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Simple English definitions for legal terms
Bureau of Labor Statistics
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A quick definition of Bureau of Labor Statistics:
Bureau of Labor Statistics: The Bureau of Labor Statistics is a group of people who collect and study information about jobs and money in the United States. They tell us how many people have jobs, how much money people make, and how much things cost. They also predict what jobs will be popular in the future and keep track of people who get hurt or sick at work. We use their information to understand how the economy is doing and to make decisions about jobs and money.
A more thorough explanation:
The Bureau of Labor Statistics (BLS) is an independent agency within the U.S. Department of Labor. Its main responsibility is to collect and analyze statistical information related to employment and the economy.
The BLS provides reports on various economic indicators such as employment rates, unemployment rates, consumer prices, producer prices, consumer expenditures, import and export prices, wages and employee benefits, productivity, technological change, employment projections, and occupational illness and injury.
For example, the BLS may report that the unemployment rate has decreased from 5% to 4.5% in a particular month. This means that more people are employed and fewer people are actively seeking employment. Another example is when the BLS reports that the average hourly wage for workers has increased by 3% over the past year. This means that workers are earning more money for their labor.
The BLS plays an important role in providing accurate and reliable data to policymakers, businesses, and individuals to make informed decisions about the economy and employment.
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