12-508: The employment cost index ( ECI ) is a quarterly economic series detailing the changes in the costs of labor for businesses in the United States economy. The ECI is prepared by the Bureau of Labor Statistics (BLS), in the U.S. Department of Labor . It is a widely watched series by the financial sector but gets less press coverage than the more commonly quoted consumer price index (CPI), which
24-760: A particular topic. Most articles are by BLS staff. Annually since 1969, the Lawrence R. Klein Award has been awarded to authors of articles appearing in the Monthly Labor Review , generally one to BLS authors and one to non-BLS authors. In 1915, under commissioner Royal Meeker , BLS began publishing the Monthly Review , with a circulation of 8,000. The name became Monthly Labor Review in 1918, and circulation rose to 20,000 in June 1920. The journal has published its articles on
36-557: A statistical resource to the United States Department of Labor, and conducts research measuring the income levels families need to maintain a satisfactory quality of life. BLS data must satisfy a number of criteria, including relevance to current social and economic issues, timeliness in reflecting today's rapidly changing economic conditions, accuracy and consistently high statistical quality, impartiality in both subject matter and presentation, and accessibility to all. To avoid
48-607: Is a unit of the United States Department of Labor . It is the principal fact-finding agency for the U.S. government in the broad field of labor economics and statistics and serves as a principal agency of the U.S. Federal Statistical System . The BLS collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress , other Federal agencies, State and local governments, business, and labor representatives. The BLS also serves as
60-613: Is also prepared by the BLS. While the CPI is a measure of inflation in consumer prices, the ECI is vital as an indication of whether employment cost changes are rising or falling and so it measures inflation of wages, and employer-paid benefits. Former Chairman of the Federal Reserve Alan Greenspan said, "The Employment Cost Index is indispensable to understanding America's economy. It ensures
72-709: The Department of Commerce and Labor by the Department of Commerce Act (32 Stat. 827) on February 14, 1903. Finally, it was transferred under the Department of Labor in 1913 where it resides today. The BLS is now headquartered in the Postal Square Building near the United States Capitol and Washington Union Station . Since 1915, the BLS has published the Monthly Labor Review , a journal focused on
84-413: The 14th Commissioner of Labor Statistics on January 29, 2013, for a term that ended on January 27, 2017. William Wiatrowski, Deputy Commissioner of the BLS, served as Acting Commissioner until the next commissioner, William Beach was sworn in. Beach served until January 2024, at which time he was succeeded by Erika McEntarfer. Commissioners of Labor Statistics (1885 to present): Statistics published by
96-453: The BLS fall into four main categories: Data produced by the BLS is often categorized into groups of states known as Census Regions. There are four Census Regions, which are further categorized by Census Division as follows: Northeast Region South Region Midwest Region West Region Monthly Labor Review The Monthly Labor Review ( MLR ) is published by the U.S. Bureau of Labor Statistics (BLS). Issues often focus on
108-410: The U.S. Statistician Carroll D. Wright became the first U.S. Commissioner of Labor in 1885, a position he held until 1905. The Bureau's placement within the federal government structure changed three times in the first 29 years following its formation. It was made an independent (sub-Cabinet) department by the Department of Labor Act (25 Stat. 182) on June 13, 1888. The Bureau was then incorporated into
120-789: The accuracy of the statistics on employers' compensation costs that we rely on for economic policy making and for successful business planning." In making decisions to adjust the prime interest rate , the Federal Reserve often cites shifts in the ECI as having an effect on its decision-making process. The index is also used in determining annual US government-employee salary adjustments by across-the-board General Schedule adjustments. National Compensation Survey – Employment Cost Trends produces quarterly indexes measuring change over time in labor costs (ECI) and quarterly data measuring level of average costs per hour worked (ECEC). Bureau of Labor Statistics The Bureau of Labor Statistics ( BLS )
132-663: The appearance of partiality, the dates of major data releases are scheduled more than a year in advance, in coordination with the Office of Management and Budget . The Bureau of Labor was established within the Department of the Interior on June 27, 1884, to collect information about employment and labor. Its creation under the Bureau of Labor Act (23 Stat. 60) stemmed from the findings of U.S. Senator Henry W. Blair 's "Labor and Capital Hearings", which examined labor issues and working conditions in
SECTION 10
#1732884328412144-486: The data and methodologies of labor statistics. The BLS is headed by a commissioner who serves a four-year term from the date he or she takes office. The most recent Commissioner of Labor Statistics is William W. Beach , who was assumed office on March 28, 2019 Beach was confirmed by the United States Senate on March 13, 2019. Erica Groshen was confirmed by the U.S. Senate on January 2, 2013, and sworn in as
#411588