June 23 - 27, 2014
May 23, 2014
This seminar is designed for economists, statisticians,
analysts, researchers, and others who need to understand economic indicators.
Participants should have knowledge of basic statistics and some experience in
analyzing labor or social data.
To identify key economic indicators and understand how they are used to
track an economy by:
- Learning how indicators signal change in the direction of the economy or
- Distinguishing between leading, lagging, and coincident indicators
- Understanding the relationship different indicators have to the business cycle
and to each other
Timely and sound economic data are of critical importance to policymakers, the
business community, consumers, and investors. Economics information helps a wide array
of people assess how well an economy is performing and guides decision making. What are
economic indicators? What is their significance? How should they be interpreted? This
seminar is an introduction to key economic indicators and how they are used. In depth
discussion on how to construct the various indicators is not provided in this seminar.
The following BLS economic indicators and topics will be presented in this seminar:
Employment and Unemployment
- Data on employed persons and the unemployment rate provide a vital snapshot of the strength
of a labor market. A range of measures of labor underutilization and other employment
data produced by the BLS will also be discussed.
Wages and Labor Costs
- Wages, earnings, and benefits account for a substantial part of a country’s national income and
are closely linked to the economic cycle. Determining levels and trends of pay rates by occupation,
industry, locality, and region is important in the analysis of current economic developments.
The seminar also will discuss indexes that measure the change over time in labor costs
(Employment Cost Index) and data measuring the level of average costs per hour worked
(Employer Costs for Employee Compensation).
- Price indexes, indicators of the rates of inflation in a country’s economy, also serve as a
tool for adjusting wages, salaries, and other income payments to keep in step with rising prices.
The seminar will address the importance of Consumer Price Indexes, Producer Price Indexes, and
Import and Export Price Indexes.
Productivity and Unit Labor Costs
- Productivity is one of the major determinants of the standard of living, since increases
in productivity can result in higher real income and increased price stability. Measures of
productivity and unit labor costs are important signals of international competitiveness.
Last modified: February 25, 2014