Have Wisconsin Inflation Adjusted Total Wages and Salaries Risen since 2021Q1?

Yes, using either Chained CPI, or East North Central CPI:

Figure 1: Wisconsin total wages and salaries deflated using chained CPI (blue), using official East North Central subregion CPI, adjusted using X-13 (tan), all in billion 2023$ at annual rates. NBER defined peak-to-trough national recession dates shaded gray. Source: BLS, BEA, NBER, and author’s calculations.

The picture doesn’t really change if one expresses in per capita terms:

Figure 2: Wisconsin total wages and salaries per capita deflated using chained CPI (blue), using official East North Central subregion CPI, adjusted using X-13 (tan), all in 2023$ at annual rates. NBER defined peak-to-trough national recession dates shaded gray. Source: BLS, BEA, NBER, and author’s calculations.

Note this is a per capita percentage calculation, as opposed to JEC-Republican per “household” dollar calculation. As discussed in this post, the East North Central and JEC-Republican calculation purportedly for Wisconsin cumulative change matches pretty closely by March 2024, relative to January 2021.

5 thoughts on “Have Wisconsin Inflation Adjusted Total Wages and Salaries Risen since 2021Q1?

  1. pgl

    It is instructive when one captures a key economic issue in a single and honest statistic. Real income has risen since January 2021. Well the adults in the room know that but just wait – the Trumpian babbling babies are about to hit us with a barage of disinformation.

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  2. pgl

    Speaking of per capita:

    World Tomato Production by Country
    Countries by Tomato Production.
    China is the largest tomato producer in the world with 67,636,724.84 tonnes production per year.
    India comes second with 21,181,000 tonnes yearly production.
    With 13,095,258 tonnes of production per year, Turkey is the third largest producer of tomato.
    United States of America, with 10,475,265 tonnes of production per year is ranked at 4.

    https://www.atlasbig.com/en-us/countries-tomato-production

    Even in terms of production per capita – China is way ahead of the US. I guess Bruce Hall has to stop eating tomatoes.

    But wait – Ukraine, Spain, Italy, and Turkey all lead China in per capita production of tomatoes. Remeber than when you ask for ketchup for your French fries.

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  3. pgl

    Hailing all students of CAPM. Yahoo Finance reports an equity beta = 6.36. Now that is really high. Of course one has to consider the amount of leverage for a company whose equity is not worth all that much and has a lot of debt. At the current inflation stock price, the debt/equity ratio is only one so I guess one can say the unlevered beta = 3.18.

    Now as you know, the true value of its equity is much lower which would suggest a much higher leverage effect. So maybe the true unlevered beta is a bit less but one thing in clear, Holding this stock is very risky.

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  4. James

    I did think that this was a little more nuanced take on inflation rather than the “local shopper says they are paying a lot for branded sugary carbonated beverages!” takes that I often read – “Tell the truth about Biden’s economy – Exaggerating the harms of inflation doesn’t help working people.” https://www.vox.com/24134257/biden-economy-inflation-wages-interest-rate During the pandemic – we provided assistance to the most unsecured workers and hence they were able to afford basic food and shelter – Did companies hike their prices in the face of steady and even increased demand? IMO – yes they did – Take a look at the earnings reports https://finance.yahoo.com/news/pepsico-beats-quarterly-revenue-estimates-100656260.html
    IMO – the Biden admin policies were the right thing for the vast majority of us – The GOP solution was to give out PPP loans to rich people and cause price inflation in private jets, fancy cars, and super expensive analog wrist watches – https://www.nbcnews.com/business/personal-finance/government-has-forgiven-nearly-400-billion-covid-relief-ppp-loans-n1274618
    By the way about $400 billion in PPP loans forgiven – and not a peep out of the GOP/Fox News – but heaven forbid some young person should be forgiven some onerous student debt that they have been trying to pay off for ten years – according to the GOP that will cause more inflation in food and shelter.

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