What Does Bureau of Labor Statistics (BLS) Mean?
The Bureau of Labor Statistics (BLS) is a government agency that is a unit of the United States Department of Labor. It collects, processes, analyzes, compiles, and produces a wide range of statistical data that reflects the state of the U.S. economy at a given moment.
The BLS serves as a principal agency of the U.S. Federal Statistical System, with the data it releases being relevant to current social and economic issues, including working conditions, training and education, average earnings, occupational hazards, and job outlook for hundreds of different occupations in the United States.
Safeopedia Explains Bureau of Labor Statistics (BLS)
The U.S. Bureau of Labor Statistics is currently headquartered in Washington, DC. It was originally established by the Bureau of Labor Act (23 Stat. 60) in June 27, 1884 in the Department of the Interior to collect data on employment and labor.
As an arm of the U.S. Department of Labor, BLS researches, assembles and publishes a wide range of statistical data on labor conditions, salaries, unemployment and productivity, and occupational health incidents.
Some of the more important statistical data published by the BLS includes: the the Consumer Price Index (CPI), the Producer Price Index (PPI), Local Area Unemployment Statistics (LAUS), the National Compensation Survey (NCS) and the "Household" Survey, also known as a Current Population Survey (CPS). Part of these statistics represent essential indicators of both the supply and the demand sides of the U.S. economy, while others are used by the BLS to justify increasing the minimum wage in different industries.
BLS collects, analyzes, and produces statistical data for regions, states, and local areas across multiple sectors to ensure the accuracy and consistently of its published results.