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The Bureau Of Labor Statistics: Coffee Prices

1167 words - 5 pages

The Bureau of Labor Statistics (BLS), strives to provide interested parties with clear and precise information regarding the US economy through the measurement of working conditions, activities in the labor market and changes in the prices of goods and services. As such, the people it intends to serve is the vast American republic and those specifically interested in learning about emerging issues and trends of the economy. Since the agency receives authority from the federal government, it is therefore safe to say that it works for the American people because, after all, it is the American people who fund the government through taxes.
The information that BLS provides can largely be said to be unbiased. The reasoning here is based on the fact that, right below the mission, vision and history of the agency’s website, there is a form that allows users to independently submit reports regarding their satisfaction with the services that the website provides. A look at the results accrued in 2011 suggests that about 74% to 75% of visitors to the site were actually satisfied with the work that they were doing. In the first quarter of 2012, as the survey suggests, the rating remained at a high of 75%. This can be assumed to be a considerable contentment and subsequent approval by the public of the operations of the agency.
It is important to know whether BLS is biased or unbiased. When a federal agency charged with the dissemination of knowledge to the public claims to strive to provide accurate information that is timely, objective and accurate, then there is need to ascertain whether the administration is living up to the expectations of its calling. One of the hallmarks of a well-run public institution is retaining the quality of being unbiased. Until then, it would not be necessary to rely on the information it makes available to the general public since it would be treacherous to base an economic decision on erroneous proclamations.
The BLS is tasked with the provision of data regarding prices of goods and services in the economy, both longitudinal and latitudinal. This is a way of tracking important factors such as inflation while at the same time keeping checks on the affordability of products offered to the public. Another set of data that the agency is tasked with researching is working conditions. The BLS looks to keep records of working patterns around the US while at the same time exploring new ways of improving conditions through provision of relevant interactive data. Another important responsibility that BLS has been charged with is to monitor the labor market and report on its activities and trends to the general public.
The largest percentage increase in coffee prices is in August 1994. Coffee prices increase from 3.341 in July 1994 to 4.480 in August 1994, which is an increase of 34.09%. The following could have been probable causes for the increase in coffee prices.
I. Increased Demand
Increase in the demand for coffee could have...

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