Bureau of Labor Statistics (BLS)

Definition

The Bureau of Labor Statistics (BLS) is a U.S. government agency that collects, analyzes, and disseminates essential economic information. It plays a crucial role in understanding labor market conditions, inflation, and productivity.

5 Must Know Facts For Your Next Test

1. The BLS publishes the Consumer Price Index (CPI), which measures inflation.
2. It provides the monthly Employment Situation report, detailing unemployment rates and job growth.
3. BLS data helps in setting monetary policy by influencing Federal Reserve decisions on interest rates.
4. The agency's Occupational Employment Statistics (OES) program offers detailed data on employment and wages across different industries.
5. BLS productivity reports are crucial for assessing economic efficiency and growth potential.

Review Questions

• What type of information does the BLS collect and analyze?
• How does the Consumer Price Index (CPI) published by the BLS influence economic policy?
• Why are BLS employment reports significant for understanding the health of the economy?

Related terms

Consumer Price Index (CPI): A measure that examines the average change in prices paid by consumers for goods and services over time.

Unemployment Rate:

The percentage of the total labor force that is unemployed but actively seeking employment.

Monetary Policy:

Actions taken by a central bank to manage interest rates and money supply to achieve macroeconomic objectives like controlling inflation.