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The Bureau of Labor Statistics (BLS) is a branch of the U.S. Department of Labor and is the principal federal agency responsible for collecting and disseminating labor-related data. Established in 1884 and located in Washington, D.C., the BLS is essential to understanding the nation's current and future economic conditions.
The BLS produces a broad array of economic and labor-related data, including a monthly report on the employment situation, monthly Consumer Price Index Data, annual Producer Price Index Data, and Labor Force Participation statistics. In addition, the BLS produces numerous other statistical measures of labor market activity for major metropolitan areas and all U.S. states.
The Consumer Price Index (CPI) is a key component of the BLS's monthly report on the labor market, and tracks the change in the price of a select basket of goods and services. Adjusting for general inflation, the CPI helps to guide businesses' decisions on the cost of goods and services, as well as government decisions on setting tax rates and other policy initiatives.
The Producer Price Index (PPI) is another component of the monthly labor market report and measures the average change in prices paid by businesses for wholesale goods and services. This indicator is integral to business decisions on determining the cost of goods and services, as well as how much to pay suppliers and contractors.
On a more regional level, the BLS produces summarised data on employment at the national level, as well as offering figures by state and major metropolitan areas. The BLS also produces data on wages and salaries, benefits, work hours and much more.
It is clear the BLS has an integral role in providing key economic and labor statistics not just within the U.S., but across the world. Without the BLS, it would be impossible to gauge the true economic health of the United States and develop strategies to improve employment figures and overall economic growth.
The BLS produces a broad array of economic and labor-related data, including a monthly report on the employment situation, monthly Consumer Price Index Data, annual Producer Price Index Data, and Labor Force Participation statistics. In addition, the BLS produces numerous other statistical measures of labor market activity for major metropolitan areas and all U.S. states.
The Consumer Price Index (CPI) is a key component of the BLS's monthly report on the labor market, and tracks the change in the price of a select basket of goods and services. Adjusting for general inflation, the CPI helps to guide businesses' decisions on the cost of goods and services, as well as government decisions on setting tax rates and other policy initiatives.
The Producer Price Index (PPI) is another component of the monthly labor market report and measures the average change in prices paid by businesses for wholesale goods and services. This indicator is integral to business decisions on determining the cost of goods and services, as well as how much to pay suppliers and contractors.
On a more regional level, the BLS produces summarised data on employment at the national level, as well as offering figures by state and major metropolitan areas. The BLS also produces data on wages and salaries, benefits, work hours and much more.
It is clear the BLS has an integral role in providing key economic and labor statistics not just within the U.S., but across the world. Without the BLS, it would be impossible to gauge the true economic health of the United States and develop strategies to improve employment figures and overall economic growth.