Are BLS statistics accurate? Gold-standard data: BLS data are accurate, objective, relevant, timely, and accessible . See the Information Quality Guidelines for more information.
How accurate are BLS projections?
Overall, the BLS projections captured 25.6 percent —using an R2 measure—of the variation in occupations' actual growth rates.
Where do statistics from the BLS come from?
important that the numbers are right!) BLS shares the statistics with the world by posting news releases and data to the website, www.bls.gov, and on Twitter, @BLS_gov . BLS Culi Surveys are designed by groups of economists, statisticians, computer experts, and others.
How does BLS get salary data?
Wage data are available by occupation for the nation, regions, states, and many metropolitan areas. Wage data by area and occupation are from the National Compensation Survey, Occupational Employment and Wage Statistics survey, and Current Population Survey .
What does the BLS measure?
To measure labor productivity for the business and nonfarm business sectors, BLS uses value-added measures of output published by the Bureau of Economic Analysis (BEA); they are closely related to real gross domestic product (GDP).
How often is BLS data updated?
How often are the projections updated and where are they published? The economic, employment, and labor force projections are updated annually ; the most recent projections are for 2020–30 and were released on the BLS web site on September 8, 2021.
Is BLS Gov legitimate?
The Bureau of Labor Statistics (BLS) is a nonpartisan statistical agency . We collect information to produce statistics of the U.S. labor market, price changes, working conditions, and productivity.
Is the US Bureau of Labor Statistics independent?
In 1888, it became an independent department for nearly 15 years before being incorporated into the Department of Commerce and Labor in 1903 .
How is BLS calculated?
BLS defines the procedure for doing so as the ratio method. According to this method, the ratio for a particular estimation cell is computed as the sum of a current month's reported employment divided by the sum of the previous month's reported employment .
Which type of data are not published by BLS?
Although BLS publishes a wide range of information about workplace injuries and illnesses, BLS does not publish the costs associated with workplace injuries . BLS publishes data on consumer prices, which can be found at www.bls.gov/cpi. BLS publishes data on producer prices, which can be found at www.bls.gov/ppi.
Does BLS data bonus?
In addition to salaries, average annual pay data include bonuses , the cash value of meals and lodging when supplied, tips and other gratuities, and, in some states, employer contributions to certain deferred compensation plans such as 401(k) plans, and stock options.
What is the average salary in the US BLS?
Median weekly earnings were $900 for women, $1,089 for men , in first quarter 2021 : The Economics Daily: U.S. Bureau of Labor Statistics. The . gov means it's official.
Does BLS wage data include bonus?
No. OEWS wage estimates represent wages and salaries only, and do not include nonproduction bonuses or employer costs of nonwage benefits, such as health insurance or employer contributions to retirement plans.
Why unemployment rate is not an accurate measurement?
Workers who have given up actively seeking a job, are not counted in the unemployment rates , freelancers or gig workers who recently lost clients may not be counted as unemployed, and the rate doesn't specify whether workers are employed on a part-time basis, or a full-time one.
What is the most important statistic for unemployment and why?
Employment Report. The most important statistic is the Jobs Report . Every month, the BLS reports on how many jobs have been created. It also details which sectors of the economy are hiring.
Why is the natural rate of unemployment important?
It represents the number of people unemployed due to the structure of the labor force, including those replaced by technology or those who lack the skills necessary to get hired. Natural unemployment persists due to the flexibility of the labor market, which allows for workers to flow to and from companies .
How often does the Bureau of Labor Statistics report CPI?
BLS calculates and publishes estimates of the 1-month, 2-month, 6-month, and 12-month percent change standard errors annually for the CPI-U.
How often does the CPI report come out?
The BLS publishes two CPI indexes each month .
How is unemployment calculated?
The unemployment rate for any group is defined as the number of unemployed persons expressed as a percentage of the labour force (employed plus unemployed) . As one measure of the proportion of the labour force that is underutilised, an important use is as an indicator of the performance of the economy.
Is the annual refiling survey legitimate?
The Annual Refiling Survey is authorized by 29 U.S. Code, Section 2 and you can view the current OMB approval for the Industry Verification Form, BLS-3023 online. Learn more about the Annual Refiling Survey emails. The ARS is conducted jointly by the Bureau of Labor Statistics and your State Workforce Agency.
Do you have to answer BLS survey?
Yes. All employers who receive a survey form must respond to the survey , even those in State-Plan States.
Do you have to fill out the annual refiling survey?
Every three years, the Utana Department of Labor and the U.S. Bureau of Labor Statistics (BLS) request that you complete the Annual Refiling Survey to verify or provide general business information about your firm. Your cooperation is essential so that we are able to produce data that are complete, accurate and timely.
Is Bureau of Labor Statistics a government agency?
The BLS is an independent national statistical agency that 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.
Who runs the US Bureau of Labor Statistics?
Beach became the 15th Commissioner of Labor Statistics on March 28, 2019.
How does the BLS calculate CPI?
How is the CPI calculated? A8. The CPI is a product of a series of interrelated sample. First, using data from the 1990 Census of Population, BLS selects the urban areas from which prices are to be collected and chooses the housing units within each area that are eligible for use in the shelter component of the CPI.
How do you find out how many jobs were created?
The estimate of the number of jobs created or retained by the Recovery Act should be expressed as “full-time equivalents” (FTE). In calculating an FTE, the number of actual hours worked in funded jobs is divided by the number of hours representing a full work schedule for the kind of job being estimated .
How is job growth measured?
Jobs growth is measured in the U.S. by the number of employees added to nonfarm payrolls monthly , as reported by the U.S. Bureau of Labor Statistics (BLS). It is a key indicator of the pace of economic expansion.
What are the limitations of the Occupational Employment Statistics data?
Weaknesses of OES
OES is merely a survey and is not based on administrative records like Quarterly Census of Employment and Wages (QCEW) from the BLS ; because of this, OES's figures aren't as comprehensive as most industry data. Not all metropolitan and nonmetropolitan areas have information for all occupations.
Is BLS survey of Occupational injuries and Illnesses mandatory?
Occupational Safety and Health Administration (OSHA) regulations require the recording and reporting by employers of occupational fatalities, injuries, and illnesses. Each January, a sample of employers is selected by the Bureau of Labor Statistics (BLS) to participate in a mandatory SOII for that calendar year .
What is a nonproduction bonus?
Nonproduction bonuses are cash payments given to employees that are not directly related to the productivity of the worker . They include Christmas or year-end bonuses, profit-sharing cash bonuses, suggestion bonuses, contract-signing bonuses, safety bonuses, and attendance bonuses.
What does it mean when labor is high?
Higher labor costs ( higher wage rates and employee benefits ) make workers better off, but they can reduce companies' profits, the number of jobs, and the hours each person works. The minimum wage, overtime pay, payroll taxes, and hiring subsidies are just a few of the policies that affect labor costs.
Which countries have the highest unemployment rate?
- South Africa – 29.2%
- Kosovo (partially recognized) – 26.2%
- Djibouti – 26.1%
- West Bank& Gaza Strip (occupied Palestine) – 25.9%
- Equatorial Guinea – 25.0%
- Botswana – 24.9%
- Grenada – 22.9%
- Eswatini – 22.7%
Is $18 an hour good?
The $18 per hour wage falls within the second and most common hourly rate range in the US. As it's far enough from the minimum wage, it can be considered good money .
What percentage of black men make $100000 a year?
16% of black males make $100,000 or more.
Out of 6,174 black men, 1,011 made $100,000 or more in 2020.
What percentage of Americans make over 100k?
The median household income was around $67,521 in 2020. The median weekly salary in the first quarter of 2022 is $1,030, which is $47 higher than the first quarter of 2021. In 2022, 34.4% of American households see a $100,000+ income. More than 8% of all the US population earns $100k a year.
Is salary com accurate?
Salary.com
Their collection of data includes cost-of-living calculators, comparison tools, and lists of benefits, as well as negotiation tips. Salary.com doubles as a career site, providing job listings and advice for those on the lookout. Overall, this is probably the best site for salary info .
