A manufacturing company wants to do a better job of tracking prices and evaluating trends.

To track prices and evaluate trends effectively, the manufacturing company would be best served by consulting the Bureau of Labor Statistics (BLS).

BLS Data:The BLS provides comprehensive data on various economic indicators, including the Producer Price Index (PPI) and Consumer Price Index (CPI), which are essential for tracking price trends and inflation.

Index Use:These indices can be used within contracts to determine yearly price adjustments based on changes in the economic environment, ensuring fair and transparent pricing mechanisms.

References:

Bureau of Labor Statistics. (2021). Producer Price Index (PPI). [Online]. Available: https://www.bls.gov/ppi/

Bureau of Labor Statistics. (2021). Consumer Price Index (CPI). [Online]. Available: https://www.bls.gov/cpi/