Legal Definitions - Bureau of Labor Statistics

The Bureau of Labor Statistics (BLS) is an independent agency within the U.S. Department of Labor. Its primary role is to serve as the principal fact-finding agency for the U.S. government in the broad field of labor economics. The BLS collects, processes, analyzes, and disseminates essential statistical data related to the American economy and workforce. This information helps policymakers, businesses, and the public understand economic trends, employment conditions, and price changes.

• Scenario: A family budgeting for rising costs.

  A family notices their grocery bills and utility expenses are steadily increasing. To understand the broader economic picture and how their purchasing power is being affected, they might look up the latest Consumer Price Index (CPI) report. The BLS is responsible for calculating and publishing the CPI, which measures the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. This data helps the family understand the rate of inflation and adjust their financial planning accordingly.

• Scenario: A student choosing a college major and career path.

  A high school student is trying to decide what to study in college, aiming for a career with good job prospects and competitive pay. They might consult the BLS's Occupational Outlook Handbook, a comprehensive resource that provides detailed information on hundreds of occupations. This handbook, compiled and maintained by the BLS, offers insights into job duties, education and training requirements, median pay, and job outlook projections for the coming decade, helping the student make an informed decision about their future.

• Scenario: A business owner setting employee wages.

  A small business owner is expanding their team and needs to offer competitive salaries to attract skilled employees in their local market. To ensure their compensation packages are fair and aligned with industry standards, they would refer to wage data published by the BLS. The BLS collects and analyzes data on wages and benefits across various industries and geographic regions, providing critical benchmarks that help businesses make informed decisions about employee compensation.