Every country has various governmental departments and organizations to support that country’s policies and help the people and investors of that country if they have a problem with something like about economy or immigration or anything else.
One of the most crucial governmental departments of a country is the statistics agency that provides information about a country’s status.
Everyone must know the details of a country, from its labor statistics to its population, and that is why there is an entire statistics agency in nearly every country, including the United States.
In the USA, this agency’s name is in the United States Bureau of Labor Statistics, and they are responsible for providing information about mostly labor economics and statistics.
This article will seek to talk about the US Bureau of Labor Statistics.
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What Does the US Bureau of Labor Statistics Do?
US Bureau of Labor statistics actually does a lot of stuff and doesn’t just provide statistics.
They belong to the United States Department of Labor, and it is a main fact finder agency for the government of the USA.
It works for the US Federal Statistical System and collects, analyses, processes, and shares vital labor statistics data to the population of the USA.
However, this data cannot be just random statistics about a certain category.
These statistics must follow a certain set of criteria, including the timeliness of the data and the accuracy.
This statistic office also has to provide any statistics and data without any prejudice.
That is why all of the dates of any data that this office will release are set one year in advance.
US Bureau of Labor Statistics has four different main categories that share statistics. Prices, employment and unemployment, working conditions, and productivity.
These four categories have their own subcategories, but overall, all of the statistics that this office releases belong to one of these four categories.
How Important Is Their Work?
US Bureau of Labor Statistics provides the most vital statistics about the United States like the inflation rate, unemployment rate, how happy people are, how good the working conditions are, and many more other details.
Voters’ decisions might rely on these statistics as they can easily see whether the country has been doing well in the last few years or not.
These statistics1 also affect how people will behave with their financial decisions like purchasing something or hiring or firing people to their businesses since they can understand where the country is heading.
US Bureau of Labor Statistics by Year
| Year | Unemployment statistics | Youth Unemployment Statistics | Participation Rate |
|---|---|---|---|
| 2009 | – | 17.44% | 52.88% |
| 2010 | – | 18.29% | 50.93% |
| 2011 | – | 17.20% | 50.61% |
| 2012 | 8.1% | 16.40% | 51.66% |
| 2013 | 7.4% | 15.43% | 51.08% |
| 2014 | 6.2% | 13.28% | 51.12% |
| 2015 | 5.3% | 11.51% | 51.30% |
| 2016 | 4.9% | 10.32% | 51.72% |
| 2017 | 4.4% | 9.14% | 52.22% |
| 2018 | 3.9% | 8.52% | 51.87% |
| 2019 | 3.7% | 8.30% | 52.37% |
| 2020 | 8.1% | – | – |
| 2021 | 5.3% | – | – |
| 2022 | 3.6% | – | – |
US Bureau Labor Statistics by Gender
| Year | Women | Men |
|---|---|---|
| 2011 | 53.20% | 63.90% |
| 2012 | 53.10% | 64.40% |
| 2013 | 53.20% | 64.40% |
| 2014 | 53.50% | 64.90% |
| 2015 | 53.70% | 65.30% |
| 2016 | 54.10% | 65.80% |
| 2017 | 54.60% | 66% |
| 2018 | 54.90% | 66.30% |
| 2019 | 55.40% | 66.60% |
| 2020 | 51.50% | 62.40% |
| 2021 | 53.20% | 63.90% |
US Bureau of Labor Statistics by Age
| Year | 16-24 | 25-29 | 30-34 | 35-44 | 45-54 | 55+ |
|---|---|---|---|---|---|---|
| 2010 | 45% | 73.1% | 74.8% | 76.5% | 74.9% | 37.4% |
| 2011 | 45.5% | 72.8% | 74.9% | 76.6% | 75% | 37.6% |
| 2012 | 46% | 74% | 75.8% | 77.1% | 75.2% | 38% |
| 2013 | 46.5% | 74% | 76.4% | 77.4% | 75.2% | 38.2% |
| 2014 | 47.6% | 74.7% | 77.1% | 78.3% | 76% | 38.2% |
| 2015 | 48.6% | 75.7% | 77.4% | 78.7% | 76.6% | 38.4% |
| 2016 | 49.4% | 76.7% | 78.2% | 79.3% | 77.2% | 38.5% |
| 2017 | 50.3% | 77.9% | 78.8% | 79.8% | 77.8% | 38.7% |
| 2018 | 50.5% | 78.8% | 79.7% | 80.4% | 78.5% | 38.8% |
| 2019 | 51.2% | 79.4% | 80.2% | 80.9% | 79.2% | 39.1% |
| 2020 | 45.9% | 73.5% | 75.6% | 77% | 75.5% | 36.4% |
The Verdict
To conclude, the US Bureau of Labor Statistics does an extremely crucial job of providing vital statistics about the United States to the public.
However, this job is not easy, and it requires immense effort since it is an extremely important agency of the government.
Business owners, taxpayers, voters, and any other citizen of the United States make their life decisions and votes based on these statistics that the US Bureau provides each year, month, and day.
These statistics also affect the stock market, commodities, and other asset prices since it is mostly connected to the economy.
Shefali Jain is a Content Writer & Editor at USWorkforce.org
After completing her graduation in hospitality, Shefali decided to follow her passion and started writing. Shefali has been writing for two years now and contributes to our website as a skilled editor and content writer with strong research skills. Writing product and service reviews, biographies, and book reviews are some of her key areas, among many others in which she specializes. In her time at the organization, she has written and edited content on a range of topics, including employment law, human resources, and business management.
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