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Business Cycle

nesses, young people preparing for careers, and those who monthly data on the demographic and educational char-
design educational programs at all levels. acteristics of the work force, includes supplemental sur-
Safety and health statistics. The extent of workplace veys on workplace issues such as contingent employment,
injuries and illnesses is the concern of the office that com- worker displacement, and work schedules. A new
piles safety and health statistics. Information analyzed and monthly survey of job openings and labor turnover for the
summarized includes job-related injuries and illnesses by country and major industry sectors will provide informa-
industry, nature of the injury or illness, and the workers tion that had not been available earlier.
involved. There is also a compilation of work-related
deaths. The statistics provided are useful in developing EMPLOYMENT OPPORTUNITIES
safety and health standards, in controlling work hazards,
and in the allocation of resources for workplace inspec- As of the end of 2005, there were approximately 2,600
tion, training, and consultation services. BLS employees working in Washington, D.C., and in the
regional offices in seven cities: Boston, New York,
Philadelphia, Atlanta, Chicago, Dallas, and San Francisco.
THE MANNER OF WORK AND The BLS reports that there is a continuing need for econ-
SOURCES OF INFORMATION
omists, mathematical statisticians, and computer special-
The BLS, as is the case for all federal agencies, functions ists. There is a more limited need for administrative and
in an open environment. As changes are contemplated,
financial specialists as well as for many types of techni-
they are discussed with users and advisory committees and
cians and assistants. Employment is restricted by law to
described in published materials. Fair information prac- U.S. citizens. Most professional jobs require a bachelor’s
tices are used; maintaining confidentiality of individual
degree or its equivalent in experience. Specific qualifica-
responses is assured. The BLS promises the public that tions and educational requirements are described in BLS
users will be provided assistance in understanding the uses
pamphlets available from the agency and also on the Inter-
and limitations of data provided.
net (http://www.bls.gov/).
The BLS gathers its information from business and
labor groups throughout the country through voluntary
advisory councils. The councils were established in 1947; BIBLIOGRAPHY
current members meet with BLS staff for discussions Goldberg, Joseph P., and Moye, William J. (1985). The First
Hundred Years of the Bureau of Labor Statistics. Washington,
related to such matters as planned programs and day-to-
DC: U.S. Government Printing Office.
day problems the BLS faces in collecting, recording, and
analyzing statistics as well as in the publishing of reports.
Bernard H. Newman
KEY PUBLICATIONS
The most widely distributed publications, which are avail-
able in public as well as other libraries, include: Monthly
Labor Review, Employment and Earnings, and Occupa- BUSINESS CYCLE
tional Outlook Quarterly. Additionally, a variety of surveys, A business cycle refers to the ups and downs of the general
including those related to the Consumer Price Index and level of economic activity for a country. Such changes are
the Producer Price Index, are published. normally visible in key macroeconomic measures such as
gross domestic product (GDP), real income, employment,
RESPONSE TO CHANGE IN THE industrial output, and wholesale-retail sales. The upward
WORKPLACE movement in economic activity is referred to as the expan-
Rapid technological changes, globalization of world mar- sion phase and the downward movement as the contrac-
tion phase of the cycle. The turning points of the cycle are
kets, and demographic shifts are all forces that are reshap-
ing the U.S. workplace in relation to the nature and types called the peak, which is at the end of the expansion
of jobs, the composition of the work force, and workers’ phase, and the trough, which is at the end of the contrac-
education, skills, and experiences. The BLS in its Revised tion phase.
Strategic Plan 1997–2002 stated that it “has been and will Much attention is paid to the timing of these turning
continue to be responsive to users’ need to understand points and the duration of the phases. The expansion
changes.” phase of the business cycle starts with a short period of
The BLS has undertaken efforts to improve its pro- recovery before becoming a full-blown expansion. Simi-
grams so that they capture workplace and work-force larly, a period of recession occurs at the start of the con-
changes. The Current Population Survey, which provides traction phase. Thus the cycle is generally referred to as

ENCYCLOPEDIA OF BUSINESS AND FINANCE, SECOND EDITION 61