The Bureau of Labor Statistics (BLS) is a federal agency within the United States Department of Labor responsible for collecting, analyzing, and disseminating data regarding labor economics and statistics.
Created in 1884, the BLS conducts surveys and research to produce comprehensive and reliable information on employment, unemployment, inflation, wages, compensation, productivity, and other economic measures. It serves as a vital resource for policymakers, economists, researchers, businesses, labor unions, and the general public.
The primary objective of the BLS is to provide accurate and timely data that can assist in understanding the current state of the nation's labor market, as well as historical trends and future projections. To accomplish this, the bureau employs various methods such as household surveys, establishment surveys, and administrative records, ensuring a broad representation of industries, occupations, and geographic regions.
The BLS also plays a significant role in calculating and publishing the Consumer Price Index (CPI), a widely used measure of inflation. Furthermore, it produces important reports including the Employment Situation, the Producer Price Index (PPI), and the Occupational Outlook Handbook, which provides detailed information on various occupations.
By providing objective and reliable data, the Bureau of Labor Statistics helps government agencies, businesses, researchers, and individuals make informed decisions. Its commitment to statistical accuracy, integrity, and impartiality has established it as a valuable resource in understanding and interpreting the intricacies of the U.S. labor market.
