Bureau of Labor Statistics (BLS)
What it is:
How it works/Example:
The Bureau of Labor Statistics provides a wide range of data that measures the state of the U.S. economy. Considered an independent statistical agency, the BLS collects, analyzes, and organizes the essential economic data to support the decisions of businesses, individuals and public agencies.
The BLS compiles and report the Consumer Price Index (CPI), changes in unemployment, wage data, productivity data, the Producer Price Index (PPI) and an occupational handbook that offers a wealth of information on career exploration for individuals. The website is found at www.bls.gov.
Why it matters:
The Bureau of Labor Statistics plays a crucial role in providing updated information to a constantly changing U.S. and global economy. It helps individuals find industries and careers that are in high demand, gives them great information about any career or occupation they want to know more about and educates them on how they can receive the training/education they need in order to advance in their careers.
For business and employers, the BLS statistics can help identify market trends, provide salary data to keep employees' compensation competitive and help them identify what their employees' needs are in regards to training/education.