Manufacturing Earnings and Cycles: New Evidence

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all urban consumers. Note that the latter (CPI-U-Xl) is a BLS retrospectively calculated
estimate of how the all items index would have moved (from 1967 to 1982) had the CPI
been calculated using the flow of services approach to shelter. Prior to 1967 we use the
official series reported by the BLS. In December 1982 the production CPI began to use flow
of services approach. Hence as in other studies of wages (see Abraham and Haltiwanger,
1995) we employ the CPI, which is most consistent with the series currently reported by the
BLS. We thank the BLS for providing the unpublished 1967-82 consumer price data as well
as the Current Population Survey data.

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