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Consumer Price Index (CPI)
A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Producer Price Index (PPI)
Measures the average change over time in the selling prices received by domestic producers for their output.
Inflation
The rate at which the general level of prices for goods and services is rising, eroding purchasing power.
BLS (Bureau of Labor Statistics)
The U.S. agency responsible for collecting and analyzing labor economic data.
Consumer Expenditure Survey
An annual survey that collects data on consumer spending habits in the United States.
Leading Indicator
An economic factor that changes before the economy starts to follow a particular pattern or trend, such as the PPI anticipating changes in the CPI.
Market Basket
A collection of goods and services used to track price changes over time in the CPI.
Voluntary Participation
A principle that guarantees that respondents can choose whether to participate in a survey or study.
Occupational Outlook Handbook
A guide that provides projections of employment growth and job opportunities in various occupations.
Relative Importance
A measure used to determine the weight of each good in the Consumer Price Index based on consumer spending.
