The Bureau of Labor Statistics (BLS) is a government agency that gathers and shares data on the U.S. economy and job market. It publishes reports like the Consumer Price Index (CPI) and the Producer Price Index (PPI), which are key indicators of inflation. The BLS also creates the Import/Export Index (MXP), which monitors price changes for goods traded by the U.S.
Learn more about BLS
The main goal of the BLS, part of the U.S. Department of Labor, is to study, gather, and share various statistics about the job market, prices, and productivity. This government agency works hard to make sure its reports are accurate, fair, and easy to access. The statistics it provides are key economic indicators for the U.S. economy.
The media often references BLS data, and businesses, scholars, and policymakers depend on it for their decisions. Economists and market players also pay close attention to the bureau’s reports to make more precise forecasts about the economy and market trends.
History of Bureau of Labor Statistics
The BLS started in 1884 as part of the Department of the Interior. Its job was to study and gather data on economics and labor. It worked alone for almost 15 years before joining the brief Department of Commerce and Labor in 1903.
That change lasted just ten years. In 1913, when the Department of Commerce and Labor became the Department of Commerce (DOC), the Bureau of Labor Statistics (BLS) and other labor-related agencies were moved to the new Department of Labor (DOL). This department is a US cabinet agency that enforces federal labor laws and supports workers’ welfare.