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I said "average" not "mean". The median is a form of average. BLS looks at mostly median households in the survey dataset, but also considers means of some ag
by mlyle 3y ago
I said "average" not "mean". The median is a form of average.
BLS looks at mostly median households in the survey dataset, but also considers means of some aggregates, when choosing weightings of goods in the basket.
I suspect in the specific case you're talking about -- housing -- using the mean would overweight housing in the basket.