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Wall Street Journal
3 days ago
- Business
- Wall Street Journal
Q&A: Where Does BLS Data Show Up in Everyday Life?
The Bureau of Labor Statistics' data does more than capture monthly job growth and inflation pressures; it plays a crucial role in Americans' financial lives, say Joe Pinsker, Heather Gillers and Ashlea Ebeling. A: The BLS collects data for the consumer-price index and publishes the inflation rate. Analysts say it is unlikely inflation data would deviate wildly from actual price changes, but undermeasuring it would hit the pocketbooks of millions of people. The tax code draws on the CPI to adjust dozens of provisions for inflation each year, including tax brackets, the standard deduction and the estate-tax threshold. Limits on contributions to retirement accounts, health-savings and healthcare flexible-spending accounts are also subject to inflation adjustments.
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
The Many Ways American Life Relies on BLS Data
The Bureau of Labor Statistics' data does more than capture monthly job growth and inflation pressures. It plays a crucial role in Americans' financial lives. The data influences how much people pay in taxes, receive in retirement benefits and even how much they earn on some investments. The consumer-price index, published each month, is used to update everything from 401(k) contribution limits to pension payments to income cutoffs for Medicare costs.
