#United States #New York #Revelio Labs #RPLS #labor market data

Revelio Labs Enhances Access to Labor Market Data

In a significant move for labor statistics transparency, Revelio Labs has unveiled its latest initiative called Revelio Public Labor Statistics (RPLS). This development aims to provide crucial labor market data to the public amid ongoing challenges faced by the U.S. Bureau of Labor Statistics (BLS). The CEO of Revelio Labs, Ben Zweig, emphasized the importance of accessible labor market information. He stated, "We’re making labor market statistics freely available because we believe that trusted data on the macroeconomy should be a public good."

Bridging the Information Gap

RPLS is designed to tackle the growing information gap in labor statistics. Drawing from an extensive dataset that represents nearly the entire working population in the United States, RPLS taps into insights from over 150 million U.S. profiles. This broad scope results in data coverage of approximately 85% of all employed individuals, a stark contrast to the 27% captured by the BLS establishment survey and a mere 0.03% from the household survey conducted by the BLS.

The comprehensive statistics released through RPLS will include:
1. Changes in Employment: This feature tracks employment fluctuations over time.
2. Job Openings and Hiring/Separation Rates: Insights into the dynamics of positions available and transitions within the workforce.
3. Wage Data for New Positions: Offering clarity on compensation trends in new job roles.

RPLS will publish these metrics by various categories, including occupation and industry sectors, thus providing a granular view of labor market trends.

Acknowledging BLS Contributions

While Revelio Labs steps in to fill some gaps, they also extend recognition to the BLS's long-standing role in providing employment statistics to the public. Lisa Simon, Chief Economist at Revelio Labs, articulated the company's respect for the BLS, acknowledging its decades of service. However, she pointed to challenges within the BLS, including budget constraints and outdated methodologies that hinder its capacity to deliver high-quality data consistently.

Regular Updates for the Public Good

To ensure the public benefits from timely information, Revelio Labs plans to release RPLS data monthly. The updates will be made available a day before significant employment reports known as Jobs Friday and the Job Openings and Labor Turnover Survey (JOLTS). By doing so, Revelio Labs hopes to provide a complete and accurate view of the U.S. workforce, which is crucial for both policymakers and job seekers.

Revolutionizing Workforce Data

Revelio Labs positions itself as a leader in workforce intelligence, backed by a highly skilled team of data scientists, economists, and engineers. Their mission is clear: to provide actionable workforce analytics that facilitate better decision-making regarding human capital allocation, much like how financial resources are managed. As they enhance their data offerings, they aim to create a more engaged and efficient workforce for all stakeholders.

Ending on an optimistic note, Revelio Labs’ dedication to making labor market statistics public and transparent could mark a turning point in how workforce data is perceived and utilized in the broader economic landscape. The launch of RPLS is expected to not only alleviate information gaps but also to encourage more informed decisions at both individual and organizational levels.