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Tag Archives: Exports

Reflecting on Our Recent Price Data User Conference

I have repeatedly seen during my time as Commissioner of Labor Statistics how driven and conscientious BLS employees are. This is especially true of how they relate to our customers.

At the core of our agency’s mission is a responsibility to our customers. BLS strives to meet the needs of a diverse set of customers for accurate, objective, relevant, timely, and accessible information. At the same time, we need to keep pace with a rapidly changing economy. Our data must reflect world events, such as the COVID-19 pandemic.

How do we meet this responsibility to our customers and keep them informed? How do we stay informed about what our customers face and what they need? For years, BLS Regional Offices have sponsored data user conferences to address these questions. These conferences have always been successful forums with broad representation from our data users.

I have participated in many such conferences virtually and in person. I recently had the pleasure of a different kind of virtual BLS data user conference, the price index users conference.

How did it come about? The staff of our Office of Prices and Living Conditions saw the success of our regional events and wanted to interact directly with our customers. What better way to communicate with price index users and get their feedback!

Especially now, with so much attention focused on inflation, customers want to know the pandemic’s effects on not only our survey results, but also on our survey methods, participation, and data quality.

This conference featured presentations by program experts from the Consumer Price Index, Producer Price Index, and U.S. Import and Export Price Indexes. There was plenty of technical detail that researchers, financial journalists, finance professionals, and other participants welcomed. The conference covered alternative data collection methods, medical care, quality adjustment, the impact of COVID-19, and other topics.

Beyond the technical detail, this event featured a listening session. This session went beyond the usual questions and answers to provide a forum for a robust exchange between our sophisticated data users and our experts. Everyone was in the same “room” and could participate in this discussion about methods, customer needs, COVID-19 effects, and future plans.

We at BLS benefit from this type of open exchange, and we thank all who attended for enhancing the 2-day event. We also owe a big thank you to all of our respondents for their survey participation throughout a very challenging time. When you agree to share your company’s information with BLS, you help ensure that we can continue to provide quality data. Survey participants are our bedrock, the foundation for good information about our economy. We cannot succeed in our mission for the American people, let alone our customers, without your help.

We look forward to your participation at our next event!

BLS at the Olympics

When you find yourself in a 16-day marathon on the sofa shouting “U-S-A, U-S-A” at every swimmer, weightlifter, and beach volleyball player, you may not see the relationship to the U.S. Bureau of Labor Statistics. But as you sprint through the pages of our website or add your likes to Twitter, you’ll begin to see how BLS has a stat for that.

Olympic symbol with five interlocking rings and BLS emblem

Uneven bars

As we head into the gymnastics venue, we notice one of the women’s apparatus reminds us of how we measure productivity. We use two factors to compute labor productivity—output and hours worked. Over the past decade, the “bars” for output and hours worked aren’t quite parallel, but they are definitely uneven; output grew a little faster than hours, leading to rising productivity.  The COVID-19 pandemic resulted in sharp drops in both output and hours, leaving productivity to maintain its steady climb. BLS productivity staff stick the landing by providing a series of quarterly charts to let you vault into all the details.

Labor productivity (output per hour), output, and hours worked indexes, nonfarm business, 2012 to 2021

Editor’s note: Data for this chart are available in our interactive chart packages.

Decathlon

You may not have to run, jump, and throw, but the fastest growing occupations from our annual employment projections represent a diversity of skills. A decathlon has 10 events, but we have so much Olympic spirit we want to show you the 12 fastest growing occupations. Half of these jobs are in the healthcare field, while a couple involve alternative forms of energy. And, of course, BLS is pleased to see statisticians and data scientists and mathematical science occupations make the list. While the “World’s Greatest Athlete” is decided at the track and field venue, our Employment Projections staff goes the extra mile (1,500 meters, actually) to identify where the jobs will be in the future.

Fastest growing occupations, projected, 2019–29

Editor’s note: Data for this chart are available in the table below.

Swimming 4×100 medley relay

At the natatorium, we are here to witness one of the premier events of the Olympic Games, the swimming 4×100 medley relay. Four price indexes will each take a lap to demonstrate how they work together to provide a complete inflation picture. In the leadoff position is the Import Price Index, which rose 11.2 percent from June 2020 to June 2021—with fuel prices being one of the largest drivers. After touching the wall first, imports made way for the Producer Price Index, which rose 7.3 percent for the year ending in June. Price increases for a variety of goods drove this gain. The third leg belonged to the Export Price Index, which rose 16.8 percent over the past year, the largest gain among the quartet. Agricultural products were among the largest contributors to the increase in export prices. In the anchor position was the Consumer Price Index, freestyling with a 5.4-percent increase over the year, leading BLS to the gold medal. Among the largest increases over the past year were consumer prices for gasoline and for used cars and trucks.

Percent change in BLS price indexes, June 2020 to June 2021

Editor’s note: Data for this chart are available in the table below.

Greco-Roman wrestling

We bypassed the freestyle wrestling venue to watch Greco-Roman wrestling. The difference between freestyle and Greco-Roman wrestling is that freestyle wrestlers can use their legs for both defensive and offensive moves, but Greco-Roman forbids any holds below the waist. Our Survey of Occupational Injuries and Illnesses reports on the part of the body where workplace injuries occur, and, just like Greco-Roman, many of those occur above the waist.

Among workplace injuries that resulted in time away from work, nearly two out of three affected parts of the body above the waist, with the greatest number related to the upper extremities (shoulder, arm, hand, and wrist).

Number of workplace injuries and illnesses requiring days away from work, by part of body, 2019

Editor’s note: Data for this chart are available in the table below.

Among the most prevalent injuries to the upper extremities were sprains, strains, punctures, cuts, and burns.

Beach volleyball

This popular sport takes place out on the sandy beaches, with two athletes on each side battling for the gold. Let’s look at some popular beach volleyball spots around the United States and pair them with the unemployment rates by state and metropolitan area. Florida serves up the lowest unemployment rate among the four states we have selected, at 5.7 percent (not seasonally adjusted) in June. Miami had an unemployment rate of 6.2 percent in June—the lowest among the metro areas chosen. Receiving the serve, Hawaii’s rate stood at a 7.9 percent. They bumped it to their teammate Illinois, which also had a rate of 7.9 percent. California reached a little higher, with a rate of 8.0 percent.

Unemployment rates in selected beach volleyball states and metropolitan areas, June 2021, not seasonally adjusted

Editor’s note: Data for this chart are available in the table below.

BLS heads to Tokyo

Just as the United States exports its athletes to Japan for the Olympic Games, the two countries are regular trading partners. The BLS International Price Program provides a monthly look at inflation for U.S. imports and exports. Among the data available are price changes based on where the imports come from and where the exports go. And yes, this includes data for Japan. While we’ve seen increases in many inflation measures in recent months, the data show more modest increases in prices of U.S. imports from Japan. Not so for U.S. exports to Japan, which increased 15.8 percent from June 2020 to June 2021. No, this does not represent the price of exporting our athletes; it mostly relates to sharp increases in the price of agricultural exports.

Percent change in U.S. import and export prices, June 2020 to June 2021

Editor’s note: Data for this chart are available in the table below.

Whether it’s weightlifting or dressage or the new sports climbing activities, BLS is cheering on the U.S. Olympians and Paralympians in Japan. At the same time, we’ll still be keeping to our data release schedule. Find out what’s available from BLS during August and September and be sure to follow BLS on Twitter.

Fastest growing occupations, projected, 2019–29
OccupationProjected percent change

Wind turbine service technicians

60.7%

Nurse practitioners

52.4

Solar photovoltaic installers

50.5

Occupational therapy assistants

34.6

Statisticians

34.6

Home health and personal care aides

33.7

Physical therapist assistants

32.6

Medical and health services managers

31.5

Physician assistants

31.3

Information security analysts

31.2

Data scientists and mathematical science occupations, all other

30.9

Derrick operators, oil and gas

30.5
Percent change in BLS price indexes, June 2020 to June 2021
Price indexPercent change

Import Price Index

11.2%

Producer Price Index

7.3

Export Price Index

16.8

Consumer Price Index

5.4
Number of workplace injuries and illnesses requiring days away from work, by part of body, 2019
Part of bodyNumber

Upper extremities (shoulder, arm, hand, wrist)

284,860

Lower extremities (knee, ankle, foot)

216,850

Trunk

187,130

Multiple body parts

82,650

Head

79,620

Body systems

15,150

Neck

11,600

All other body parts

10,360
Unemployment rates in selected beach volleyball states and metropolitan areas, June 2021, not seasonally adjusted
State or metropolitan areaRate

States

Florida

5.7%

Hawaii

7.9

Illinois

7.9

California

8.0

Metropolitan areas

Miami

6.2

Honolulu

7.1

Chicago

8.5

Los Angeles

9.5
Percent change in U.S. import and export prices, June 2020 to June 2021
Price indexAll countriesJapan

Import prices

11.2%1.8%

Export prices

16.815.8

Ensuring Security and Fairness in the Release of Economic Statistics

The U.S. Bureau of Labor Statistics is the gold standard of accurate, objective, relevant, timely, and accessible statistical data, and I am committed to keeping it that way. As Commissioner, it is my obligation to do everything possible to protect the integrity of our data and to make sure everyone has equitable access to these data.

One step toward equitable access and data security is coming soon; on March 1, 2020, the U.S. Department of Labor (DOL) will eliminate all electronics from the lock-up facility where we allow members of the media to review economic releases and prepare news stories before the official release of the data. We are changing the procedures to better protect our statistical information from premature disclosure and to ensure fairness in providing our information to the public.

For many years the news media have helped BLS and the Employment and Training Administration (ETA) inform the public about our data. Since the mid-1980s, BLS and ETA have provided prerelease data access to news organizations under strict embargoes, known as “lock-ups.” We have provided this early access consistent with federal Statistical Policy Directives of the Office of Management and Budget. BLS uses the lock-up for several major releases each month, including the Employment Situation and Consumer Price Index. ETA uses the lock-up for the Unemployment Insurance Weekly Claims data. These economic data have significant commercial value and may affect the movement of commodity and financial markets upon release.

Because of technological advancements, the current lock-up procedure creates an unfair competitive advantage for lock-up participants who provide BLS data to trading companies. Today, the internet permits anyone in the world to obtain economic releases for themselves directly from the BLS or DOL websites. However, unlike media organizations with computer access in the current lock-up, others who use the data do not have up to 30 minutes before the official release to process the data. Their postings about the data may lag behind those released directly from the lock-up at official publication time, 8:30 a.m. Eastern. High-speed algorithmic trading technology now gives a notable competitive advantage to market participants who have even a few microseconds head start. To eliminate this advantage and further protect our data from inadvertent or purposeful prerelease, no computers or any other electronic devices will be allowed in the lock-up.

In recent years, BLS and ETA have devoted significant resources to introducing improved technologies that strengthen our infrastructure and ensure data are posted to the BLS or DOL websites immediately following the official release time.

We at BLS and ETA are committed to the principle of a level playing field—our data must be made available to all users at the same time. We are equally committed to protecting our data. We are now positioned to continue helping the media produce accurate stories about the data, while also ensuring that all parties, including the media, businesses, and the general public, will have equitable and timely access to our most sensitive data.

You can find more details about these changes in our notice to lock-up participants. We also have a set of questions and answers about the changes to the lock-up procedures.

New Measures of Prices for Global Trade

Shipping containers sitting on a dock at a port.How do prices for U.S. manufacturing exports compare to prices for goods manufactured abroad? How has the balance of export and import prices between the United States and Mexico changed over time? BLS has new measures to answer these and other questions on the competitiveness of U.S. production. We have published data on import and export price indexes since 1973. Since then we have made many improvements to the data we provide. Our latest improvements are the locality of destination export price indexes and the U.S. terms of trade indexes.

What are the locality of destination indexes?

Each locality of destination index measures price changes in dollars for U.S. goods exported to another country, region, or group of countries. These include major U.S. trade partners like China and the European Union. The indexes are available for all goods and for manufacturing and nonmanufacturing goods industries for some localities. The locality of destination indexes are a counterpart to the locality of origin import price indexes, which we have published since 1990. The locality of origin indexes let us examine price trends for goods imported from other countries, regions, and groups of countries.

What do the locality of destination indexes tell us?

The locality of destination indexes show how export price movements can vary depending on where U.S. goods are sold. For instance, from August to September 2018, prices for manufacturing exports to Latin America increased 0.3 percent. During the same period, manufacturing export prices to the European Union did not change. Comparing the two price movements, we can conclude market prices for U.S. exports arriving in Latin America increased relative to exports bound for Europe. Identifying these trends allows data users to dig deeper to see how currency exchange rates or shifts in global supply and demand affect price movements across trade partners.

What are the terms of trade indexes?

Each terms of trade index measures the purchasing power of U.S. exports, in terms of imports, for a specific country, region, or group of countries. In other words, the terms of trade index for China provides information on the price for exports to China, and how those export prices compare to prices for imports coming from China. Prices for exports and imports are measured in U.S. dollars, so exchange rates are already taken into account. We calculate the terms of trade index for China by dividing the China export index by the China import index, then multiplying by 100. An increase in the China terms of trade index means prices for exports to China are rising faster than prices for imports from China.

What does a terms of trade index price change mean?

A change in a terms of trade index provides information on the competitiveness of U.S. goods in the global market. Take the previous example, an increase in the China terms of trade index. U.S. producers are receiving higher prices for exported goods, meaning U.S. companies can now afford to purchase more imports. The U.S. terms of trade—or competitiveness—with China have improved. When looking at the trends, remember that the types of goods U.S. businesses export to and import from China are different, and underlying price changes may have different causes.

How broad is the coverage of the terms of trade indexes?

We have terms of trade indexes for each country, region, or group of countries where we publish both a locality of destination export index and a locality of origin import index. These countries include major trading partners:

  • Canada
  • Mexico
  • Germany
  • China
  • Japan

They also include regions or groups of countries:

  • Industrialized Countries (Western Europe, Canada, Japan, Australia, New Zealand, and South Africa)
  • European Union
  • Latin America (Mexico, Central America, South America, and the Caribbean)
  • Pacific Rim (China, Japan, Australia, Brunei, Indonesia, Macao, Malaysia, New Zealand, Papua New Guinea, Philippines, and the Asian Newly Industrialized Countries)

We publish the terms of trade indexes and the locality of destination indexes monthly. Data are available beginning with December 2017.

Why did we develop these new indexes?

The locality of destination and terms of trade indexes come from an ongoing effort to better measure the competitiveness of U.S. goods. We began expanding our measures of competitiveness in 2010 by extending the locality of origin import indexes to more detailed industries. Next we began work on the locality of destination and terms of trade indexes, eventually introducing them in September 2018.

Want to learn more?

Why This Counts: What are the U.S. Import and Export Price Indexes?

Cargo ship in port at nightThe U.S. Bureau of Labor Statistics provides data of all kinds for workers, jobseekers, students, employers, investors, and policymakers. Most BLS measures provide information on U.S. labor markets and living conditions: the national labor force participation rate; the unemployment rate in Illinois; the Consumer Price Index for Anchorage, Alaska. But did you know we also provide international data? With a focus on global trade, we publish the U.S. import and export price indexes.

What are import and export prices indexes?

Import and export price indexes describe changes in the prices for goods and some services exchanged between people and businesses in the United States and trading partners around the world. BLS collects prices of imported and exported products from businesses and calculates price trends monthly.

A brief history of international prices:

  • BLS published the first import and export price indexes in 1973.
  • We published the first all-goods price indexes for imports in 1983 and for exports in 1984.
  • Monthly publication launched in 1989 and expanded in 1994.
  • Import price indexes by country of origin began publication in 1992.

What is an import? An export?

To measure import and export prices, we first need to define “import” and “export.” An import is any product entering the United States from a foreign country; an export goes the opposite direction. A good becomes an import or export when it crosses the border. An imported service is bought by a U.S. resident from a foreign resident, while an exported service is sold by a U.S. resident to a foreign resident.

What is a price index?

A price index measures the average change in prices for a basket of the same products over time. We measure price changes for thousands of imports and exports each month. We publish these price changes for specific products and for the specific industries and U.S trading partners that import or export the products. To learn more about price indexes, see our blog about the Producer Price Indexes.

How do we collect the data?

Like the Consumer Price Index and Producer Price Indexes, the import and export price indexes depend on the cooperation of businesses—in this case, U.S. establishments importing and exporting goods and services. Thousands of public-minded businesses voluntarily provide data through a monthly survey. With all the data we collect, we strive to minimize the burden on our respondents and protect their confidentiality and privacy.

What do import and export prices measure?

If you’ve ever taken an introductory economics course, you know markets determine price changes through supply and demand. On the most basic level, import and export price indexes measure how supply and demand affect prices for goods and services traded internationally. Let’s look at a quick example, the export price index for computers. A U.S. computer manufacturer may look at current trends to figure out short-term sales strategies. Then consider the flip side—the price index for import computers. A U.S. resident shopping for a new computer may want to research whether prices have risen or fallen over the past few months. Or that computer shopper might look at the data from the past few years to see if there is a certain time of year that prices fall. But the importance of import and export prices extends even further than individuals and companies.

  • The indexes are used to account for inflation in other official U.S. statistics like trade balances published by the Census Bureau and the international accounts for U.S. Gross Domestic Product published by the Bureau of Economic Analysis.
  • When economists calculate measures of U.S. industries’ competitiveness compared with our trading partners, they use import and export price indexes.
  • A change in the import price index can tilt domestic inflation in the same direction.
  • When exchange rates between currencies rise and fall, the indexes can show how much of that change is “passed-though” to an import or export price.

Why do import and export price indexes data matter?

The data matter because U.S. consumers depend on imports! Simply put, many of the products sold to consumers in the United States are imported from abroad. And there is a good chance what you buy for your home depends on import prices. But consumers aren’t the only ones who care about these prices. U.S. producers sell abroad and buy from overseas. Producers care about import prices because many imports to the United States go into the goods and services produced domestically. U.S. auto manufacturers care about the prices of auto parts they import from abroad. Producers who export goods to foreign countries benefit from having access to price information. Knowing trends in export agricultural prices, for example, could influence what crops a U.S. grower chooses to produce.

Want to find out more?