Legal Definitions - BLS

BLS stands for the Bureau of Labor Statistics.

The Bureau of Labor Statistics (BLS) is a principal federal agency within the United States Department of Labor. Its core mission is to collect, analyze, and disseminate a wide range of economic data related to the U.S. labor market, working conditions, and price changes. This data is essential for policymakers, businesses, researchers, and the public to understand economic trends, make informed decisions, and evaluate the overall health of the economy.

• Example 1: Understanding National Employment Trends

  A television news report announces that the national unemployment rate has fallen to its lowest point in decades, indicating a robust job market. The anchor specifies that these figures come from the latest monthly jobs report released by the BLS.

  This example illustrates the BLS's crucial role in measuring and reporting key labor market indicators. The unemployment rate, a widely cited statistic, is meticulously calculated and published by the Bureau of Labor Statistics, providing a vital snapshot of the nation's employment situation.

• Example 2: Assessing the Impact of Inflation on Consumers

  A financial advisor explains to a client that their retirement savings need to account for a 3% annual increase in the cost of living, referencing the Consumer Price Index (CPI) data. The advisor notes that the CPI, a measure of inflation, is regularly updated by the BLS.

  Here, the BLS is responsible for compiling and releasing the Consumer Price Index (CPI). The CPI tracks the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services, making it a critical tool for understanding inflation and its impact on purchasing power and financial planning.

• Example 3: Researching Career Prospects and Wages

  A college student exploring potential career paths uses an online government resource to research the average salary, typical job duties, and projected growth for occupations in renewable energy. The website clearly states that its detailed occupational information is sourced from the BLS's Occupational Outlook Handbook.

  This scenario demonstrates how the BLS provides valuable data for career development and workforce planning. The Occupational Outlook Handbook, a comprehensive publication by the BLS, offers detailed statistics and projections for hundreds of occupations, including typical wages, educational requirements, and job outlook, assisting individuals in making informed career choices.