The Bureau of Labor Statistics (BLS) is the official U.S. agency responsible for collecting, analyzing and publishing economic and statistical data on the labor market. Established in 1884, the BLS is part of the U.S. Department of Labor and is a key source for understanding the dynamics of employment, income, working conditions and price trends in the U.S. economy.
Main BLS missions
BLS’s mission is to provide objective, reliable and up-to-date data on several key aspects of the U.S. economy, including:
- Employment and unemployment: BLS regularly publishes statistics on the unemployment rate, job creation, redundancies and movements in the labor market. The monthly Non-Farm Payrolls report is one of its most eagerly awaited and influential publications.
- Wages and hours worked: The BLS collects information on hourly, weekly and annual wages, as well as working hours, which helps us understand income trends for American workers.
- Consumer and producer prices: The BLS is also responsible for publishing theConsumer Price Index (CPI), which measures price trends for household goods and services. This index is a key indicator of inflation. It also publishes theProducer Price Index (PPI), which measures inflation at producer level.
- Productivity and costs: BLS also analyzes labor productivity and labor-related costs. These data are important for understanding the economic efficiency and competitiveness of American companies.
- Occupational health and safety: The office collects statistics on occupational accidents, illnesses and working conditions, providing crucial data for public health and occupational safety regulations.
Major BLS publications
BLS publishes a number of key economic reports and indicators, including :
- Employment report: This report is published monthly and includes Non-Farm Payrolls, the unemployment rate, as well as information on labor market participation and job creation by sector.
- Consumer Price Index (CPI): The CPI is one of the main measures of inflation in the United States. It is used by economic decision-makers, such as the Federal Reserve, to adjust monetary policies.
- Producer Price Index (PPI): The PPI measures the variation in prices producers receive for their products and services, providing an early indication of inflationary pressures in the economy.
- Labour Force Survey: This monthly household survey estimates the number of people in employment, unemployed or outside the labour market.
Importance for financial markets and the economy
BLS data is crucial not only for policymakers, such as the Federal Reserve, but also for investors, businesses and economists. The information provided by the BLS allows us to better understand economic trends and make informed decisions on monetary policy, taxation and investment strategy.
For example, figures on job growth or wages may signal an expanding economy, which could lead the Fed to raise interest rates to prevent overheating and inflation. Conversely, rising unemployment could prompt monetary easing to support growth.
Methodology and rigor
The BLS strives to produce high-quality statistics, based on rigorous surveys and transparent methodologies. The bureau works with large representative samples of the population and businesses, and applies strict procedures to ensure the reliability of the data collected. In addition, its reports are often revised as new information becomes available, guaranteeing accurate estimates.
