Question: Average hourly wages for workers in service industries for the four years from 2002 through 2005 are reported here. Use the Consumer Price Index information

Average hourly wages for workers in service industries for the four years from 2002 through 2005 are reported here. Use the Consumer Price Index information provided to deflate the wages series. Calculate the percentage increase or decrease in real wages and salaries from 2003 to 2005.

Year 2002 2003 2004 2005 Hourly Wages 18.52 18.95 19.23 19.46 CPI (1982-1984 base) 179.9 184.0 188.9 195.3

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