The U. S. Department of labor states:

“Workforce and labor market information is essential to the nation’s economy, providing for the efficient operation of labor markets by supplying quality labor market intelligence. Accurate, Objective, Relevant, Timely, and Accessible workforce and labor market information is critical for:

• Building a skilled workforce that spurs business competitiveness and economic growth;
• Strengthening career pathways and guiding skill attainment for good jobs, economic opportunity, and career growth;
• Understanding the rapidly changing nature of work and how it impacts the workforce and U.S. economy; and
• Spending workforce training and education funds effectively.

The nation’s labor markets cannot function efficiently and effectively without quality information to support the investment decisions of the workforce development system— Federal and State policymakers; State and local Workforce Development Boards; Federal, State, and local government agencies; and frontline staff—and the investment decisions of business managers, workers, students, jobseekers and educators.”