What Is the Bureau of Labor Statistics (BLS)?
Let me tell you about the Bureau of Labor Statistics, or BLS—it's a federal agency that gathers and shares all sorts of data on the U.S. economy and labor market. You'll find their reports cover things like the Consumer Price Index (CPI) and the Producer Price Index (PPI), which are crucial for tracking inflation. They also handle the Import/Export Index (MXP), monitoring price shifts in goods the U.S. buys and sells.
Key Takeaways
As a government agency, the BLS focuses on collecting and distributing economic and employment data across the U.S. They're the ones behind major inflation indicators such as the CPI and PPI. Beyond that, they provide national and regional stats on employment, labor force involvement, productivity, and wages—data you can rely on for understanding broader trends.
Understanding the Bureau of Labor Statistics (BLS)
The BLS, part of the U.S. Department of Labor, exists primarily to research, compile, and publish statistical data on the labor market, prices, and productivity. They put significant effort into making sure their reports are accurate, impartial, and easy to access, and these statistics rank among the most influential for the American economy.
Media outlets often cite BLS data, and it's a go-to resource for businesses, academics, and policymakers when making decisions. Economists and market watchers pay close attention to their releases to form better predictions about future economic and market performance. Throughout its history, the BLS has provided empirical evidence that shapes economic policy, such as supporting increases in the minimum wage.
Most Important Data Releases
- The Consumer Price Index (CPI): This aggregates prices of a fixed basket of goods to gauge inflation and living costs.
- The Producer Price Index (PPI): It measures average prices that U.S. producers get for their goods and services.
- Local Area Unemployment Statistics (LAUS): Offers localized data on labor efficiency and unemployment.
- The National Compensation Survey (NCS): Provides comprehensive data on workers' earnings across sectors.
- Current Population Survey (CPS): A monthly survey with the Census Bureau that determines demographic and employment details for working-age household members, including the national unemployment rate.
History of the Bureau of Labor Statistics (BLS)
The BLS started as a branch of the Department of the Interior in 1884, tasked with researching economics and labor. It operated independently for about 15 years before joining the Department of Commerce and Labor in 1903. That setup lasted only a decade; in 1913, when the department became the Department of Commerce, the BLS and other labor-focused entities moved to the newly formed Department of Labor, which enforces federal labor standards and promotes worker welfare.
Example of a Bureau of Labor Statistics Press Release
Take the BLS's monthly state job openings and labor turnover report from October 29, 2024, based on September data—it showed job openings steady at 7.4 million, hiring at 5.6 million, and separations at 5.2 million. Their press releases typically include commentary, summarized numbers in tables by industry and region, visualizations like state maps of job opening rates, and technical notes explaining data sources, methodology, and scope, such as focusing only on nonfarm jobs.
Frequently Asked Questions
You might wonder, what exactly is the BLS? It's an agency under the Department of Labor that collects, analyzes, and shares key economic data on labor and employment, covering trends in jobs, wages, inflation, and productivity since 1884.
What are its main functions? The BLS gathers and analyzes data on labor conditions, including employment rates, wages, and price changes, producing reports like the CPI and PPI.
How does it collect data? Through surveys, censuses, and records—the Current Population Survey, for instance, pulls labor info from households, while the National Compensation Survey covers wages and benefits.
How often do reports come out? Many key indicators are monthly, but others like the Occupational Outlook Handbook appear annually or less frequently.
How does the BLS handle inflation? They define it as rising general prices that erode purchasing power, measuring it via CPI and PPI tracking changes in goods and services over time.
The Bottom Line
In essence, the BLS handles data collection, analysis, and dissemination on labor and economic conditions, from employment and wages to inflation and productivity. Through surveys and reports, it supports policy-making and gives clear insights into market trends and economic health—data you can use to stay informed.
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