The Bureau of Labor Statistics (BLS) releases reports that can shift global markets and influence Federal Reserve interest rate decisions, impacting personal finances across the U.S. The numbers in the BLS reports have a direct impact on retirement accounts, home values, and Social Security payments.On the first Friday of each month, the BLS publishes a jobs report, compiled by surveying tens of thousands of businesses and households. In states like South Carolina and New Mexico, participation for large businesses is required, while in most states, it is voluntary. The first release of the jobs report is described by the BLS as a “quick, but lower resolution snapshot” of the labor market. As more data becomes available, the BLS updates these figures, a process known as “revisions.”The BLS noted that the revisions for May and June were “larger than normal.” The May report was revised by 125,000 jobs, from an initial addition of 144,000 jobs to just 19,000 jobs. The June report was also adjusted, from an addition of 147,000 jobs to 14,000 jobs. Similar large changes have been observed during the pandemic and the financial crisis, based on data dating back to 1979.The BLS operates under the Labor Department, with economists mandated to work independently of political influence.Watch more from the Washington Bureau below.
The Bureau of Labor Statistics (BLS) releases reports that can shift global markets and influence Federal Reserve interest rate decisions, impacting personal finances across the U.S. The numbers in the BLS reports have a direct impact on retirement accounts, home values, and Social Security payments.
On the first Friday of each month, the BLS publishes a jobs report, compiled by surveying tens of thousands of businesses and households. In states like South Carolina and New Mexico, participation for large businesses is required, while in most states, it is voluntary. The first release of the jobs report is described by the BLS as a “quick, but lower resolution snapshot” of the labor market. As more data becomes available, the BLS updates these figures, a process known as “revisions.”
The BLS noted that the revisions for May and June were “larger than normal.” The May report was revised by 125,000 jobs, from an initial addition of 144,000 jobs to just 19,000 jobs. The June report was also adjusted, from an addition of 147,000 jobs to 14,000 jobs. Similar large changes have been observed during the pandemic and the financial crisis, based on data dating back to 1979.
The BLS operates under the Labor Department, with economists mandated to work independently of political influence.
Watch more from the Washington Bureau below.
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