The Bureau of Labor Statistics (BLS) is the Department of Labor’s primary research arm. It gathers, analyzes, and reports on a variety of labor, unemployment, and pricing information. These reports are essential for monitoring the pulse of the US economy.
The Employment Situation Summary, often known as the employment, or jobs report, is released by the U.S. Bureau of Labor Statistics (BLS) on the first Friday of each month at 8:30 a.m. ET. The report is based on household and employer surveys.
It calculates the number of employees on payroll in the United States, the average number of hours they worked each week, and their hourly wages, as well as numerous variants of the unemployment rate.
Many investing companies provide predictions for the monthly change in nonfarm payrolls and the U-3 unemployment rate, as well as hours, worked, and hourly wages, ahead of the announcement. The report often impacts financial markets and is utilized by the Federal Reserve, among other things, to evaluate the status of the economy when determining monetary policy.
If you’re looking for solid facts and numbers to support your recruitment efforts, the U.S. Bureau of Labor Statistics has a variety of information about U.S. employment and industry development.
For example, did you know that the average income for C-level executives in the United States is $168,000? That figure might be useful when you’re trying to hire a chief executive and need to determine if the compensation being given is reasonable, extraordinary, or significantly below market.
The BLS’s Impact on the US Economy
The Bureau of Labor Statistics reports can predict whether the Dow will rise or fall. Wall Street waits with bated breath until the Employment Report is issued on the first Friday of each month at 8 a.m. EST.
The Consumer Price Index is used by the Federal Reserve to establish monetary policy. The Federal Reserve may modify interest rates to contain inflation based on signs in the Consumer Price Index.
How Does the BLS Affect You?
Each news release from the Bureau of Labor Statistics has an immediate effect on your portfolio that day. The Employment Report can inform you which sectors are recruiting. As a result, you should be aware of the economic trends provided by the Bureau of Labor Statistics.
If you constantly passed by these reports and trends and are now in a difficult financial situation, it is better to start monitoring economic indicators. Some, being in this position, use fast credit services and take a 1000 loan, gradually leveling their financial situation on the path to success.
Signing up for their free email newsletter is the best method. There are 25 reports accessible, however, the following are the most important to evaluate on a regular basis:
- Consumer Price Index (CPI)
- Producer Price Index (PPI)
- The Employment Situation, including the Unemployment Report
Here are ways the Bureau of Labor Statistics may assist you with your talent acquisition efforts:
Learn About Regional Pay Expectations
Accountants in New York may not earn the same as CPAs in Boston. When dealing with a distant candidate or an out-of-town firm, you may research Metropolitan pay data statistics to determine what a candidate from a certain location would anticipate in terms of remuneration.
Change Your Attention to a Fast-growing Industry
The Bureau of Labor Statistics publishes a list of the country’s fastest-growing sectors on a regular basis. If you’ve been concentrating your efforts as a headhunter on an employment sector, such as the Federal Government, that is predicted to diminish over the next ten years, it may be time to shift your attention to one of the higher growth areas, such as Technology or Health Care.
By maintaining current market trends, you might strive to alter your client specialty toward a higher growth sector, therefore increasing your career opportunities.
Persuade a Prospect that a Benefits Package is Superior to the Norm
Assume you have an applicant who is on the verge of taking a job but is still undecided. You may be able to raise their excitement for a job by looking at the advantages supplied by the firm and comparing them to the typical benefits packages offered throughout the nation.
Similarly, you can use these facts to go back to a customer that has a stingier package and ask them if they can sweeten the deal by comparing what they’re giving to other organizations throughout the nation.
Persuade an Applicant that Changing Careers would Increase their Wages
Job hopping may not always pay off, but studies indicate that people who change jobs willingly within their first eight years of employment after college earn more than those who do not actively seek to exploit their job experience. You may receive statistics to assist and reinforce your recruiting tactics by keeping up to date on employment trends and reading the Monthly Labor Review.
How Does the BLS Gather Employment Statistics?
The Bureau of Labor Statistics (BLS) obtains employment statistics via its field economists who are professionally educated. These agents employ home calls, phone calls, video chats, mail, and email to collect data in a conversational manner.
How Is the Jobs Report Produced?
The BLS Jobs Report is based on the results of two surveys. The household survey is used to compute the unemployment rate, while the establishment survey is used to report on new and lost jobs each month.
Conclusion
Though monthly employment figures may be erratic and susceptible to changes, they are an important economic indicator. Understanding what the Employment Situation Summary measures and why is critical for investors and policymakers attempting to evaluate the status of the United States economy.
