Wakefield, MI's Data
About Wakefield, MI's
Wakefield is a city located in Gogebic County in the Upper Peninsula of Michigan, United States. Established in the late 19th century, the city was primarily developed due to the mining boom in the region, particularly for its iron ore. Nestled amidst lush forests and close to Lake Superior, Wakefield's history is deeply intertwined with the natural resources of its surroundings. This small city offers a glimpse into the historical economic activities that shaped much of the Upper Peninsula's development.
Things To Do in Wakefield, MI
Hike: Here are a couple of local trails to check out!
Local Attractions in Wakefield, MI
Indianhead Mountain - A popular ski resort known for its downhill skiing and scenic views of the Upper Peninsula.
Black River Harbor Recreation Area - Offers beautiful waterfalls, hiking trails, and access to Lake Superior.
Sunday Lake - A focal point in Wakefield providing opportunities for boating, fishing, and picnicking.
Historic Ironwood Theatre - A restored 1928 theater that hosts performances and cultural events, located a short drive from Wakefield.
Gogebic County Fairgrounds - Hosts various events including the annual county fair, drawing visitors and residents for entertainment and community activities.
The Economy of Wakefield, MI
The economy of Wakefield, historically reliant on mining, has diversified over the years. While the mining industry has significantly dwindled, the city has shifted towards sectors such as tourism, local services, and small-scale manufacturing. The natural beauty of the region, including nearby lakes and forests, supports its tourism sector. Additionally, the city benefits from its proximity to larger economic centers in the Upper Peninsula, which facilitates regional trade and employment.
Wakefield, MI Inflation
Understanding the BLS and Inflation in Wakefield, MI
The Bureau of Labor Statistics (BLS) is a government agency that collects and analyzes economic data across the U.S., including cities like Wakefield, MI. One of its key responsibilities is tracking inflation through the Consumer Price Index (CPI), which measures how the cost of everyday goods and services changes over time. Inflation can impact everything from housing prices to the cost of groceries, gas, and utilities across the area. By tracking inflation, the BLS helps people from Wakefield, MI understand how their purchasing power is affected and provides insights for businesses and policymakers.
What This Graph Represents
This graph shows inflation trends in Wakefield, MI using the CPI, highlighting how prices have changed over time. The x-axis represents time (months and years), while the y-axis represents price levels. If the graph moves upward, it means the cost of living is rising, which can affect everything from rent to gas prices. A flatter or downward trend suggests that inflation is stabilizing or decreasing. Keeping an eye on inflation is important for people from Wakefield, MI when budgeting for housing, wages, and daily expenses. You can hover over the graph to see exact values for each month and check the "Most Recently Updated" label to ensure you’re viewing the latest available data.
Company Recall Data in Wakefield, MI
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