies in the existing consumer price index, which was subsequently designated as CPI-W. The CPI-U provides a broader, more comprehensive measure of the economy's price level. In particular, the newer CPI-U includes the prices of goods and services purchased by about 80 percent of the non-institutionalized population while the older CPI-W includes about only 32 percent. Unless otherwise noted, the CPI reported by the popular press and used for economic analysis is invariably the broader CPI-U.
Recommended Citation:CONSUMER PRICE INDEX FOR ALL URBAN CONSUMERS, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: September 18, 2024].
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John Maynard Keynes was born the same year Karl Marx died.
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