The Bureau of Labor Statistics (BLS) is a federal agency dedicated to gathering and distributing data about the U.S. economy and labor market. Some of its most recognized reports include the Consumer Price Index (CPI) and the Producer Price Index (PPI), both essential in measuring inflation. Additionally, the BLS is responsible for the Import/Export Index (MXP), which monitors price changes for goods traded by the U.S.
Key Insights
- The Bureau of Labor Statistics (BLS) is an American government agency focused on collecting and sharing various economic and employment statistics.
- The BLS produces crucial inflation indicators: the Consumer Price Index (CPI) and Producer Price Index (PPI).
- The agency also compiles national and regional data on employment, labor force participation, productivity, and wages.
The Role of the Bureau of Labor Statistics (BLS)
As an extension of the U.S. Department of Labor, the BLS’s primary mission is to research, gather, and publish a wide array of statistical data related to the labor market, prices, and productivity. By ensuring accuracy, impartiality, and public accessibility, the BLS has made its reports and statistics invaluable to the U.S. economy.
The data released by the BLS is widely cited by media outlets and relied upon by businesses, scholars, and policymakers for critical decision-making. Economists and market analysts often turn to BLS releases to refine their economic forecasts and market strategies. Historically, the BLS’s empirical evidence has played a significant role in shaping economic policies, including justifications for changes in the minimum wage.
Significant Data Reports
Some key statistical releases from the BLS include:
- The Consumer Price Index (CPI): A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, used to gauge inflation.
- The Producer Price Index (PPI): Reflects the average change in selling prices received by American producers for their goods and services.
- Local Area Unemployment Statistics (LAUS): Offers detailed data on labor efficiency and unemployment at a local level.
- The National Compensation Survey (NCS): Provides aggregate data on earnings, benefits, and total compensation across various sectors.
- The Current Population Survey (CPS): Conducted in collaboration with the Census Bureau, this monthly survey gathers information about the demographic characteristics and employment status of household members who are of working age. This survey includes the national unemployment rate and is pivotal for labor force statistics.
The Historical Evolution of the Bureau of Labor Statistics (BLS)
The BLS was established as a part of the Department of the Interior in 1884, tasked with researching and compiling economic and labor information. After operating as an independent department for almost 15 years, it was integrated into the brief-lived Department of Commerce and Labor in 1903. A decade later, amid reorganization when the Department of Commerce and Labor was renamed to the Department of Commerce in 1913, the BLS was transferred to the newly-formed Department of Labor (DOL), tasked with enforcing federal labor standards and enhancing workers’ well-being.
In its evolution, the BLS has steadfastly remained a cornerstone for reliable and comprehensive economic data, underpinning both national policy-making and broader economic analysis.
Related Terms: economics, employment statistics, labor data, inflation indicators.
References
- U.S. Census Bureau. “Current Population Survey”.
