The Bureau of Labor and Statistics provides a wealth of data on economical factors within the U.S. on the micro and macro side. According to the bureau, "The BLS is an independent national statistical agency that collects, processes, analyzes, and disseminates essential statistical data to the American public, the U.S. Congress, other Federal agencies, State and local governments, business, and labor. The BLS also serves as a statistical resource to the Department of Labor. BLS publishes information about the nation's economy: relating to employment, unemployment, and other characteristics of the labor force; consumer and producer prices, consumer expenditures, and import and export prices; wages and other worker compensation; productivity and technological change; employment projections; and safety and health statistics" (BLS 2022).
These factors include:
- Topic 1: Cosumer Price Index
- Topic 2: Purchasing Price Index
- Topic 3: Consumer Expenditure Survey
- Topic 4: Wages and Other Worker Compensation (National)
- Topic 5: Import/Export
- Topic 6: Employment Projections
Subjects NOT included:
This project will consist of examining several branches of the BLS databases which are aggregated through surveys and other data collection methods. Will use custom dataset of the Bureau of Labor and Statistics to create a dataset of economic factors.
Upon completion of this project, the dataset will be used to create a dashboard that will allow the user to explore the economic factors of the U.S.
The dashboard will allow the user to explore the economic factors of the U.S. by selecting a specific economic factor. The user will be able to select the year and the state to explore the economic factor of the U.S.
Examination of the following objectives:
- Objective 1: Conduct EDA of each dataset
- Objective 2: Make comparisons
- Objective 3: Perform Macro and Micro analysis
- Objective 4: Use predictive analysis
- Objective 5: Visualizations
- Objective 6: Conclusion and results
- Seas: Seasonal Adjustment (SA) is a method of adjusting for seasonal variations in economic factors.
- Unadj: Unadjusted (U) is the original value of the economic factor.
- CPI-U-Median: Consumer Price Index (CPI) is a measure of the price level of the U.S. economy.
- CPI-U-RS: Consumer Price Index (CPI) is a measure of the price level of the U.S. economy.
The following features will be included in our analysis
- Hours and Wages
- Employment and Unemployment
- Inflation and Prices
- Spending and Time Use
- Pay and Benefits
- Productivity
- Import and Export Price Indexes
- Consumer Price Index
- Producer Price Index
- Consumer Expenditure Survey
- Employment Hours and Earnings(National).
BLS February 15, 2022
Further project development is welcomed as this is an open source project, with freely available public data. In expanding the project, the following features will be included:
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Connecting to a custom database that will include many economic factors. Factors and conditions that can be quickly assessed due to efficient data collection methods, and fast processing times.
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Creating a dashboard that will allow the user to explore the economic factors of the U.S. by selecting a specific economic factor. The user will be able to select the year and the state to explore the economic factor of the U.S.
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Interactive data visualizations
After examination of the data, the following conclusions were made:
- Inflation and prices are the most important economic factors in the U.S.
- Spending and time use are the least important economic factors in the U.S.
- Employment and unemployment are the least important economic factors in the U.S.
- Productivity and technological change are the least important economic factors in the U.S.
The project has been completed in the following ways:
- Conduct EDA of each dataset
- Make comparisons
- Perform Macro and Micro analysis
- Use predictive analysis
- Visualizations
- Conclusion and results