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Consumer Price Index

Area prices were down 0.5% in December, up 6.0% over the year. Midwest Region, December 2022

Prices in the Midwest Region, as measured by the Consumer Price Index for All Urban Consumers, declined 0.5% in December, the U.S. Bureau of Labor Statistics reported on Jan. 12. The index for energy decreased by 7.2% in December, mainly due to falling prices for gasoline. The index for all items less food and energy increased 0.1 percent, while the food index rose 0.3 percent over the month. Within the all items less food and energy index, prices for owners’ equivalent rent of residences contributed the most to the rise.

Percentage Worked

69.8 percent of people who worked in 2021 worked full time, year round

A total of 166.8 million people worked at some point during 2021 in the United States, up by 1.2 million from 2020. The proportion of workers who worked full time, year round (that is, 50 to 52 weeks) rose from 63.1% in 2020 to 69.8% in 2021. Among men who worked in 2021, 74.6% worked full time, year round, compared with 64.5% of women. Labor market conditions continued to improve in 2021, reflecting the resumption of economic activity that had been curtailed because of the COVID-19 pandemic and efforts to contain it. Among those with work experience in 2021, 81.8% usually worked full time, up 0.9% from a year earlier. The proportion of men who usually worked full time increased by 0.4% in 2021 to 86.7%. The proportion of women working full time increased by 1.4 percentage points to 76.4%.

Source: Bureau of Labor Statistics, U.S. Department of Labor

Manufacturing Export Prices

Manufacturing export prices up 5.8 percent over the year ended November 2022

Prices for U.S. exports increased 6.3% from November 2021 to November 2022, the smallest 12-month increase since February 2021, according to the Bureau of Labor Statistics. Prices for manufacturing exports increased 5.8% over the year ended November 2022, after increasing 11.8% over the year ended November 2021. Manufacturing export prices decreased 0.8% over the year ended November 2020, and 0.6% over the year ended November 2019.

Source: Bureau of Labor Statistics, U.S. Department of Labor, The Economics Daily

INVOLUNTARY PART-TIME WORKERS

December 2022, Number of involuntary part-time workers in December 2022 below pre-pandemic levels

The number of people at work part time for economic reasons, also called involuntary part-time workers, totaled 3.9 million in December 2022, according to the Bureau of Labor Statistics. These workers would have preferred full-time employment but were working part time because their hours had been reduced due to slack work or they were unable to find full-time jobs. This was a half million fewer people than in February 2020, the month before the start of the COVID-19 pandemic and the recession that resulted from it.

Source: Bureau of Labor Statistics, U.S. Department of Labor

Source: Bureau of Labor Statistics, U.S. Department of Labor

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