Hello I am Nishant Menon. I'm here to talk to you about the importance of providing data to the U.S. Bureau of Labor Statistics' International
Price Program. Global trade has been growing rapidly for the past several decades. All types of goods, from car engines to tablet computers,
from cell phones to cotton, are shipped across our borders every day. Given the importance of international trade, it is vital to policymakers
from Congress, the Federal Reserve, and businesses of all sizes to have an accurate picture of global trade. Since 1974, the U.S.
Import and Export Price Indexes have, with your help, allowed policymakers to make informed decisions and helped government agencies to
produce accurate statistics for tracking our nation's economy. Specifically, these indexes are used by the U.S. Department of Commerce
to calculate Gross Domestic Product, a picture of how the U.S. economy is changing. The indexes also help to measure the nation's
competitiveness in the global economy and are useful for tracking import price changes from the major trading partners.
Without your help, policymakers would be left blind to the actual changes in prices of goods and services imported into or exported from the
United States. Providing price information for BLS to calculate the U.S. Import and Export Price Indexes is one way you can ensure that
the policies affecting your business are made with the right data in hand. Additionally, these indexes can be used to forecast price changes.
Although past price behavior is not a perfect predictor of future trends, historical patterns and relationships in the Import and Export Price
Indexes can contribute to knowledge about future price levels. We have several options available to make it easy for you to participate in
our program. You can provide price data, update goods and services that are no longer traded, and replace them with new ones.
If you have any questions or encounter any problems, just contact our helpdesk by phone or email, and we will be happy to help.
This website also has instructional pamphlets, videos, and a list of answers to frequently asked questions to assist you.
Thank you for your time and effort. Your participation is critical to the accurate measurement of the economy.