Bureau of Labor Statistics - Explained
What is the Bureau of Labor Statistics?
Written by Jason Gordon
Updated at March 28th, 2023
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What is the Bureau of Labor Statistics?
The Bureau of Labor Statistics is a Federal statistical agency saddled with the responsibility of collecting, processing, analyzing, disseminating and storing essential statistical data that reflect the economic position and state of the US.
Back to: ECONOMIC ANALYSIS & MONETARY POLICY
What does the Bureau of Labor Statistics Do?
As an arm of the U.S Department of Labor, the Bureau of Labor Statistics conducts research, compiles a wide range of statistical market, prices and productivity data. The data provided by the bureau are cited by businesses, academics, media, and others. They provide the most detailed and informative data on the U.S economy following from extensive, impartial and accurate research.
Major Data Releases
The Bureau has published several statistical data ranging from Consumer Price Index (CPI) which serves as a standard gauge for the cost of living; Local Area Unemployment Statistics (covering unemployment); National Compensation Survey (workers earnings in different sectors) to Household survey, a survey covering population and unemployment rates in the U.S.
History of the BLS
The Bureau of Labor Statistics was established as a subset of the Department of Interior in 1884 with the purpose of conducting research and compiling information about economics and labor. It became a part of the Department of labor in 1913 to date. It is important to note that economic policies rely on the Bureau's data. For example, the minimum wage was raised as a result of the outcome of the Bureau's research.
Related Topics
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- Labor Force Participation Rate
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- Bureau of Labor Statistics
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- Okun's Law
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- Labor Productivity - Explained
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- Job Openings and Labor Turnover Survey
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- Bureau of Labor Statistics
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